Industrial Internet of Things (IIoT) Market Size And Forecast


Posted April 12, 2021 by jennysmith22119

The Global Industrial Internet of Things (IIoT) Market report provides a holistic evaluation of the market.

 
IndustrialInternet of Things (IIoT) Market was valued at USD 61.27 Billion in 2018 and isprojected to reach USD 103.38 Billion by 2026, growing ata CAGRof 6.7% from 2019 to 2026.

An increase intechnological investments in the developing regions coupled with the emergenceof big data analytics has widely driven the global Industrial Internet ofThings (IIoT) Market growth of the Industrial Internet of Things. The GlobalIndustrial Internet of Things (IIoT) Market report provides a holisticevaluation of the market. The report offers a comprehensive analysis of keysegments, trends, drivers, restraints, competitive landscape, and factors thatare playing a substantial role in the market.

GlobalIndustrial Internet of Things (IIoT) Market Definition
The IndustrialInternet of Things (IIoT) is the subpart of the concept Internet of Things.Deployment of the Internet of Things (IoT) in industries to modernizemanufacturing processes is referred to as the Industrial Internet of Things(IIoT). IIoT incorporates machine learning, Big Data technology, andmachine-to-machine (M2M) communication, adopting the sensor data and automationtechnologies that already exist in the industries. IIoT helps to improvevisibility, operational efficiency, increases productivity, and reducescomplexity in the process. Large collected data helps in predictive maintenancewhich can generate savings over scheduled repairs leading to a reduction inmaintenance costs and reduce downtime from equipment breakdowns. In the currentscenario, many companies are assessing their current data systems and observingways to transform their business processes through Big Data analytics

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Global Industrial Internet of Things(IIoT) Market Overview

An increase intechnological investments in the developing regions coupled with the emergenceof big data analytics has widely driven the global Industrial Internet ofThings (IIoT) Market growth of the Industrial Internet of Things. Further, therise in demand from the healthcare industry and the initiation ofindustry-specific platforms in the developed region are expected to fuel thegrowth of the Industrial Industrial Internet of Things (IIoT) Market.

The IndustrialInternet of Things (IIoT) Market size witnessed a continuous rise in adoptionof the Internet of Things (IoT) owing to the presence of factors such as highpenetration of Wi-Fi connectivity, technological enhancements in wirelessnetwork technologies, and rise in adoption of the cloud platform. Furthermore,growth in the development of smart transportation and smart cities leads toincreased adoption of IoT. This in turn propels the growth of the IndustrialInternet of Things industry.

However, poorinternet architecture and lack of skilled laborers majorly limit the growth ofthe IoT in the manufacturing market. Many of the developing countries lackbasic IT infrastructure, which is a pre-requisite for reliable connectivity.Further, power supply systems have to be stable and reliable to ensure thehigh-quality exchange of data between sensors and control systems. Therefore,poor internet connectivity in countries such as Africa, Malaysia, Chile, andBrazil is expected to hinder the industrial internet of things market growth inthe coming years.

GlobalIndustrial Internet of Things (IIoT) Market Segmentation Analysis
The GlobalIndustrial Internet of Things (IIoT) Market is Segmented on the basis ofSoftware, Technology, Vertical, And Geography.

IndustrialInternet of Things (IIoT) Market, By Software
• DistributionManagement System
• Farm Management System
• Remote Patient Monitoring System
• Others

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Based onTechnology, the market is bifurcated into Cameras, Condition Monitoring,Industrial Robotics, and Others. Networking technologies accounted for thelargest market share in 2019. Networking technologies, especially wirelesstechnology, are the backbone of IIoT. Numerous machines and sensor nodes areconnected to the Internet using these technologies to facilitatemachine-to-machine communication. These technologies also enable the collectionof large volumes of data for improved decision-making.

IndustrialInternet of Things (IIoT) Market, By Vertical
• Agriculture
• Energy & Power
• Healthcare
• Others

Based onVertical, the market is bifurcated into Agriculture, Energy & Power,Healthcare, and Others. The energy & Power segment is dominating the marketshares by volume. This growth can be accounted for the significant growth inthe Energy and Power industry.

IndustrialInternet of Things (IIoT) Market, By Geography
North America
Europe
Asia Pacific
Rest of the world
APAC holds thelargest share of the market, in terms of value. The Asia Pacific is a major hubfor industrial manufacturing and has become a global focal point forsignificant investments and business expansions. The growing population, risinginvestments for R&D activities, and the increasing focus of internationaland domestic IT companies on the growth of big data analytics and cloud-basedservices in the region are expected to drive the growth of this market.

KeyPlayers in Industrial Internet of Things (IIoT) Market
The “GlobalIndustrial Internet of Things (IIoT) Market” study report will provide avaluable insight with an emphasis on the global market including some of themajor players such as CiscoSystems, Inc., GE, Honeywell, Intel Corporation, IBM Corporation, ABB, RockwellAutomation, Siemens AG, Bosch, and Huawei Technologies Co., Ltd.

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Last Updated April 12, 2021