Industrial IoT platform is a division of IoT which is used in industrial application area’s and allows the organizations to get real time insights about the machines, their health and their efficiency. As IOT is growing, their applications areas are increasing at much faster pace. IoT in manufacturing industries will help to gain the optimum utilization of resources without making any extra efforts. Connected devices and machineries will be transmitting real-time data to server which will be very helpful in their smart management. Factors such as high efficiency, low breakdown of machineries and high efficiency are some of the major factor which are directly associated with the industrial IoT whereas government rules regarding the use of automation in the industrial process, technological advancement, increasing demand for industrial process are also some of the indirect factors which is helping into the market growth.
Industrial IoT market has seen tremendous opportunities in future, high demand and low supply, growing IT and Semiconductor industry, high demand for consumer electronics devices will lead to the high adoption of industrial IoT to meet demand. Whereas factors such as price and need of technical knowledge will likely to hamper the market growth during forecast period.
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Major Key Players:
Market Research Future (MRFR) recognizes the following companies as the key players in the Industrial IoT Platform Market are – 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.
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.
For the purpose of this study, the market of Industrial IoT Platform has been segmented on the basis of components, application, verticals and region. The component includes-hardware which further has been segmented into sensors, cameras, processing units among others and software. By Application the market has been segmented as asset management, remote monitoring, and network system management among others. Further the market has been segmented into verticals which include- manufacturing, power and utilities, aviation, oil and gas among others.
By Region, the market has been segmented into North America, Europe, Asia-Pacific and Rest of the World. Currently, Asia-Pacific region accounts for highest market share of industrial IoT platform market. Growing economy of Asian countries and rich manufacturing industry in China, Japan and South Korea are some of the factor which is supporting he market in APAC region. North America stands as second biggest market. Presence of global players in this region and growing IT and Healthcare industry are giving fuel to the North America industrial IoT platform market. Europe stands as third biggest market due to the growing automotive and healthcare industry. 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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- Software Development companies
- Application development companies
- Companies dealing with IOT
- Sensor Manufacturers
- Electronic Manufacturing Companies and Suppliers
- Research Institutions
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