Global IIoT Platform Market Report 2021-2026: Focus on Device Management, Application Enablement, Connectivity Management - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global IIoT Platform Market by Platforms (Device Management, Application Enablement, Connectivity Management), Services, Application (Predictive Maintenance, Process Optimization, Automation Control), Vertical, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global IIoT platform market is projected to grow from USD 6 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.

Based on offering, the platform segment is expected to lead the IIoT platform market during the forecast period

IIoT platforms connect various devices, sensors, machines, routers, controllers, gateways, and edge computing systems centrally to streamline business processes and increase operational efficiency. The IIoT platform can be consumed as a technology suite or an open, general-purpose application platform, or both in conjunction.

Based on platforms, the application enablement platform segment is expected to grow at a higher CAGR during the forecast period

The application enablement platform is designed to ease the management of various applications, including packing, deployment, and a containerized Software-Defined Environment (SDE). The application enablement platform helps in managing distinct application provisioning and ensuring application-level security services.

Moreover, application enablement platforms are being deployed to address the needs, such as intelligent product enhancements, dynamic response to market demands, lower costs, optimized resource use, and waste reduction.

Based on services, the support and maintenance segment is expected to lead the IIoT platform market during the forecast period

Support and maintenance services assist the installed software within the entire IIoT infrastructure. These services include 24x7 troubleshooting assistance; upgradation of the existing software; problem-solving, repairing, replacing failure components; field maintenance; proactive services; technical support by the technicians; and test scenario management.

As organizations are using several connected devices these days, the support and maintenance service providers help them uncover potential issues earlier and offer solutions to address issues before they can turn into bigger problems. These services are widely adopted by organizations to avoid business threats and safeguard their devices.

Based on application area, the asset management segment is expected to lead the IIoT platform market during the forecast period

With the explosion of low-cost sensors, location-based services with GPS, affordable connectivity, and gateways, more and more assets are being equipped with tracking devices, sensors, and actuators, thus providing a centralized connection to the IIoT platform. IIoT platform-enabled asset management solutions minimize these risks by updating component location as soon as they arrive.

Asset management is instrumental in managing physical assets and the performance of the equipment on the manufacturing floor. The protection of physical assets, such as plants, machinery, and fleet, is the backbone of manufacturing operations.

The asset management industrial application is crucial, as it provides a unified view of operations to all stakeholders and is instrumental in maintaining the effectiveness of manufacturing enterprises.

Based on vertical, the discrete industry segment is expected to grow at a higher CAGR during the forecast period

The discrete industry is concerned with the manufacturing and production of distinct units, such as automobiles, furniture, toys, smartphones, and airplanes. The discrete industry comprises a variety of verticals, such as automotive, machine manufacturing, semiconductor and electronics, medical devices, and logistics and transportation.

IIoT platforms help these industries by offering solutions, such as predictive management, workforce tracking, and logistics and supply chain management, which enable organizations to improve operational efficiency, enhance asset life, and reduce downtime.

APAC is expected to grow at a higher CAGR during the forecast period

APAC is the fastest-growing region in the IIoT platform market; this growth can be attributed to the significant adoption of advanced technologies, the proliferation of IoT-enabled devices, continuously enhancing network connectivity, and government initiatives for IoT. From a spending point of view, China is the top spender on IoT in the region, followed by South Korea and India.

By 2022, the spending on IoT in APAC is expected to hit USD 381.8 billion. APAC is a strong adopter of IoT-based devices due to its unique combination of government advocacy, manufacturing roots, and R&D know-how. APAC is taking aggressive initiatives to leverage the IT infrastructure, enabling commercial users to adopt the IIoT platform.

The presence of IoT vendors, such as TATA Communications, Wipro, Samsung, and Hitachi, is one of the factors driving the growth of the IIoT platform in APAC. The growth potential in APAC is attracting international IoT vendors to offer their IIoT platform in the region.

Premium Insights

• Growing Need for Advanced Monitoring Solutions to Drive the Growth of the Market
• Platforms and United States to Have the Largest Market Shares in 2020
• Platforms and China to Have the Largest Market Shares in 2020
• Asia-Pacific and Middle East Countries to Provide Wholesome Opportunities for Growth During the Forecast Period
• Asia-Pacific to Emerge as the Best Market for Investments in the Next Five Years

Market Dynamics

Drivers

• 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
• Emergence of IPv6

Restraints

• Absence of Standardization in IoT Protocols
• Integration with the Traditional Systems and Lack of Technically Skilled Workforce

Opportunities

• Rising Demand for IoT-enabled Digital Transformation of Businesses
• Shift from On-Premises to Cloud-Based Data Management Strategy
• Emerging 5G Technology to Help IoT Adoption Globally
• Growing Demand for System Integrators

Challenges

• Issues Related to Data Security and Privacy
• Interoperability Issues of Legacy Infrastructure and Communication Networks
• Huge Initial Investments Required for Implementing IIoT Platforms
• Impact of COVID-19 on the IIoT Platform Market Dynamics Analysis

Case Study Analysis

• Use Case 1: Cisco Helped Sentryo Power Security and Visibility in Its Manufacturing Operations
• Use Case 2: IBM Helped Shenzhen China Star Optoelectronics Technology Co. Ltd. (CSOT) Boost Production Quality and Throughput
• Use Case 3: Microsoft Helped Legrand Unlock Smart Building Innovation with Open IoT
• Use Case 4: PTC Helped Quant Transform Its Business of Factory Service
• Use Case 4: Bosch.IO Helped Holmer Utilize Bosch IoT Suite to Gain Valuable Insights into Its Agriculture IoT Data

Technology Analysis

• Digital Twin
• Edge Computing
• 5G
• MQTT Protocol
• Augmented Reality

Companies Mentioned

• Accenture
• Altizon
• Amazon Web Services (AWS)
• Atos
• Augury
• Bosch.IO
• Cisco
• Davra
• Eurotech
• Flutura
• FogHorn
• Hitachi
• Holmer
• IBM
• Intel
• Legrand
• Litmus
• Microsoft
• Oracle
• PTC
• QiO Technologies
• Quant
• ROOTCLOUD
• Samsara
• SAP
• Schneider Electric
• Sentryo
• Shenzhen China Star Optoelectronics Technology Co. Ltd. (CSOT)
• Siemens
• Software AG

For more information about this report visit https://www.researchandmarkets.com/r/l5mc4l

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900