The global Industrial internet of things (IIoT) market size is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to rapidly increasing utilization and demand for edge computing in Industrial IoT. Moreover, rising adoption of industrial robots in the manufacturing industry is driving the market growth.
IIoT refers to the extension and use of the IoT in industrial sectors and applications. With a strong focus on machine-to-machine (M2M) communication, big data, and machine learning, IIoT enables industries and enterprises to improve efficiency and reliability in their operations. IIoT encompasses industrial applications, including robotics, medical devices, and software-defined production processes.
IIoT systems are primarily incorporated to enhance the operational efficiency of industrial and manufacturing processes. Technologies, such as big data, is being used increasingly to harness the data generated from connected devices, to improve streamline workflow.
IoT is a network of internet-connected objects. These objects collect and exchange the data using sensors embedded within them. IoT systems connect specialized devices designed for specific purposes with a limited degree of programmability and customizability. Moreover, IoT systems also store and process data in a distributed manner.
Market Trends, Drivers, Restraints, and Opportunities:
- Declining manufacturing and sensor costs involved in the production of IoT is one of the major drivers that is contributing to the growth of the global Industrial internet of things (IIoT) market.
- The creation of new business models to improve productivity and provide better analytics is expected to augment the market growth.
- Rising privacy concerns and increasing cyberattacks can create challenges for the growth of the market.
- The outbreak of COVID-19 has negatively impact the market. However, the rising e-commerce activities is expected to create lucrative opportunities during the forecast period.
Scope of the Report
The report on the global Industrial internet of things (lIoT) market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Industrial Internet Of Things (IIoT) Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Hardware, Software, Services, and Connectivity), End-user Verticals (Manufacturing, Transportation, Oil & Gas, Utility, and Others)
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Regional scope
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North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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General Electric Company, Oracle Corporation, SAP SE, Honeywell International Inc., and IIBM Corporation.
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Industrial Internet of Things (IIoT) Market Segment Insights:
Software segment to grow at a rapid pace
Based on types, the market is divided into hardware, software, services, and connectivity. The software segment is anticipated to account for a key market share and is anticipated to grow at a steady rate during the forecast period. IoT software applications often focus on solutions, which make them programmable once. Accordingly, Internet of things software developers is increasingly seeking to develop programs that facilitate cross-platform utility.
Manufacturing segment to account a major market share
In terms of end-user verticals, the market is classified as manufacturing, transportation, oil & gas, utility, and others. The manufacturing segment is anticipated to account for a major market share during the forecast period. Manufacturers are intensely investing in IoT adoption, which is driving the growth of the market segment. On the other hand, the transportation segment is expected to grow at a steady rate owing to rapid growth in the e-commerce industry.
Asia Pacific to account a considerable market share
On the basis of regions, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is anticipated to account for a considerable market share during the forecast period. Manufacturers in China are turning to Japan-based IoT companies to reduce dependency on the US. Thus, China has invited IVC member representatives to a series of China-based symposiums, addressing the IoT topic. China-based companies have also asked the IVC to help out with forming an international organization that focuses on researching and implementing better IIoT technology in the workplace.
Segments
Segments Covered in the Report
The global Industrial Internet of things (IIoT) have been segmented on the basis of
Types
- Hardware
- Software
- Services
- Connectivity
End-user Verticals
- Manufacturing
- Transportation
- Oil & Gas
- Utility
- Others
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Players
- General Electric Company
- Oracle Corporation
- SAP SE
- Honeywell International Inc.
- IIBM Corporation
Competitive Landscape
The major players of the market are General Electric Company, Oracle Corporation, SAP SE, Honeywell International Inc., IIBM Corporation.
Companies are investing in various innovations and are focusing on joint ventures and acquisitions to expand their market share.
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