The IIoT Platform market was valued at US$6.572 billion in 2020 and is expected to grow at a CAGR of 13.04% over the forecast period to reach a total market size of US$15.498 billion by 2027.
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. In China, the cloud computing industry has been growing at over 30% every year from 2015 to 2019, and the trend will likely continue into the near future. (Source: Chinatechblog.org). 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. Zyter, Inc., an IoT and digital health platform company headquartered in Rockville, Maryland, announced the launch of Zyter Smart Hospitals, a distributed system that integrates hospital systems, departments, and staff, as well as the latest internet of things (IoT) devices onto Zyter's collaboration and communication platform.
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. In 2020, the manufacturing sector faced a difficult period of testing due to the COVID-19 pandemic. 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. Using machine learning, Nokia, for example, notified workers in real-time when their procedures were inconsistent. In another example, Wipro enabled a 15% cost savings for a heavy equipment manufacturer by utilizing asset intelligence.
The automotive industry will undergo a rapid revolution with the advent of autonomous or self-driven trucks and passenger cars in the near future. 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. With 2.1 million electric cars sold worldwide in 2019, the number of electric cars on the market rose to 7.2 million. (Source: IEA.org). 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 will result in the creation of a market for autonomous trucks and other vehicles on an IIoT platform.
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. An estimated 50 million dollars was lost by the company.
The impact of COVID-19 on the IIOT Platform Market The IIoT platform has been significantly impacted by the COVID-19 pandemic. As this pandemic persists, manufacturing companies in North America and Asia face tremendous challenges. A major industry in the United States, the automotive industry, is at a standstill in 2020. As automotive manufacturers across the region have reduced their manufacturing activities, they have rendered technologies such as IoT, AI, and Blockchain ineffective. Significant reductions in auto production have, nonetheless, led to considerable losses for the industry. IIOT markets, however, have grown steadily following the adoption of IoT and ML in the manufacturing industry after COVID 19.
|Market size value in 2020||US$6.572 billion|
|Market size value in 2027||US$15.498 billion|
|Growth Rate||CAGR of 13.04% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Platform Type, Application, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||SAP, Hitachi Vantara Corporation, Accenture, IBM, Oracle, ATOS, Cisco, Intel, Emerson Electric Co., General Electric|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the IIoT platform market size by 2027?
A1. The global IIoT platform market is expected to reach a total market size of US$15.498 billion in 2027.
Q2. What is the size of the global IIoT platform market?
A2. IIOT Platform Market was valued at US$6.572 billion in 2020.
Q3. What are the growth prospects for the IIoT platform market?
A3. The IIoT platform market is expected to grow at a CAGR of 13.04% during the forecast period.
Q4. What factors are anticipated to drive the IIoT platform market growth?
A4. In recent years, technological advancements in the developing world combined with the emergence of big data analytics have fuelled the industrial internet of things platform market growth.
Q5. How is the global IIoT platform market segmented?
A5. The IIoT platform market has been segmented by platform type, application, end-user industry, and geography.
Hitachi Vantara Corporation
Emerson Electric Co.
All our studies come with 2 months of analyst support.
We are in compliance with the global privacy laws.