$16 billion opportunity for Industrial IoT market

ABI Research forecasts a $16 billion opportunity for the global market for industrial IoT platforms.

According to the research company, to be able to implement industrial IoT platforms, providers need to:

  • Deepen and broaden the capabilities of their platforms to support and integrate emerging transformative technologies such as augmented reality (AR) and artificial intelligence (AI).
  • Platform providers should sell to IT but work closely with OT.
  • Manufacturers should choose partners that will provide consulting as they continue to evolve.

ABI Research says technology integration remains a challenge in the market.

Pierce Owen, Principal Analyst at ABI Research, said:  “Adoption of IIoT technology will accelerate in 2018 as manufacturers overcome their fear of the cloud and the acquisitions of Siemens and PTC start to mature.

“During this acceleration, several AEPs will grow and pick up market share, but only those who expand the depth and breadth of their capabilities and transformative technologies to provide more value to more customers will sustain that growth.

“If platform providers hope to keep their offerings relevant, they must work with suppliers of other transformative technologies to provide the most valuable functions and components. For instance, AR applications require business rule functions, digital twin functionality, near real-time metrics, zero-touch onboarding, and advanced analytics features.”

ABI Research says Siemens is leading other AEPs due to the knowledge which the company has in automation, its merger and acquisition strategy, research and development in innovation and size.

In addition, the company has a large installed base of devices which are interoperable with its IoT platform MindSphere.

In 2017, Siemens added 2,900 digital manufacturing customers.