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IIOT Platform Market - Forecasts from 2022 to 2027

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    Report

  • 125 Pages
  • July 2022
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5649204
The IIoT Platform market was valued at US$6.572 billion in 2020 and is expected to grow at a CAGR of 13.04% over the forecast period to reach a total market size of US$15.498 billion by 2027.

Among the elements of the Internet of Things is the Industrial Internet of Things (IIoT). Sensors and instruments are interconnected on the network, and they are incorporated into the computer network for applications. In addition, cloud computing techniques are being used to develop high-trending applications. In this approach, large amounts of data are collected and then sent to a cloud-based service where they are combined with other data and made available to end-users. In China, the cloud computing industry has been growing at over 30% every year from 2015 to 2019, and the trend will likely continue into the near future. (Source: Chinatechblog.org). As part of the IIoT platform industry’s growth, factors include technological advancements in semiconductors and electronics, increased use of cloud computing platforms, standardization of IPv6, and government support for research and development related to the IIoT platform.

In recent years, technological advancements in the developing world combined with the emergence of big data analytics have fuelled the growth of the industrial internet of things platform market. Furthermore, the development of industry-specific platforms in developed regions, as well as an increase in demand from the healthcare industry, is likely to fuel the growth of the IIoT platform market. Zyter, Inc., an IoT and digital health platform company headquartered in Rockville, Maryland, announced the launch of Zyter Smart Hospitals, a distributed system that integrates hospital systems, departments, and staff, as well as the latest internet of things (IoT) devices onto Zyter's collaboration and communication platform.

Growth Factors:

The rapid adoption of artificial intelligence (AI) and the Internet of Things (IoT) in the manufacturing sector


The manufacturing sector has been advancing rapidly in its use of AI and IoT. Through integrating AI and IoT, manufacturing processes can be optimized, early warnings can be sent, quality control can be improved, and equipment failure can be predicted. Manufacturers can differentiate themselves from their competitors by collecting precise data and developing innovative AI applications. In 2020, the manufacturing sector faced a difficult period of testing due to the COVID-19 pandemic. Manufacturing processes had to be improvised due to movement restrictions, lockdowns, and a lack of a workforce. A result of this was an increase in IoT and AI usage in manufacturing. In the absence of a regular workforce, artificial intelligence (AI) and machine learning algorithms were used by manufacturing units to track machine conditions and maintain equipment. Using machine learning, Nokia, for example, notified workers in real-time when their procedures were inconsistent. In another example, Wipro enabled a 15% cost savings for a heavy equipment manufacturer by utilizing asset intelligence.

Self-driving cars are on the horizon


The automotive industry will undergo a rapid revolution with the advent of autonomous or self-driven trucks and passenger cars in the near future. Approximately 1.3 million people die every year as a result of traffic accidents, primarily caused by truck accidents on the highways. Internet of Things (IoT) platforms will be used to develop automated and semi-autonomous trucks and other vehicles that will be able to communicate with each other via data collection and cloud storage. With 2.1 million electric cars sold worldwide in 2019, the number of electric cars on the market rose to 7.2 million. (Source: IEA.org). According to a new report from the United Nations Economic Commission for Europe (UNESE), self-driving vehicles can enhance comfort, safety, and efficiency while reducing environmental impacts. This will result in the creation of a market for autonomous trucks and other vehicles on an IIoT platform.

Restrain:

Technology vulnerabilities to cyberattacks in the IoT


Intelligent manufacturing systems are intertwined with IoT technologies. As a result of interconnected devices across a manufacturing facility, security holes are created throughout the facility, posing a threat to its operation. As a result, it is impossible to know where the data originates or where it ends from a security perspective. As such, the visibility of data on a factory floor is the greatest cybersecurity challenge in smart manufacturing. An attack involving DoppelPaymer ransomware, for instance, took place at a manufacturing facility owned by Visser Precision, which manufactures space and defense equipment. Upon exploiting vulnerabilities in the system, the hackers leaked sensitive documents and non-disclosure agreements. An estimated 50 million dollars was lost by the company.

