Industrial IOT Platform Market 2018 Analysis, Scope, Stake, Progress, Trends and Forecast to 2022

Market Overview

Market Research Future (MRFR) predicts that the global industrial internet of things (IoT) platform market is set to reach the value of USD 650 million by the end of 2022. The market will register a CAGR of 23% during the forecast period (2016-2022).

An IIoT platform is a set of hardware and software facilities that support applications for industrial companies. It uses the internet to connect devices and equipment and this use of the internet is commonly called the Industrial Internet of Things (IIoT).

Past couple of years has noted several IIoT platform providers shift from pilot to enterprise roll-outs with more than one market player going ahead with customers to make enterprise commitments. Case in point being C3IoT, who went enterprise-wide with Enel, which is the largest utility in Italy.

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Major Key Players

Microsoft Inc. (U.S.),
NEC Corporation (Japan),
PTC (U.S.),
International Business Machines Corporation (U.S.),
General Electric Corporation (U.S.),
Fujitsu (Japan),
Siemens AG (Germany),
SAP SE (Germany),
Hitachi Insight Group (U.S.), Huawei Technologies Co. Ltd. (China) among others.

According to MRFR, The global of Industrial IoT Platform Market is expected to grow at USD ~650 million by end of forecast period with compound annual growth rate of 23% from 2016 to 2022.

Drivers and Restraints
Factors including high efficiency, low breakdown of machineries and high efficiency are some of the vital factors which are directly associated with the industrial IoT. Whereas government rules pertaining to the use of automation in the industrial process, technological advancement, growing demand for industrial process are some of the indirect factors aiding the market growth.
Trade pundits also clarify that the advent of Asset Performance Management (APM) has led to a shift in the focus, which is improving reliability, decreasing downtime and reducing unplanned maintenance. MRFR sees the time period from 2016 to 2022 when the focus will be on optimizing the profitability from an equipment. Hence, machine learning and improved Big Data Analytics will allow business to decide the best operating profile for the plant based on the order backlog and reliability issues. All these factors will be highly instrumental in augmenting the growth of the market in the foreseeable future.

Also accompanying these growth drivers are few restraining factors such as lack of technical expertise. On the other hand, a major hype in the name of digital twins in asset-intensive industries is set to emerge. It is about maintenance-focused applications like superimposition of operating conditions on virtual X-rays of the equipment, which aids technicians to diagnose the twin to model expected service life. Hence, the market is well on its way to greater horizons in terms of growth.

Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
Currently, the world is witnessing explosion of technologies in various industries. The automation in industrial process is leading to very high output which were impossible for the human hands. Big data and data analytics are becoming core part of any organization and most of the organization is equipping their current infrastructure with the advance technology such as cameras, sensors, robots and many more. In manufacturing industry, the production process is very crucial and the whole company is dependent on the output and with arrival of IOT in manufacturing the companies is experiencing heavy growth in their production capacity which is leading to high revenue.
Industrial IoT platform is a part of global IOT market with specific focus on few technology and particular industry. IOT helps to connect the devices located within the area of organization and transmit their status report nonstop to the host server. In the manufacturing industry, devices looking after any process or machineries are playing very vital role in high efficiency. Heavy investment in R&D and automation is leading to high market growth of industrial IoT platform.

Factors such as government initiative towards automation, need of efficient manufacturing process and explosion of technologies are driving the market whereas the factors high price and need of technical knowledge are expected to hamper the market growth during the forecast period.
Countries such as U.K., Germany, France and Italy where the healthcare industry has strong market presence is giving boost to the market of industrial IoT platform market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Intended Audience:
• Software Development companies
• Application development companies
• Companies dealing with IOT
• Sensor Manufacturers
• Electronic Manufacturing Companies and Suppliers
• Research Institutions
• Government

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This release was published on openPR.