Market Leader - Industrial IoT (IIoT) Market

Posted by Steve Stark on February 5th, 2021

The global Industrial IoT (IIoT) Market size is expected to grow from USD 77.3 billion in 2020 to USD 110.6 billion by 2025, at a CAGR of 7.4% during the forecast period. The major factors driving the growth of the market include technological advancements in semiconductor and electronic devices, increased use of cloud computing platforms, standardization of IPv6, and support from governments of different countries for R&D activities related to IIoT.

The IIoT market is highly competitive, owing to the presence of a large number of regional and global players. The key players are focusing on enhancing their product portfolios and increasing market share through strategies, such as product launches, partnerships, agreements, and collaboration, and expansions. Many market players adopted partnership & collaboration, and agreements as their key business strategies

Top 2 players in the IIoT market:

GE (US) is a leading provider of industrial equipment used in sectors such as oil & gas, energy, aviation, transportation, and healthcare. The company has expanded its offerings from industrial equipment to data analytics with the development of the Predix platform. Its recent product launches are focused on this platform. Predix assists GE to monitor most of its industrial systems remotely, gather performance data, and predict their maintenance cycles and potential failures. This data will also be useful in understanding how the systems are being used in industries and in developing their improved versions. GE’s presence in a large number of industrial sectors and global markets enables the company to generate regular service revenue streams from its asset monitoring and predictive analytical tools. The company is taking several steps to project its Predix platform as an ideal industrial solution. For instance, it acquired Wurldtech Security Technologies (Canada) to secure Predix and make it available on the cloud to encourage developers to create new applications for the platform.

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Cisco (US) is a leader in the global enterprise networking and communications market; it is, thus, a leading player in the IIoT market. IoT is the center of Cisco’s business strategy. Cisco’s IoT business strategy combines the company’s Cloud strategy with data center analytics, mobile, collaboration endpoints, and connected security solutions. The focus of its business is on sustaining and extending its leadership position in routing and switching by investing more in ongoing innovations and expanding in new markets such as smart grids, smart connected communities, virtual healthcare, education, media solutions, and sports and entertainment. The company focuses on investing in its flagship businesses and compliments these businesses by making strategic acquisitions in next-generation growth opportunities in niche technologies. For instance, in 2019, Cisco acquired privately-held Voicea (Mountain View, CA, US), the creator of a market-leading real-time solution that provides meeting transcription, voice search, and meeting highlights/action items, with robust data privacy. With Voicea technology, Cisco plans to enhance its Webex portfolio of products with a powerful transcription service that blends AI and Automated Speech Recognition (ASR).