Market Highlights
According to the report published by Market Research Future (MRFR), the global industrial IoT platform market is anticipated to grow at USD 650 million by 2023, with a substantial CAGR of 23% over the review period (2016-2022).
Drivers and Restraints
Industrial IoT market has seen massive opportunities in the future, higher demand and low supply, growing IT and Semiconductor industry, higher demand for consumer electronics devices will also lead to the higher adoption of industrial IoT to meet demand whereas factors such as the price and need for technological knowledge will likely hamper the market growth during the review period. On the other hand, a significant trend in the name of digital twins in asset-intensive industries is set to emerge. It is about maintenance-focused applications like the superimposition of operating conditions on virtual X-rays of the equipment, which assists technicians in diagnosing the twin to model estimated service life. therefore, the market is well on its way to greater horizons in terms of growth.
Factors such as the high efficiency, low breakdown of machineries and high efficiency are some of the major driving factor which are directly associated with the industrial IoT whereas government rules regarding technological advancements, the usage of automation in the industrial process, increasing demand for industrial process are also some of the direct factors which is aiding into the market growth. Moreover, the expansion of machine learning and improved Big Data Analytics will allow the business to decide the best operating profile for the plant-based on the order backlog and reliability issues. All these factors are slated to be highly instrumental in increasing the growth of the market in the foreseeable future.
Regional Analysis
On the basis of region, the global industrial IoT market growth has been segmented into four major regions, namely, the Asia Pacific, North America, Europe, and the rest of the world.
Asia-Pacific is estimated to dominate the global market of the Industrial IoT Platform. The higher population and high consumption of electronic devices in Asian countries are supporting the market share. China is one of the biggest manufacturing-driven economies. The well-established consumer electric industry and high supply are leading to high adoption of industrial IoT platform whereas the lucrative automotive sector in South Korea and Japan is also supporting the market growth.
North America stands as second largest market of industrial IoT platforms due to the massive investment in technology startups from the past several years. North America is one of the developed nations which holds advanced technologies which is not available to other developing countries. established defense sector and manufacturing industry is leading to the high growth of the North America Industrial IoT Platform Market.
The Europe region is poised to grow at a healthy growth rate throughout the forecast period, primarily owing to the growing adoption of automation in the manufacturing industry. Towering need for automation across different businesses is envisaged to augment the market in the region. There has been an expanding necessity for improved effectiveness in a vast range of industrial processes, which, consequently, is driving the demand for automation in nations such as the United Kingdom (UK) and Germany. These factors are responsible for market growth in Europe over the review period.
Segmentation:
The global industrial IoT platform market is segmented on the basis of components, applications, and verticals.
Based on the components, the market has been bifurcated into hardware and software. The hardware segment is sub-segmented into cameras, processing units, sensors, and others.
The applications of industrial IoT can be segmented into asset management, network system management, remote monitoring, among others.
The industry verticals that have deployed industrial IoT are aviation, manufacturing, oil and gas, power and utilities, among others.
Competitive Analysis
The major market players identified by MRFR in the global industrial IoT platform market include Fujitsu (Japan), NEC Corporation (Japan), Microsoft Inc. (U.S.), PTC (U.S.), General Electric Corporation (U.S.), International Business Machines Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), Huawei Technologies Co. Ltd. (China), and Hitachi Insight Group (U.S.), among others.