Thirty percent of all downtime, data loss, and damages organisations face are due to environmental factors. Every organisation monitors their network for security to prevent outages, but how many are monitoring their mission critical infrastructure?

Gartner defines the market for industrial Internet of Things (IIoT) platforms as a set of integrated software capabilities. These capabilities span efforts to improve asset management decision making, as well as operational visibility and control for plants, depots, infrastructure and equipment within asset-intensive industries.

These efforts also occur within related operating environments of those industries. The industrial Internet of Things (IIoT) platform may be consumed as a technology suite or as an open and general-purpose application platform, or both in combination.

The platform is engineered to support the requirements of safety, security and mission criticality associated with industrial assets and their operating environments.

The IIoT platform software that resides on devices — such as, controllers, routers, access points, gateways and edge computing systems — is considered part of a distributed IIoT platform.

According to Gartner, the enterprise IoT platform market will grow to USD $7.6 billion in 2024 with a 31% CAGR. Growth is driven by both on-premises and cloud deployments by the manufacturing, transportation and utility verticals, among other sectors. IoT PaaS is set to be the key enabler of IoT digital scenarios.