Industrial IoT helps to facilitate easy access to real-time data services, thus allowing implementation of the connected systems in the various industrial processes. Industrial Internet of Things (IIoT) offers improved operational efficiency and safety, leading to increasing adoption of IoT technology for numerous industrial processes. With the advent of an integrated digital-human workforce, and development of the industrial internet and its digital application are expected to offer significant opportunities for growth over the forecast period.
The global Industrial Internet of Things (IIoT) Market size is expected to value at USD 933.62 billion by 2025. The Industrial Internet of Things industry is subject to witness a substantial growth due to the higher rate associated implementation of IoT technology across the globe. Some important factors responsible for the growth of industrial IoT industry are cost-effectiveness and easy availability for various advanced electronic devices such as processors, sensors, and other connected systems. Globally, the industrial IoT market is predicted to grow at CAGR of 27.8% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
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Industrial IoT is serving numerous industries across the globe by providing necessary worker safety, minimum operational costs, and efficient industrial outcome. Increasing competition among industry players is leading development of new product and hybrid services worldwide in order to generate fresh revenue streams by moving away from just vending products to offering numerous industrial IoT services, thus generating measurable outcomes. The Internet of Things (IoT) offers easy access to numerous connected industrial devices and machines, and provides real-time information regarding their operation. Additionally, increasing number of governmental sponsored initiatives and efforts to promote industrial IoT technology are driving the market growth. Industrial IoT enables businesses with automation, optimization and tactical or strategic goals to aid in various industrial processes.
The introduction of “Industrie 4.0” from European region serves as a multi-layered strategic initiative that incorporates the major players including private bodies and local businesses as well as from academics in order to formulate an action plan, thus complementing implementation of advanced digital techniques for industries across the European region. Growing preference towards automation of various businesses processes is complementing the integration of industrialization and digital technologies.
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Industrial IoT solutions is considered as one of the fastest growing segment in the Industrial Internet of Things (IIoT) industry with substantial revenue generation in the last couple of years. Industrial solution providers are putting substantial focus to embed and adopt connected systems, consisting of multiple information systems, devices, and sensors into number of industry verticals and business processes across the globe. This allows them to modify existing operations and develop effective business models. Industrial IoT solutions has become an integral part of various business processes, thus delivering crucial information based on real-time data captured from different resources to aid decision making processes and improve overall performance of the system.
Industrial IoT services has also witnessed substantial growth since the last couple of years with significant CAGR. Increasing adoption of the industrial IoT services in number of industrial applications is credited to the development of cloud computing market, rise in the number of government initiatives in the support for sustainable smart factories growth, and increase in number of connected systems that capture large chunks of real-time data.
The Industrial Internet of Things market is divided by region such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the growing in the awareness about benefits of IoT technology and presence prominent industry players in the region. Asia-Pacific region is predicted to hold major market share in the industrial IoT industry with massive growth in forecast period. Countries such as India, China, Japan and Taiwan are leading the Asia-Pacific market with increasing adoption of advanced automation technologies and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the industrial IoT market are General Electric Company (GE), International Business Machines (IBM) Co., Cisco Systems Incorporations, Siemens AG, and Intel Co.
Industrial IoT Component Outlook (USD Billion, 2014 – 2025)
• Remote Monitoring
• Data Management
• Security Solutions
• Connectivity Management
• Application Management
• Device ManagementIndustrial IoT End-Use Outlook (USD Billion, 2014 – 2025)
• Energy & Power
• Oil & Gas
• Logistics & Transport