IIoT Platform Market

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.

Top IIoT Platform Companies include

• Software AG (Germany)
• PTC (US)
• Hitachi (Japan)
• IBM (US)
• Microsoft (US) and many more....

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.

To know about the assumptions considered for the study download the pdf brochure

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.

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.

Hitachi (Japan) is a prominent player in the Industrial Internet of Things (IIoT) Platform Market, offering its Lumada platform to drive digital transformation across various industrial sectors. Lumada combines advanced analytics, AI, and IoT technologies to enable intelligent data management, real-time insights, and predictive maintenance. Hitachi's IIoT solutions are designed to optimize operational efficiency, enhance productivity, and support the creation of smart factories. With a strong focus on integrating IT and operational technology (OT), Hitachi leverages its expertise to deliver scalable and secure IIoT solutions that cater to industries such as manufacturing, energy, and transportation.

IBM (US) is a key player in the Industrial Internet of Things (IIoT) Platform Market with its Watson IoT platform. This platform leverages advanced analytics, artificial intelligence (AI), and machine learning to provide real-time insights, predictive maintenance, and asset optimization across various industrial sectors. IBM's IIoT solutions focus on enhancing operational efficiency, reducing downtime, and driving innovation by integrating IT and OT systems. The Watson IoT platform supports a wide range of industries, including manufacturing, energy, automotive, and aerospace, helping organizations to harness the power of data to improve decision-making and business outcomes.

Microsoft (US) is a prominent player in the Industrial Internet of Things (IIoT) Platform Market, primarily through its Azure IoT platform. Azure IoT offers comprehensive solutions for connecting, monitoring, and managing industrial devices and systems, leveraging cloud computing, AI, and advanced analytics. The platform supports various IIoT applications, such as predictive maintenance, smart manufacturing, and asset tracking, helping industries optimize operations and enhance productivity. Microsoft's robust ecosystem and integration capabilities enable seamless interoperability with other enterprise systems, providing a scalable and flexible IIoT solution for diverse industrial sectors.

Related Reports:

IIoT Platform Market by Platforms (Device Management, Application Enablement, & Connectivity Management), Services, Application (Predictive Maintenance, Process Optimization, & Automation Control), Vertical and Region - Global Forecast to 2028