IIoT Platform Global Market Report 2024

The global iiot platform market is expected to see rapid growth in the next few years. It will grow to $19.99 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. During the projected period, growth is anticipated, primarily propelled by the adoption of digital twin technology, an increased emphasis on environmental sustainability, the advancement of autonomous vehicles and drones, real-time quality control measures, as well as the demand for customization and scalability in operations.

Government initiatives have been pivotal in boosting the industrial internet of things (IIoT) platform market. This growth is propelled by policies aimed at fostering industrial automation where machinery and processes in various sectors are controlled by autonomous systems utilizing technologies like robotics and software. Governments worldwide are driving initiatives to revolutionize industries, seeking competitive advantages and national development. For example, in March 2023, the U.S. Census Bureau's Annual Capital Expenditures Survey highlighted a significant $11,536 million expenditure on robotic equipment in 2021, representing 1.1% of total equipment spending. Notably, the survey revealed that general medical and surgical hospitals accounted for $490 million, constituting 69.6% of the overall spending on robotic equipment.

The burgeoning demand for industrial automation serves as a catalyst for the expansion of the industrial internet of things (IIoT) platform market. Industrial automation encompasses the use of control systems, like computers and robotics, to manage industrial processes, reducing human intervention. IIoT platforms in automation integrate sensors, control systems, and machinery to collect real-time data, facilitating efficient monitoring, analysis, and optimization of processes. For instance, in 2021, a survey by ABB Robotics in the UK highlighted a shift in attitudes toward automation, with 81.2% of surveyed firms considering robot investments due to the pandemic. This shift indicates a growing inclination - 48.8% planned investments in automation over the next five years, foreseeing robots aiding in meeting social distancing mandates.

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 2021, Ivanti, a software company based in the United States, completed the acquisition of WIIO Group's industrial internet of things (IIoT) technology platform, the financial details of which were not disclosed. This strategic acquisition positions Ivanti to catalyze industry 4.0 initiatives and fortify future supply chain security. With this integration, customers gain access to a comprehensive view of their IIoT equipment, enabling proactive issue identification and resolution, as well as the development of scalable applications that enhance operational efficiency. WIIO Group, based in France, specializes in professional IT and IIoT solutions.

Major companies operating in the iiot platform market report 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., Bosch Software Innovation GmbH, 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 2023. 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 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 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 global iiot platform market 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 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.


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