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Software industry

IIoT Platform Market to Reach $13.7 Billion by 2026, Driven by Adoption of AI and IoT Technologies

Strategic Insights

— 1 min read

The IIoT platform market is projected to grow from $6.0 billion in 2020 to $13.7 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period. The market is driven by the rising need for centralized monitoring and predictive maintenance of assets, growing demand for automation in industries, proliferation of IoT devices, and emergence of IPv6. Key players in the market include Software AG, PTC Inc., Hitachi, Ltd., IBM Corporation, Microsoft Corporation, and others.

Key Takeaways:

  • The support and maintenance segment is expected to grow at a higher CAGR during the forecast period, driven by the need for 24x7 troubleshooting assistance, upgradation of existing software, and proactive services.
  • Supply chain management is expected to grow at a higher CAGR during the forecast period, driven by the increasing adoption of IIoT platforms for reliable data management and visualization capabilities.
  • Major IIoT platform vendors include Software AG, PTC Inc., Hitachi, Ltd., IBM Corporation, Microsoft Corporation, and others, which have adopted growth strategies such as partnerships, collaborations, new product launches, and product enhancements to expand their presence in the market.
  • Software AG is a leading vendor in the IIoT platform market, offering a self-service IoT platform that provides IIoT solutions empowering manufacturers to operate using connected assets, real-time data analytics, and monitoring.
  • PTC Inc. is another leading vendor in the IIoT platform market, offering the ThingWorx IIoT Platform, an end-to-end technology platform that delivers tools and technologies empowering businesses to rapidly develop and deploy powerful applications.

Statistics:

  • The IIoT platform market size is projected to grow from USD 6.0 billion in 2020 to USD 13.7 billion in 2026, at a CAGR of 14.8% during the forecast period.
  • The support and maintenance segment is expected to grow at a CAGR of 17.4% during the forecast period.
  • The supply chain management segment is expected to grow at a CAGR of 16.2% during the forecast period.
  • The market is driven by the growing demand for automation in industries, proliferation of IoT devices, and emergence of IPv6.

Sources:

  • Marketsandmarkets - 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 2026
  • Marketsandmarkets - Industrial IoT Platform Market - Global Forecast to 2026
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