IIOT Platform Market - Forecasts from 2024 to 2029

IIOT Platform Market - Forecasts from 2024 to 2029

The IIOT platform market is evaluated at US$8.794 billion for the year 2022 growing at a CAGR of 13.79% reaching the market size of US$21.729 billion by the year 2029.

Among the elements of the Internet of Things is the Industrial Internet of Things (IIoT). Sensors and instruments are interconnected on the network, and they are incorporated into the computer network for applications. In addition, cloud computing techniques are being used to develop high-trending applications. In this approach, large amounts of data are collected and then sent to a cloud-based service where they are combined with other data and made available to end-users. As part of the IIoT platform industry’s growth, factors include technological advancements in semiconductors and electronics, increased use of cloud computing platforms, standardization of IPv6, and government support for research and development related to the IIoT platform.

In recent years, technological advancements in the developing world combined with the emergence of big data analytics have fuelled the growth of the industrial Internet of Things platform market. Furthermore, the development of industry-specific platforms in developed regions, as well as an increase in demand from the healthcare industry, is likely to fuel the growth of the IIoT platform market.

MARKET DRIVERS:

The rapid adoption of artificial intelligence (AI) and the Internet of Things (IoT) in the manufacturing sector

The manufacturing sector has been advancing rapidly in its use of AI and IoT. Through integrating AI and IoT, manufacturing processes can be optimized, early warnings can be sent, quality control can be improved, and equipment failure can be predicted. Manufacturers can differentiate themselves from their competitors by collecting precise data and developing innovative AI applications. Manufacturing processes had to be improvised due to movement restrictions, lockdowns, and a lack of a workforce. A result of this was an increase in IoT and AI usage in manufacturing. In the absence of a regular workforce, artificial intelligence (AI) and machine learning algorithms were used by manufacturing units to track machine conditions and maintain equipment.
Self-driving cars are on the horizon

The automotive industry is anticipated to undergo a rapid revolution with the advent of autonomous or self-driven trucks and passenger cars. Approximately 1.3 million people die every year as a result of traffic accidents, primarily caused by truck accidents on the highways. Internet of Things (IoT) platforms will be used to develop automated and semi-autonomous trucks and other vehicles that will be able to communicate with each other via data collection and cloud storage. According to a new report from the United Nations Economic Commission for Europe (UNESE), self-driving vehicles can enhance comfort, safety, and efficiency while reducing environmental impacts. This resulted in the creation of a market for autonomous trucks and other vehicles on an IIoT platform.

MARKET RESTRAINTS:

Technology vulnerabilities to cyberattacks in the IoT

Intelligent manufacturing systems are intertwined with IoT technologies. As a result of interconnected devices across a manufacturing facility, security holes are created throughout the facility, posing a threat to its operation. As a result, it is impossible to know where the data originates or where it ends from a security perspective. As such, the visibility of data on a factory floor is the greatest cybersecurity challenge in smart manufacturing. An attack involving DoppelPaymer ransomware, for instance, took place at a manufacturing facility owned by Visser Precision, which manufactures space and defense equipment. Upon exploiting vulnerabilities in the system, the hackers leaked sensitive documents and non-disclosure agreements.

North America is anticipated to be the major regional market.

The Industrial Internet of Things (IIoT) market in North America is driven by the broad implementation of Industry 4.0 principles across diverse industries. IIoT platforms are essential for facilitating the integration of smart devices, sensors, and machines as companies aim for greater automation, connection, and data-driven decision-making. One of the main drivers has been the need for real-time data analytics and insights to maximize operational effectiveness, decrease downtime, and boost overall production. The adoption of IIoT platforms in North America is further accelerated by the growing emphasis on supply chain optimization, asset tracking, and predictive maintenance.

Key Developments:

In January 2023, The ThingWorx IIoT platform, which is a component of the FactoryTalk® InnovationSuite, powered by PTC, enabled Falcon Group to increase its machine utilization by 162.5%. This news was released by Rockwell Automation, Inc., the largest company in the world devoted to industrial automation and digital transformation.
In April 2022, Banner Engineering, a maker of industrial automation, unveiled a new IIoT product line called Snap Signal that collects data from almost any industrial machine's device and transforms it into a standard protocol, allowing for an upgrade to Industry 4.0 and increasing productivity.

Segmentation:

By Platform Type
Device Management Platform
Application Management Platform
Network Management Platform
By Application
Predictive Maintenance
Business Process Optimization
Asset Tracking and Management
Logistics and Supply Chain Management
Real-Time Workforce Tracking and Management
Automation Control and Management
Emergency and Incident Management
Business Communication
By End-User Industry
Energy and Power
Chemical
Food and Beverage
Automotive
Manufacturing
Semiconductor
Healthcare
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others