PUBLISHER: The Business Research Company | PRODUCT CODE: 1659155
PUBLISHER: The Business Research Company | PRODUCT CODE: 1659155
An IIoT platform serves as a centralized hub gathering real-time data from diverse sources like hardware, software systems, and sensors. This consolidated location, often cloud-based but sometimes on-premises or at the edge, bridges the gap between machinery, people, and systems. Its core function lies in seamlessly transferring data to create a cohesive network between frontline industrial processes and backend information systems.
The primary offerings of an IIoT platform encompass platforms and services. These platforms in the IIoT realm establish connections between frontline industrial operations and backend information systems. They cater to various applications like asset management, remote monitoring, and network system management. These tools find utility across different sectors such as manufacturing, energy, power, oil and gas, healthcare, logistics, transport, and beyond.The IIOT platform market research report is one of a series of new reports from The Business Research Company that provides IIOT platform market statistics, including IIOT platform industry global market size, regional shares, competitors with IIOT platform market share, detailed IIOT platform market segments, market trends, and opportunities, and any further data you may need to thrive in the IIOT platform industry. This IIOT platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The IIoT platform market size has grown rapidly in recent years. It will grow from $9.81 billion in 2023 to $11.32 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. Historical growth was largely driven by the evolution of connectivity, the widespread proliferation of sensors, cost reduction measures, increased demand for predictive maintenance, and the growing reliance on remote monitoring systems.
The IIoT platform market size has grown rapidly in recent years. It will grow from $11.08 billion in 2024 to $12.65 billion in 2025 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to connectivity evolution, sensor proliferation, cost reduction, predictive maintenance demand, remote monitoring.
The IIoT platform market size is expected to see rapid growth in the next few years. It will grow to $23.47 billion in 2029 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to digital twin implementation, environmental sustainability focus, autonomous vehicles and drones, real-time quality control, customization and scalability. Major trends in the forecast period include integration of edge computing, focus on interoperability standards, ai and machine learning integration, 5g connectivity, blockchain for data integrity, supply chain visibility and optimization, collaboration and partnerships.
Increasing industrialization is anticipated to drive the growth of the industrial internet of things (IIoT) platform market during the forecast period. As industries adopt more automation, IIoT platforms offer essential tools for monitoring and optimizing industrial processes. By integrating machinery, sensors, and software, IIoT facilitates real-time data analytics, predictive maintenance, and improved decision-making, resulting in enhanced efficiency and reduced downtime. For example, in 2024, TakeProfit, a US-based fintech company specializing in advanced trading platforms and tools, reported that industrial production in Australia rose by 1.59% in the second quarter of 2023 compared to the same period in 2022. Therefore, the trend toward increasing industrialization is set to propel the growth of the IIoT platform market.
Innovative technological advancements emerge as a prominent trend in the industrial internet of things (IIoT) platform market. Key industry players are focused on developing innovative products to bolster their market presence. Notably, in April 2022, RS Components and Tata Consultancy Services jointly launched RS Industria, a cloud-based IIoT platform. This platform streamlines the integration of manufacturing asset data sources, such as vibration sensors and SCADA systems, harnessing machine learning, AI, AR, and VR for comprehensive and rapid data insights. RS Industria simplifies connectivity and offers insights into production asset data, optimizing operational efficiency.
Industry leaders are increasingly prioritizing innovative solutions to gain a competitive edge in the industrial internet of things (IIoT) platform market. Recent cloud-based tools are designed to enhance network visibility and control, simplifying IT operations and ensuring secure connectivity management for industrial assets. For instance, in February 2023, Cisco Systems, Inc., launched new cloud tools tailored for IIoT applications. These tools empower operations teams to securely connect, maintain, and glean insights from industrial networking devices and connected equipment. Notably, Cisco's IoT Operations Dashboard, a cloud-based solution, simplifies and secures connectivity management for industrial assets, providing visibility into their security posture while enabling deployment, monitoring, and insights into connected equipment.
In March 2023, Aeris, a US-based provider of IoT networks and platforms, acquired the IoT business from Ericsson for an undisclosed amount. This acquisition encompassed Ericsson's IoT Accelerator and Connected Vehicle Cloud businesses, which are key elements of IoT connectivity and management solutions. These platforms are utilized by various industries, including manufacturing and industrial sectors, to manage and connect IoT devices on a global scale. Ericsson, based in Sweden, is a telecommunications company that has a significant presence in the IoT sector.
Major companies operating in the IIoT platform market are Intel Corporation, General Electric Company, Amazon Web Services Inc., International Business Machine Corporation, Microsoft Corporation, Cisco Systems Inc., SAP SE, Oracle Corporation, PTC Inc., Rockwell Automation Inc., Emerson Electric Co., QiO Technologies India Pvt. Ltd., Google Inc., Hewlett-Packard Enterprise Company, Seeq Corporation, Hitachi Vantara Enterprise Company, Softeq Corp., Cognite AS, Johnson Controls Inc., Toshiba Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., Siemens AG, Schneider Electric SE, ABB Ltd., Huawei Technologies Co. Ltd., Dell Technologies Inc., Accenture PLC, Capgemini SE, Infosys Limited, Wipro Limited, Tata Consultancy Services Limited, Tech Mahindra Limited, HCL Technologies Limited, L&T Technology Services Limited, Robert Bosch GmbH, Fujitsu Limited, NEC Corporation, Advantech Co. Ltd., Telit Communications PLC, Eurotech S.p.A., Wind River Systems Inc.
North America was the largest region in the IIoT Platform market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the iiot platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the iiot platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial internet of things (IIoT) platform market includes revenues earned by entities by providing facilities management, proactive replenishment, operations and production, pervasive visibility, cloud safety and security, fleet management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
IIoT Platform Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on iiot platform market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for iiot platform ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The iiot platform market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.