Industrial Internet of Things (IIoT) Market: Current Trends and Future Growth
Posted by kishor on February 28th, 2019
Industrial Internet of Things (IIoT) Market: Snapshot
Deployment of Internet of Things (IoT) in industries to modernize manufacturing processes is referred to as Industrial Internet of Things (IIoT). IIoT incorporates machine learning, Big Data technology, and machine-to-machine (M2M) communication, adopting the sensor data and automation technologies that already exist in the industries. IIoT helps to improve visibility, operational efficiency, increases productivity, and reduces complexity in the process. Large collected data helps in predictive maintenance which can generate savings over scheduled repairs leading to reduction in maintenance costs and reduce downtime from equipment breakdowns. In the current scenario, many companies are assessing their current data systems and observing ways to transform their business processes through Big Data analytics. Rising adoption of IIoT by the transportation sector is driving the market.
However, a major concern that surrounds IIoT is the security and privacy of the data; this concern leads to loss of physical systems and data security. The global Industrial Internet of things market is anticipated to expand at a CAGR of 24.3% during the forecast period (2018-2026) and is expected to reach US$ 991,562.0 Mn by 2026.
Industrial Internet of Things (IIoT) has the primary objective to improve operational efficiency and automate processes in industries. Furthermore, industries are adopting advanced analyzing tools to understand growth opportunities in various sectors. In the coming years, companies would deploy IIoT software and services to capture new growth opportunity by increasing production and creating new hybrid business models. Data analytics would help them guide the optimal resource allocation and utilization, thereby improving the operational efficiency. The IIoT market has been segmented on the basis of component which includes hardware, software, and services. Hardware is categorized into sensors, connectivity devices and others and the services segment is divided into system integration, consulting services, and support & maintenance services.
End-user segments in the IIoT market are aviation, oil & gas, transportation, power generation & utility, manufacturing, healthcare (medical devices) and others. Manufacturing is expected to account for market share close to 35% of the global industrial Internet of things (IIoT) market due to larger adoption of IIoT in the manufacturing industry sector. Healthcare segment is expected to expand at the highest CAGR during the forecast period due to many advantages such as improved healthcare facilities and diagnostics.
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An emerging trend among enterprises is to collect the data using the right security tool and also to deploy cloud based solutions. Further, vendors are developing advanced solutions and devices by adopting current technology to improve operational efficiency in the industries. Development of low-power hardware devices, Big Data analytics, robotics & automation, cloud integration, and smart sensors are also supporting the growth of the IIoT market. Geographically, North America is expected to contribute major market share to IIoT followed by Europe and Asia Pacific. Europe is also anticipated to witness fast growth during the forecast period due to initiatives taken by governments in the respective region for Industry 4.0 (the fourth industrial evolution).
Industrial Internet of Things is changing the competitive landscape of industries, as companies are investing in advanced technologies for automation. Further, companies such as General Electric Company, IBM Corporation etc. have been able to establish themselves as leaders. Some of the major players are currently focusing on providing IIoT solutions with advanced and innovative technologies. As part of this strategy, the companies are engaging in various acquisitions, strategic partnerships, and focusing on expanding their business through new service additions and geographical presence.
Some of the players prominent in the global IIoT market with significant developments which have been profiled in the report are IBM Corporation, Intel Corporation, Schneider Electric SE, General Electric Company, Emerson Electric, ABB Ltd., Accenture PLC, Tech Mahindra Ltd., Softweb Solutions Inc., Sasken Technologies Ltd., ZIH Corp., Siemens AG, Robert Bosch GmbH, and NEC Corporation.
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