The IIoT platform market size is projected to grow from USD 6.0 billion in 2020 to USD 13.7 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period. The major factors driving the growth of the IIoT platform market include the rising need for centralized monitoring and predictive maintenance of assets, growing demand for automation in industries, proliferation of IoT devices, rise in the number of cost-effective and intelligent connected devices and sensors, increased government initiatives in R&D activities related to IoT, and emergence of IPv6.
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Based on offering, the services segment to grow at a higher CAGR during the forecast period
The services segment of the global IIoT platform market comprises consulting services, system integration and deployment services, and support and maintenance services. Several tier-1 vendors offer specialized services that help in keeping regular tabs on the entire ecosystem of an organization and simultaneously driving the productivity and efficiency of business processes. To build a time-efficient and rugged manufacturing system, essential support services are required. These services help in the effective functioning of the entire manufacturing, supply chain, and logistics system, along with specific architectural consulting services for the digital transformation of business processes. The increasing integration of third-party service providers across verticals is expected to be the primary growth driver for the global IIoT platform market. These services are focused on improving business operations and reducing unnecessary expenses and overheads.
Based on platform, the device management platform segment is expected to lead the market during the forecast period
With the deployment of IoT ecosystems, a large number of devices are being connected, which ranges from small sensors and single-purpose microcontrollers to powerful gateways that connect the devices from the server. These ecosystems need a single platform that manages the information and applications across various devices. The device management platform provides capabilities, such as provisioning and authentication, configuration and control, monitoring and diagnostics, and software updates and maintenance. Furthermore, the device management platform is instrumental in offering advanced features, such as activation certification, configuration, device monitoring, troubleshooting, and service and device enablement. Device management platforms assist manufacturing enterprises in effectively managing and tracking, and securing devices used in an organization.
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Major IIoT platform vendors include Software AG (Germany), PTC Inc. (US), Hitachi, Ltd. (Japan), IBM Corporation (US), Microsoft Corporation (US), Cisco Systems, Inc. (US), Intel Corporation (US), SAP SE (Germany), Siemens AG (Germany), Accenture PLC (US), Atos SE (France), Amazon Web Services (US), Oracle Corporation (US), Bosch.IO (US), Schneider Electric SE (France), Davra Networks Ltd. (US), Eurotech (Italy), Altizon (US), QiO Technologies (UK), Litmus Automation (US), ROOTCLOUD (China), Flutura (US), Augury (US), FogHorn (US), and Samsara (US). These market players have adopted various growth strategies, such as partnerships, collaborations, new product launches, and product enhancements, to expand their presence in the IIoT platform market.
Software AG (Germany) is one of the leading vendors in the IIoT platform market. It is a publicly held company that provides business infrastructure software solutions, application development, business activity monitoring, business process management, data management, and master data management. The company offers a self-service IoT platform that provides IIoT solutions that empower manufacturers to operate using connected assets, real-time data analytics, and monitoring. The platform enables users to launch smart connected products, improve their quality, and gain insights quickly into their supply chain. The company is focused on inorganic growth strategy to enhance its position in the IIoT platform market. For instance, in December 2020, Software AG and RE’FLEKT, a provider of AR solutions, partnered to combine the interactive AR visualizations from RE’FLEKT with real-time machine data from the Cumulocity IoT platform. The partnership enables companies to profit from radically improved first-time fix rates with their machinery as well as significantly extend maintenance cycles.
PTC (US) is another IIoT platform provider across the globe. It is a global software and services company that drives digital transformation for industrial companies. The company offers ThingWorx IIoT Platform, an end-to-end technology platform that delivers tools and technologies that empower businesses to rapidly develop and deploy powerful applications. The company focuses on both the organic and inorganic growth strategies to improve its place in the IIoT platform market. For instance, in July 2019, PTC announced product upgradation of its Kepware industrial connectivity software. Kepware is foundational to the industrial connectivity capabilities of PTC’s ThingWorx IIoT platform, and the newly upgraded solution, KEPServerEX 6.7 solution, makes it easier for users to connect to all industrial automation assets through a single and secure application. Moreover, in June 2020, PTC extended its alliance with Rockwell Automation and Microsoft to launch ‘Factory Insights as a Service.’ The turnkey cloud solution harnesses PTC and Rockwell Automation’s FactoryTalk InnovationSuite, PTC’s ThingWorx, Kepware, and Vuforia technology, whilst also leveraging Microsoft’s cloud, IIoT, and edge services, including Azure IoT Hub and Azure IoT Edge.
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