Industrial IoT Platforms for Manufacturing market to become a $12.4B opportunity by 2024, driven by deployments in discrete manufacturing environments
PRESS RELEASE: Hamburg, Germany – 30 April 2019 //
IoT Analytics, a leading provider of market insights & competitive intelligence for the Internet of Things (IoT), M2M, and Industry 4.0, today published a comprehensive 155-page market report on Industrial IoT Platforms for Manufacturing 2019-2024.
The research uncovers that the Industrial IoT Platforms market is accelerating in 2019 as more and more industrial manufacturers prioritize their transformation into IoT data-driven companies. Spending on Industrial IoT Platforms-related software and services for connected manufacturing solutions is forecast to grow at a rate of 40% per year until 2024.
Discrete manufacturing identified as the #1 area for Industrial IoT Platforms for Manufacturing in terms of market spending by 2024
- Among other things, the report highlights how IoT platforms are increasingly being used for optimizing discrete manufacturing products and environments. Discrete manufacturers (e.g., in automotive, industrial machinery) are faced with unprecedented pressures (e.g., mass customization, decreasing product lifecycle span) to transform what they design, build, sell and service while remaining competitive in today’s increasingly connected world. As part of this digital transformation, discrete manufacturers are investing in new technologies that leverage the capabilities of IoT, cloud, and big data analytics to enhance their ability to innovate and maximize return on their assets. Industrial IoT Platforms are being implemented as the central backbone of these discrete manufacturing environments enabling remote command, continuous sensing capabilities from equipment on the factory floor, giving access to new streams of data, and supporting new capabilities such as predictive maintenance. The aim is to drive greater efficiencies and productivity throughout operations in the plant, deliver higher-quality outputs, and increase profitability. For example, Jabil (a manufacturing solutions provider for a range of industries such as automotive, energy and aerospace) is using Microsoft Azure’s IoT Suite to integrate predictive analytics in real-time manufacturing environments to help create the ‘Factory of the Future’ by increasing the throughput of products while simultaneously decreasing the chance of waste and the need for human touch.
Report Content Overview:
The Industrial IoT Platforms for Manufacturing report forecasts a compound annual growth rate (CAGR) of 40% over the time frame of 2019-2024, with annual spending surpassing US$12.4 Billion by 2024. These numbers are based on the industrial IoT Platforms related revenue of the leading companies in the field, across 21 manufacturing industry subsegments (including Manufacturing of Chemicals, Machinery, Transportation equipment, Fabricated metal, Primary metal, Nonmetallic Minerals, Food, Plastics & Rubber, Petroleum, Paper, Wood, Printing, Textiles, Computers & Electronics, Electrical Equipment & Appliances, Beverage & Tobacco, Apparel, Furniture, Leather, Miscellaneous, and Other). The market is broken down into two distinct categories of within factory versus outside factory environments. Within factory environments are further broken down into discrete, process and batch manufacturing providing spending forecasts for across the 21 manufacturing subsegments.
The Industrial IoT Platforms for Manufacturing market is broken down into 7 regions (Asia, Europe, North America, MEA, South America, Oceania, Rest of World), 5 platform types (cloud platforms, application enablement platforms, device management platforms, TelCo connectivity platforms, advanced analytics platforms), and 4 deployment types (on-premise, hosted private cloud, hybrid cloud, public cloud).
In developing the 155-page report, the analyst team at IoT Analytics studied over 150 technology companies that offer industrial IoT platforms technology elements for the manufacturing industry and reviewed 260 implemented industrial IoT projects. Further input to the report included surveys from leading industrial IoT platforms providers and end-users. In addition, 30+ industry interviews and numerous expert discussions at 15+ leading IoT conferences.
The Industrial IoT Platforms for Manufacturing report also calls out 7 major industry trends as well as various challenges, adoption barriers for technology providers as well as the needs and perspective of customers.
Commenting on the report findings, IoT Analytics Managing Director Knud Lasse Lueth said:
“In the last 2-3 years, many manufacturers have woken up and realized that IoT and digital will be impacting their business tremendously. These companies are at an important inflection point, performing lots of industrial IoT Proof-of-Concept projects, getting an understanding of what works for them and what doesn’t. As part of these PoCs, IoT Platforms have increasingly become a central part of the overall technology solution. Using IoT Platforms as the unifying backbone, selected OEMs have started to monetize software alongside the actual physical product that they have been selling for years. Some OEMs even started their journey to sell equipment-as-a-service (EaaS) with the help of an IoT Platform. I expect this to become a major trend in the coming years but it will still take a while until EaaS is a dominant theme in the industry.”
The Market Report is available to download HERE.
A sample of the market report can be downloaded HERE.
About IoT Analytics
IoT Analytics is the leading provider of market insights & competitive intelligence for the Internet of Things (IoT), M2M, and Industry 4.0. The specialized data-driven research firm helps more than 40,000 Internet of Things decision-makers understand IoT markets every month. IoT Analytics tracks important data around the IoT ecosystem such as M&A activity, Startup funding, company projects, use cases and latest developments. Product offerings include in-depth market reports, technical whitepapers, sponsored research, regular newsletter, as well as Go2Market and consulting services. As a research pioneer, IoT Analytics combines traditional methods of market research such as interviews and surveys with state-of-the art web-mining tools to generate high-caliber insights. IoT Analytics is headquartered in Hamburg, Germany.
Industrial IoT Platforms for Manufacturing 2019-2024 – Market Report Structure
Introduction to IoT platforms (general)
1.1 Role of IoT platforms in the IoT
1.2 Definition of IoT platforms
1.3 Industrial IoT platforms for Manufacturing
2.1 Technology segmentation
2.2 Hosting environment
2.3 Application deployment architecture
2.4 Security elements of the platform
2.5 Role of edge computing
2.6 Role of digital twins
2.7 Role of interoperability and standardization
2.8 Role of data analytics and AI
3.1 Market characteristics overview
3.2 General IoT platforms market (incl. non-manufacturing)
3.3 Industrial IoT platforms for Manufacturing Market size (by technology, deployment type, within outside factory environments, discrete, process, batch, subsegments, and by region)
Customer needs, use cases and case studies
4.1 Customer needs
4.2 End user use cases and case studies
4.3 OEM case studies
Market trends and challenges
5.1-7 Trend 1-7
5.8 Challenges / adoption barriers
Companies Mentioned (selection from report)
Amazon AWS, Ayla Networks, Bosch, C3 IoT, Carriots, Cisco, Emerson, Evrythng, Fanuc, Foghorn, Fujitsu, GE, Google, Greenwave, Honeywell, Huawei, IBM, Microsoft, PTC, Relayr, Rockwell, Schneider Electric, SAP, Siemens, Software AG, Tencent, Uptake, Verizon, and more…
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