Industrial IoT platform is a part of global IOT market with specific focus on few technology and particular industry. IOT helps to connect the devices located within the area of organization and transmit their status report nonstop to the host server. In the manufacturing industry, devices looking after any process or machineries are playing very vital role in high efficiency. Heavy investment in R&D and automation is leading to high market growth of industrial IoT platform. Factors such as government initiative towards automation, need of efficient manufacturing process and explosion of technologies are driving the market whereas the factors high price and need of technical knowledge are expected to hamper the market growth during the forecast period.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
Currently, the world is witnessing explosion of technologies in various industries. The automation in industrial process is leading to very high output which was impossible for the human hands. Big data and data analytics are becoming core part of any organization and most of the organization is equipping their current infrastructure with the advance technology such as cameras, sensors, robots and many more. In manufacturing industry, the production process is very crucial and the whole companies is dependent on the output and with arrival of IOT in manufacturing the companies are experiencing heavy growth in their production capacity which is leading to high revenue.
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Major Key Players:
Microsoft Inc. (U.S.),
International Business Machines Corporation (U.S.),
General Electric Corporation (U.S.),
Siemens AG (Germany),
SAP SE (Germany),
NEC Corporation (Japan),
Hitachi Insight Group (U.S.), Huawei Technologies Co. Ltd. (China)
According to MRFR, The global of Industrial IoT Platform Market is expected to grow at USD ~650 million by end of forecast period with compound annual growth rate of 23% from 2016 to 2022.
For the purpose of this study, the market of Industrial IoT Platform has been segmented on the basis of components, application, verticals and region. The component includes-hardware which further has been segmented into sensors, cameras, processing units among others and software. By Application the market has been segmented as asset management, remote monitoring, and network system management among others. Further the market has been segmented into verticals which includes- manufacturing, power and utilities, aviation, oil and gas among others.
By Region, the market has been segmented into North America, Europe, Asia-Pacific and Rest of the World. Currently, Asia-Pacific region accounts for highest market share of industrial IoT platform market. Growing economy of Asian countries and rich manufacturing industry in China, Japan and South Korea are some of the factor which is supporting he market in APAC region. North America stands as second biggest market. Presence of global players in this region and growing IT and Healthcare industry are giving fuel to the North America industrial IoT platform market. Europe stands as third biggest market due to the growing automotive and healthcare industry. Countries such as U.K., Germany, France and Italy where the healthcare industry has strong market presence is giving boost to the market of industrial IoT platform market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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- Software Development companies
- Application development companies
- Companies dealing with IOT
- Sensor Manufacturers
- Electronic Manufacturing Companies and Suppliers
- Research Institutions
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