IIoT Platform Market Trends, Size, Share, Growth, Industry Analysis, Advance Technology and Forecast 2028

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.

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Based on offering, the services segment to grow at a higher CAGR during the forecast period

The services segment of the global IIoT Platform Market comprises consulting services, system integration and deployment services, and support and maintenance services. The service segment is driven by the complexity of implementation, customization requirements, integration with legacy systems, maintenance and support needs, data analytics and insights, security and cybersecurity concerns, training and skill development requirements, and the need for scalability and upgradability.

Based on platform, the device management platform segment is expected to lead the market during the forecast period

is driven by the need to manage the growing number of connected devices, enable remote monitoring and control, streamline firmware and software updates, facilitate device configuration and provisioning, enhance security and compliance, enable asset tracking and inventory management, provide device analytics and performance monitoring, and ensure scalability and interoperability within the IIoT ecosystem.

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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.

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.

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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 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.

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