The industrial IoT market is of great interest to software developers and investors as it is growing so quickly. Cambashi’s analysis shows the route to market for industrial IoT is through Connected Applications that link real-world ‘things’ to information systems, and leverage AI (Artificial Intelligence), ML (Machine Learning) and other analytic capabilities to deliver business benefits. Connected Applications also help drive digital transformation, which almost always requires connected technology. A sign that the market is maturing is that investment in IoT technologies is rarely standalone. Most industrial automation projects now involve IoT, and Connected Applications can deliver this as part of a broader solution – often involving enterprise systems such as ERP, PLM/CAx, MOM and BIM1. Due to the huge market potential and the different types of company involved in this area, it is very likely that disrupters will emerge that are not ‘typical IoT companies’.
April, 2021, By Alan Griffiths and Joe Brooker
The market is still very fragmented, with providers large and small, from many different backgrounds. Some are totally focused on Connected Applications while others have entry-level operations or are ‘testing the water’.
By defining nine Connected Market Areas and focusing on the most frequent Use Cases, we have measured the market, and used this information to make forecasts and identify trends with some granularity.
Our findings show that the IIoT/Connected Applications software market has shown consistently higher growth than that of traditional hardware technology (OT) or IT/enterprise software companies.
Read more in the full 2021 report here
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