CHICAGO, April 1, 2021 /PRNewswire/ -- According to new market research report "IIoT Platform Market by Platforms (Device Management, Application Enablement, & Connectivity Management), Services, Application (Predictive Maintenance, Process Optimization, & Automation Control), Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the 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.
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.
Based on services, the support and maintenance segment is expected to grow at a higher CAGR 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 supply chain management segment is expected to grow at a higher CAGR during the forecast period
Supply chain management is one of the vital processes in any manufacturing industry, as it involves coordinating and integrating the flow of raw materials and finished goods both within and outside the enterprise. Supply chain management activities cover everything—from sourcing, production, and logistics to the coordination of these activities. IIoT platforms play a vital role in supply chain management, as they offer reliable data management and visualization capabilities for manufacturing industries. IIoT platforms-enabled supply chain provides an intelligent, interconnected network that binds together multiple tiers of suppliers, manufacturers, service providers, distributors, and customers physically across the globe.
Based on vertical, the process industry segment is expected to lead the market during the forecast period
The process industry uses formulas or recipes to produce goods by combining raw materials. The process industry is concerned with the processing of bulk resources into other products. The industry focuses on converting raw materials into other products, such as beverages or chemicals. The process industry comprises a variety of verticals, such as energy and utilities, chemicals and materials, food and beverage, water and waste management, and others (pharmaceutical, mining and metals, and pulp and paper).
North America to hold the highest market size during the forecast period
IIoT platform is a steady-growing market in North America, which includes the US and Canada. These countries are the early adopters of advanced technologies across various verticals, such as healthcare, manufacturing, and smart cities. These countries have sustainable and well-established economies, which empower them to invest in R&D activities, thereby contributing to the development of new technologies strongly. Due to the early adoption of trending technologies, such as IoT, cloud, AI, big data, and mobility, North American organizations are keen to integrate IoT technologies into their processes. Moreover, the increasing adoption of smart, secure, and connected technologies for asset-centric applications is expected to increase the market growth. The advent of SMEs and the adoption of digitization in manufacturing, along with high-speed networks, are expected to drive IIoT Platform Market growth in North America. 5G promises to be the backbone for IoT connectivity due to its high speed and low latency. The improved IoT connectivity through 5G is expected to improve manufacturing processes across the region.
Major vendors operating in the IIoT Platform Market 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).
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