Today, Companies are transformation themselves and their business process to extract value from their traditional industrial process by taking the advantage from rapid explosion of ultra-low cost connectivity, and rapid explosion of sensors. These value can produce business outcome the customers and can be very helpful to produce incremental revenue for the company. Today, customers are not only expecting best in class physical products from manufacturers but also looking for the ways by which they can drive increased level of productivity.
The market of IoT platform is expected to reach market size of one billion by the end of year 2020 and industrial IoT platform is one of the major market share holder. Factor such as high efficiency, real time monitoring of machineries, increased revenue and high output is driving the market of industrial IoT whereas there are various factors including price and technical knowledge which is likely to hamper the market growth.
The industrial IoT platforms are useful in various industries but the market is dominated by manufacturing industry. By connecting the localized systems with network and sensors, the monitoring of process becomes very easy. Connected sensors also generates lots of data which can be analyzed to find of the probability of breakdown and efficiency of machineries.
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Microsoft Inc. (U.S.),
NEC Corporation (Japan),
International Business Machines Corporation (U.S.),
General Electric Corporation (U.S.),
Siemens AG (Germany),
SAP SE (Germany),
Hitachi Insight Group (U.S.), Huawei Technologies Co. Ltd. (China)
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.
Industry/ Innovation/ Related News:
October 18, 2017 – General Electric Co. and Apple Inc. announced a partnership, aimed at bringing GE’s industrial Internet of Things (IoT) platform Predix to Apple’s iPhones and iPads. The partnership will provide developers a new software development kit to make industrial IoT apps for Apple’s operating system iOS. As part of the partnership, GE will standardize on iPhone and iPad for mobile devices, and promote Mac as a choice for its global workforce, while Apple will promote Predix as the industrial IoT analytics platform of choice for its customers and developers.
December, 2017 – Aspen Technology, Inc., the asset optimization software company, announced the acquisition of Cipher Industrial Internet of Things (IIoT) cloud-native software and edge connectivity assets of RtTech Software Inc. of New Brunswick, Canada. The acquisition would strengthen AspenTech’s asset optimization strategy by providing sophisticated cloud and edge processing technology that captures and aggregates critical data from assets throughout the plant and across the enterprise.
Asia-Pacific is expected to dominate the global market of Industrial IoT Platform. High population and high consumption of electronic devices in Asian countries is supporting the market share. China is one of the biggest manufacturing driven economy. Rich consumer electronic industry and high supply is leading to high adoption of industrial IoT platform whereas rich automotive industry in South Korea and Japan is also supporting the market growth. North America stands as second biggest market of industrial IoT platform due to the heavy investment in technology startups from past several years. North America is one of the developed nation who holds advance technologies which is not available to many other countries. Rich defence sector and manufacturing industry is leading to the high growth of North America Industrial IoT Platform Market.
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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.
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