1. HOME
2. Research Insight
3. IIoT Platform Market Size, Share Booms by Top Growth Factors

The size of the IIoT platform market is anticipated to increase at a Compound Annual Growth Rate (CAGR) of 13.9% over the course of the forecast period, from USD 9.5 billion in 2023 to USD 18.2 billion in 2028. 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.

The Industrial Internet of Things (IIoT) Platform market is poised for substantial growth in the coming years, driven by several key factors:

• Increasing Adoption of Smart Manufacturing
• Rising Demand for Predictive Maintenance
• Advancements in AI and Machine Learning
• Expansion of Connected Devices
• Need for Real-Time Data Analytics

These growth factors highlight the dynamic and evolving nature of the IIoT Platform market, driven by the need for innovative industrial solutions and seamless integration capabilities.

To know about the assumptions considered for the study download the pdf brochure

Increasing Adoption of Smart Manufacturing:

• Operational Efficiency: Smart manufacturing enhances operational efficiency through automation and data-driven decision-making.
• Quality Control: IIoT platforms enable improved quality control and defect detection.

Rising Demand for Predictive Maintenance:

• Cost Savings: Predictive maintenance reduces downtime and maintenance costs by predicting equipment failures.
• Enhanced Reliability: Ensures higher reliability and longevity of industrial equipment.

Advancements in AI and Machine Learning:

• Data Analysis: AI-driven IIoT platforms offer advanced data analysis and predictive insights.
• Automation: Machine learning algorithms enhance automation and process optimization.

Expansion of Connected Devices:

• IoT Integration: Increasing number of connected devices facilitate seamless IoT integration.
• Data Generation: More devices lead to more data generation, driving the need for robust IIoT platforms.

Need for Real-Time Data Analytics:

• Informed Decisions: Real-time data analytics enable informed decision-making in industrial operations.
• Performance Monitoring: Continuous monitoring and optimization of industrial processes.

IIoT Platform Market Share - Global Industry Landscape

The IIoT Platform market is characterized by the presence of several key players competing for market share. Some of the leading companies in the IIoT Platform industry include:

• Hitachi (Japan)
• IBM (US)
• Microsoft (US)
• Cisco (US)
• SAP (Germany)

These companies are influential in the IIoT Platform market, offering diverse solutions that enhance industrial operations, integration, and data management.

Hitachi (Japan)

Market Share: Hitachi is a significant player in the IIoT Platform market, known for its comprehensive industrial solutions.

Key Offerings:

• Hitachi Lumada: An IoT platform that integrates AI and big data analytics for industrial applications.
• Hitachi Vantara: Solutions for data-driven industrial operations and asset management.

IBM (US)

Market Share: IBM holds a strong position in the IIoT Platform market, leveraging its expertise in AI and cloud computing.

Key Offerings:

• IBM Watson IoT: A platform providing advanced analytics, AI, and IoT integration for industrial applications.
• IBM Maximo: An asset management solution that supports predictive maintenance and operational efficiency.

Microsoft (US)

Market Share: Microsoft is a major player in the IIoT Platform market, known for its cloud and AI capabilities.

Key Offerings:

• Azure IoT: A suite of IoT solutions offering connectivity, analytics, and AI for industrial environments.
• Azure Digital Twins: A platform for creating digital replicas of physical assets and processes.

Cisco (US)

Market Share: Cisco has a robust presence in the IIoT Platform market with its focus on networking and security.

Key Offerings:

• Cisco IoT Control Center: A platform for managing IoT devices and connectivity.
• Cisco Kinetic: Solutions for extracting, computing, and moving data from connected devices to applications.

SAP (Germany)

Market Share: SAP is a leading provider of enterprise software, including IIoT solutions.

Key Offerings:

• SAP Leonardo IoT: A platform for integrating IoT data with business processes and analytics.
• SAP Asset Intelligence Network: Solutions for managing industrial assets and equipment lifecycle.

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