Industrial Internet Of Things Industry Overview
The global industrial internet of things market size is expected to reach USD 1.11 trillion by 2028, registering a CAGR of 22.8% from 2021 to 2028, according to a new report by Grand View Research, Inc. The strong emphasis incumbents of various industries and industry verticals, such as manufacturing, are putting on automation, predictive maintenance, and efficient supply chain management, is expected to drive the growth of the market over the forecast period. Several companies have realized the benefits of implementing IIoT to improve their functional efficacies and have subsequently deployed various advanced IIoT solutions based on compatible software and sensors, thereby contributing to the growth of the industrial internet of things (IIoT) market.
Machine-to-Machine (M2M) communication is poised to trigger a paradigm shift in the way various industrial processes are managed. The aggressive adoption of M2M communication for applications, such as smart grids, and across various industries and industry verticals, such as automotive, utilities, home automation, healthcare, and security is expected to drive the adoption of IIoT. The number of different types of connected devices and sensors installed in industrial environments to collect data from the local environment and upload it to the cloud is expected to increase over the next few years. The latest operational and informational technologies can utilize the data collected by Operational Technology (OT), M2M communication, and IoT systems to gain new insights and improve the decision-making processes.
Several businesses worldwide are confronting challenges in supply chain management in the wake of the outbreak of the COVID-19 pandemic. Vendors are placing multiple orders and are facing financial hardships as a result. Tracking the orders placed and the orders dispatched is also turning out to be a challenging task. At this juncture, cognitive industrial IoT can help businesses in precisely analyzing the orders placed and total yield while tracking the products in transit. Hence, businesses are expected to deploy cognitive IIoT solutions as part of their efforts to reform their strategies and operations.
Industrial Internet Of Things Market Segmentation
Grand View Research has segmented the global industrial internet of things market based on component, end use, and region:
Based on the Component Insights, the market is segmented into Solutions, Services and Platform.
- The solution segment dominated the market in 2020 and accounted for over 50% of the total revenue share. The segment is expected to continue leading over the forecast period.
- The services segment is expected to exhibit the highest CAGR of more than 23.0% from 2021 to 2028. The growth can be attributed to a substantial rise in the number of connected devices, which are generating large volumes of data.
Based on the End-use Insights, the market is segmented into Manufacturing, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Agriculture and Others.
- The manufacturing segment is expected to dominate the market over the forecast period, and account for nearly 30% of the revenue share by 2028. Manufacturing entities are aggressively adopting digital manufacturing technologies and IIoT plays a vital role in such advanced technologies.
- The logistics and transport segment is projected to register the highest CAGR of more than 26% from 2021 to 2028. The growth can primarily be attributed to the strong emphasis logistics and transportation companies are putting on enhancing asset management and subsequently on the adoption of smart transportation.
Industrial Internet Of Things Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
The key market participants are expected to focus on cost reduction, thereby making it challenging for new entrants to make a foray into the market. However, venture capital funding is expected to help IIoT startups in making inroads into the market. Both private and public sector companies are expected to start focusing on innovation, productivity, and value as they gradually realize that IIoT would be imperative for delivering integrated and sustainable products and services demanded by tech-savvy businesses.
Some prominent players in the global Industrial Internet Of Things market include
- ABB
- General Electric Company (GE)
- IBM Corporation
- Intel Corporation
- Rockwell Automation, Inc.
- Siemens AG
- Microsoft Corporation
Order a free sample PDF of the Industrial Internet Of Things Market Intelligence Study, published by Grand View Research.
The global industrial IoT market is expected to reach USD 933.62 billion by 2025, according to a new report by Radiant Insights, Inc.
Businesses, across the globe, are seeking new operating models to create a connected enterprise for merging operational and information departments of the industry.
Download Free Sample Report @ https://www.radiantinsights.com/research/industrial-internet-of-things-iiot-market/request-sample The ability of IoT to reduce costs has been the prime factor for its adoption in the industrial sector.
An emerging trend among enterprises worldwide is the transformation of technical focus to improving connectivity in order to undertake data collection with the right security measures in place and with improved connections to the cloud.
The emergence of low-power hardware devices, cloud integration, big data analytics, robotics & automation, and smart sensors are also driving IIoT market growth.
The major factors challenging the market growth are the lack of a defined protocol or standardization and use of old equipment.