The impact of COVID-19 on the IIOT Platform Market The IIoT platform has been significantly impacted by the COVID-19 pandemic. As this pandemic persists, manufacturing companies in North America and Asia face tremendous challenges. A major industry in the United States, the automotive industry, is at a standstill in 2020. As automotive manufacturers across the region have reduced their manufacturing activities, they have rendered technologies such as IoT, AI, and Blockchain ineffective. Significant reductions in auto production have, nonetheless, led to considerable losses for the industry. IIOT markets, however, have grown steadily following the adoption of IoT and ML in the manufacturing industry after COVID 19.

Segmentation

By Platform Type

  • Device Management Platform
  • Application Management Platform
  • Network Management Platform

By Application

  • Predictive Maintenance
  • Business Process Optimization
  • Asset Tracking and Management
  • Logistics and Supply Chain Management
  • Real-Time Workforce Tracking and Management
  • Automation Control and Management
  • Emergency and Incident Management
  • Business Communication

By End-User Industry

  • Energy and Power
  • Chemical
  • Food and Beverage
  • Automotive
  • Manufacturing
  • Semiconductor
  • Healthcare

By Geography

  • North America
  • United States
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Europe
  • Germany
  • France
  • United Kingdom
  • Spain
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Israel
  • Asia Pacific
  • China
  • India
  • South Korea
  • Taiwan
  • Thailand
  • Indonesia
  • Japan
Frequently Asked Questions about the IIOT Platform Market

What is the estimated value of the IIOT Platform Market?

The IIOT Platform Market was estimated to be valued at $6.57 billion in 2020.

What is the growth rate of the IIOT Platform Market?

The growth rate of the IIOT Platform Market is 13.0%, with an estimated value of $15.5 billion by 2027.

What is the forecasted size of the IIOT Platform Market?

The IIOT Platform Market is estimated to be worth $15.5 billion by 2027.

Who are the key companies in the IIOT Platform Market?

Key companies in the IIOT Platform Market include SAP, Hitachi Vantara Corporation, Accenture, IBM, Oracle, ATOS, Cisco, Intel and General Electric.

Table of Contents

1. INTRODUCTION
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. Threat of New Entrants
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. IIOT PLATFORM MARKET, BY PLATFORM TYPE
5.1. Introduction
5.2. Device Management Platform
5.3. Application Management Platform
5.4. Network Management Platform
6. IIOT PLATFORM MARKET, BY APPLICATION
6.1. Introduction
6.2. Predictive Maintenance
6.3. Business Process Optimization
6.4. Asset Tracking and Management
6.5. Logistics and Supply Chain Management
6.6. Real-Time Workforce Tracking and Management
6.7. Automation Control and Management
6.8. Emergency and Incident Management
6.9. Business Communication
7. IIOT PLATFORM MARKET, BY END-USERS
7.1. Introduction
7.2. Energy and Power
7.3. Chemical
7.4. Food and Beverage
7.5. Automotive
7.6. Manufacturing
7.7. Semiconductor
7.8. Healthcare
7.9. Others
8.  IIOT PLATFORM MARKET, BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. Germany
8.4.2. France
8.4.3. United Kingdom
8.4.4. Spain
8.4.5. Others
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. UAE
8.5.3. Israel
8.5.4. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. India
8.6.3. South Korea
8.6.4. Taiwan
8.6.5. Thailand
8.6.6. Indonesia
8.6.7. Japan
8.6.8. Others
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. SAP
10.2. Hitachi Vantara Corporation
10.3. Accenture
10.4. IBM
10.5. Oracle
10.6. ATOS
10.7. Cisco
10.8. Intel
10.9. Emerson Electric Co.
10.10. General Electric

Companies Mentioned

  • SAP
  • Hitachi Vantara Corporation
  • Accenture
  • IBM
  • Oracle
  • ATOS
  • Cisco
  • Intel
  • Emerson Electric Co.
  • General Electric