IIoT Platform Market Overview:
World Economic Forum has a project named as IoT for Sustainable Development which encourages the use of the Internet of Things (IoT) in order to escalate the developments on the 17 United Nations Sustainable Development Goals (SDGs) which is chiefly spurring the industries to leverage IoT platform in order to boost efficiency and enhance productivity. Now, this is leading to a revolution in the way industries work which is stroking the Industrial Internet of Things or IIoT platform market. As of 2018, there were opportunities worth of $17.2 billion, and the IndustryARC’s market analyst estimates that the demand in the IIoT platform market will grow at a staggering CAGR of 26.1% during the forecast period of 2019 to 2025.
Owing to the Industry 4.0 solutions trend development and the rapid adoption of technology in the North American countries, the application IIoT platforms has gained remarkable prominence in North America. The region beared the maximum IIoT platform market share of 33.5% in 2018.
IIoT Platform Market Outlook:
IIoT or Industrial Internet of Things platforms are basically IoT cloud platforms that are used in various industries in order to accumulate the interrelated data. There are distinctive types of IIoT platforms that include IoT device management platforms, application management platforms, and connectivity management platform that perform different roles in the industries. These IIoTs platforms not only help industries to reduce the time consumed in the collation and interpretation of data but also helping them to automate many complex processes in the industries which is why the IIoT platform market is booming. The key applications of the IIoT platform are in the transportation and oil & gas sector which will be observing a tremendous CAGR of 31.3% and 12.1% respectively during the forecast period of 2019 to 2025.
IIoT Platform Market Growth Drivers:
- The Artificial Intelligence Wave Penetrating the Industrial Sector –
Computer visualization has been used in manufacturing plants to execute quality assurance tasks for a long time now. However, these days, the process of manufacturing demands more information, and the management is refraining to play employees just to enter the information. AI with computer vision is ameliorating this challenge, but it is implausible to correlate the information from different sources without using IoT platforms. So, all the components in manufacturing units are endowed with sensors and connected through IIoT platforms. “Artificial intelligence and IoT, when implemented together, lead to a decentralized and self-optimized manufacturing operation that doesn’t require a person for supervision, and this integration is providing a holistic solution to the manufacturing industries which is leading to a tangible IIoT platform market growth,” remarks the market analyst in the report.
- The Advent of Self-Driven Vehicles Driving the IIoT Platform Market –
According to IndustryARC’s automotive market expert, the automotive industry will observe a rapid revolution in the near future with the inception of autonomous or self-driven trucks and passenger cars. This is majorly attributed to the growing number of truck accidents on the highways. These autonomous or even semi-autonomous trucks and other vehicles will be utilizing IoT platforms with which the machines (vehicles) will be able to communicate with each other via data gathering and cloud storage. Now, the United Nations Economic Commission for Europe (UNESE) have identified the prospects of creating safer, efficient, and eco-friendly transport system using self-driven vehicles . This will lead to more production of autonomous truck and other vehicles, which will create an IIoT platform marketplace in its own.
- The Estimated Demand Augmentation of Oil & Gas in the Future –
According to the Organization of Petroleum Exporting Countries (OPEC), the demand for oil was measured 95.4 mb/d as of 2016. Now, the organization estimates that the demand will catapult and translate to 107.5 mb/d in 2030. This is attributed to the growing population of the world and the escalation in the fuel consumption owing to the increase in the number of vehicles. Now, this is going to bring a discernible surge in the oil & gas manufacturing over the year, which will stroke the IIoT platform market.
IIoT Platform Market Challenges:
Even though there is a humongous IIoT platform market size and the demand is catapulting at a rapid rate, the vendors are facing challenges pertaining to technical blemishes during the implementation of IIoT in industries. These issues range from hardware compatibility and incorrect data capture which becomes detrimental to the precision that is required in industries. Furthermore, there are some legal regulations restraining the IIoT platform market growth. However, the on-going R&D in the IIoT sector will resolve the problems for the vendors.
IIoT Platform Market Key Players Perspective:
The key players crusading for IIoT market share are G.E (Predix), Siemens (Mindsphere), Hitachi (Vantara), Honeywell (Uniformance), ABB (Ability), IBM (Bluemix), Microsoft (Azure), Schneider (Wonderware), Atos (Codex), PTC (Thingworx), C3 (C3IOT), SAP (HANA), Software AG (Cumulocity), Bosch (IoT Suite), and Cisco (Jasper).
IIoT Platform Market Trends:
In December 2018, Industrial Internet Consortium and the OpenFog Consortium merged which is addressed as the most significant merger in the IIoT platform market.
In the near future, the developments in the augmented reality sector will further strengthen the market opportunities.
IIoT Platform Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the IIoT Platform market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
IIoT Platform Market Report: Industry Coverage
The IIoT Platform market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia