Software AG (Germany) and PTC (US) are leading players in IIoT Platform Market
The IIoT platform market size is projected to grow from USD 9.5 billion in 2023 to USD 18.2 billion in 2028 at a Compound Annual Growth Rate (CAGR) of 13.9% 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, the growing demand for automation in industries.
Major IIoT platform vendors include Software AG (Germany), PTC (US), Hitachi (Japan), IBM (US), Microsoft (US), Cisco (US), Intel (US), SAP (Germany), Siemens AG(Germany), Accenture (US), Atos (France), Amazon Web Services (US), Oracle (US), Bosch.IO (US), Schneider Electric (France), Davra Networks (US), Eurotech (Italy), Altizon (US), QiO Technologies (UK), Litmus Automation (US), ROOTCLOUD (China), Augury (US), Braincube (France), UnifyTwin (US), and Samsara (US). These market players have adopted various growth strategies, such as partnerships, collaborations, new product launches, and enhancements, to expand their presence in the IIoT platform market.
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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 with 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 an inorganic growth strategy to enhance its position in the IIoT platform market. For instance, in February 2022, Software AG acquired StreamSets, a leader in data integration for the modern data stack. With this acquisition, Software AG adds a sizeable and fast-growing SaaS and subscription business that is growing rapidly.
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 develop and deploy robust applications rapidly. The company focuses on organic and inorganic growth strategies to improve its place in the IIoT platform market. PTC acquired ServiceMax, a Service Execution Management company. The acquisition adds important field service management (FSM) capabilities to PTC’s closed-loop product lifecycle management (PLM) and digital thread offerings.
Related Reports:
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 2028
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