Press Release / Industry / Industrial IoT Platform Market is expected to grow at USD 650 million by 2022

Industrial IoT Platform Market is expected to grow at USD 650 million by 2022

Market Highlights:

The Global Industrial Internet of Things (IoT) Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of industrial internet of things (IoT) will grow moderately over the forecast period. The market is forecasted to witness slow but steady growth by 2022, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2022).

The Industrial Internet of Things is a network of physical objects, systems, platforms and applications that contain embedded technology to communicate and share intelligence with each other, the external environment and with people. The adoption of the Industrial IoT is being enabled by the improved availability and affordability of sensors, processors and other technologies that have helped facilitate capture of and access to real-time information.

The global Industrial IoT market is expected to increase at high growth rates during the forecasted period (2017-2021). The global Industrial IoT market is supported by various growth drivers surging demand of collaborative robots and booming economic growth. Furthermore, the rise of lower power wide area (LPWA) network technology, rising IoT platform, application and security spending among others is driving the industrial IoT market. The trends that boost the industrial IoT market in future are 5G New Radio (NR) technology, smart dust, virtual simulation of products and others. Apart from it, there are some challenges that hinder the market growth like, complexity in implementation, lack of skills, safety and privacy of data concerns.

The IoT has emerged as the next-generation technology which offers traffic less transportation by allowing real-time data analysis. This sector is undergoing transformation through the use of various IoT solutions including smart signalling, incident detection and reporting, and traffic monitoring. The use of IoT is also gaining importance in the logistics sector owing to factors such as evolution of the 4G and 5G networks, rise in mobile computing.

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Key Players:

The prominent players identified in the market of Industrial IoT Platform are - Microsoft Inc. (U.S.), NEC Corporation (Japan), PTC (U.S.), International Business Machines Corporation (U.S.), General Electric Corporation (U.S.), Fujitsu (Japan), Siemens AG (Germany), SAP SE (Germany), Hitachi Insight Group (U.S.), Huawei Technologies Co. Ltd. (China) among others.

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.

December, 2017 - Ooredoo Tunisia and Sagemcom have just launched the first Tunisian Internet of Things (IoT) network, based on LoRa™ technology. The network enables devices to exchange small amounts of data, with a standard battery providing independent battery life of up to 10 years. This IoT network will also facilitate the development of solutions in various areas: smart city, smart industry, smart environment and other uses in health, transport, agriculture, etc.

The Global Industrial IoT Platform Market is expected to grow at USD ~650 million by the end of 2022 with ~23% of CAGR.

Regional Analysis:

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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Segments:

The Industrial IoT Platform market has been segmented on the basis of-

By Component- Hardware (Sensors, Cameras, Processing Units among others) and Software.

By Application- Asset Management, Remote Monitoring, Network System Management among others.

By Verticals- Manufacturing, Power and Utilities, Aviation, Oil and Gas among others.

By Region- North America, Europe, Asia-Pacific and Rest of the World

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