The IIoT Platform 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 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.
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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.
Major IIoT platform vendors 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). These market players have adopted various growth strategies, such as partnerships, collaborations, new product launches, and product enhancements, to expand their presence in the IIoT platform market.
Software AG (Germany) is one of the leading vendors in the IIoT platform market. It is a publicly held company that provides business infrastructure software solutions, application development, business activity monitoring, business process management, data management, and master data management. The company offers a self-service IoT platform that provides IIoT solutions that empower manufacturers to operate using connected assets, real-time data analytics, and monitoring. The platform enables users to launch smart connected products, improve their quality, and gain insights quickly into their supply chain. The company is focused on inorganic growth strategy to enhance its position in the IIoT platform market. For instance, in December 2020, Software AG and RE’FLEKT, a provider of AR solutions, partnered to combine the interactive AR visualizations from RE’FLEKT with real-time machine data from the Cumulocity IoT platform. The partnership enables companies to profit from radically improved first-time fix rates with their machinery as well as significantly extend maintenance cycles.
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PTC (US) is another IIoT platform provider across the globe. It is a global software and services company that drives digital transformation for industrial companies. The company offers ThingWorx IIoT Platform, an end-to-end technology platform that delivers tools and technologies that empower businesses to rapidly develop and deploy powerful applications. The company focuses on both the organic and inorganic growth strategies to improve its place in the IIoT platform market. For instance, in July 2019, PTC announced product upgradation of its Kepware industrial connectivity software. Kepware is foundational to the industrial connectivity capabilities of PTC’s ThingWorx IIoT platform, and the newly upgraded solution, KEPServerEX 6.7 solution, makes it easier for users to connect to all industrial automation assets through a single and secure application. Moreover, in June 2020, PTC extended its alliance with Rockwell Automation and Microsoft to launch ‘Factory Insights as a Service.’ The turnkey cloud solution harnesses PTC and Rockwell Automation’s FactoryTalk InnovationSuite, PTC’s ThingWorx, Kepware, and Vuforia technology, whilst also leveraging Microsoft’s cloud, IIoT, and edge services, including Azure IoT Hub and Azure IoT Edge.
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