The Industrial Internet of Things (IoT) refers to the industrial framework that makes the use of IoT devices to enhance the efficiency of manufacturing and industrial processes. Various types of hardware devices such as sensors, industrial robots, and others are used to make a system of connected devices that provide real-time analytics data. This helps enhance machine to machine (M2M) communications, thereby increasing the reliability and efficiency of the machines used in industries.
These hardware devices provide real-time data from various devices and sensors, which are then used in the decision-making process. Industrial IoT has tremendous potential for sustainable and green practices, quality control, and overall supply chain efficiency. In various industry verticals, industrial IoT has become a key for various processes such as energy management, enhanced field service, asset tracking, and predictive maintenance.
Fig 1: Industrial Internet of Things (IIoT) Market
The major factors that are driving the growth of the Industrial Internet of Things (IoT) market are government support for the development and implementation of industrial IoT and the growing use of cloud computing platforms across various industry verticals for data management. Also, the advent of Industry 4.0 has led to the higher adoption of Industrial IoT across the manufacturing sector.
The Industrial Internet of Things typically offers several benefits of the Internet of Things to a higher level and also to the high-stakes industries where human errors could result in major risks. One of the biggest benefits is the degree of accuracy that can be accomplished through the IIoT. The time is not far away when operations and processes of entire manufacturing plants may be allowed to function almost independently. In addition, the Industrial Internet of Things is used for many use cases that help us minimise the vulnerability of human workers in scenarios with high industrial hazards.
Fig 2: Industrial Internet of Things (IIoT) Market
Governments in many countries are taking necessary initiatives that are fuelling the adoption of industrial IoT solutions and services across many industry verticals. For instance, the ‘Make in India’ initiative in India, ‘Made in China 2025’ initiative by China, and ‘Industrial Value Chain Initiative (IVI)’ in Japan are enabling the adoption of digital technologies across various industry verticals and majorly in manufacturing.
The global Industrial Internet of Things (IoT) market is valued at USD 82.4 Billion in 2020 and is anticipated to grow with a CAGR of 21.3% during the forecast period from 2020 to 2028. The major factors that are contributing to the growth of the market are standardization of IPV6, advancement in the manufacturing industry, and advent of the industry 4.0. However, as these solutions are highly technical, the availability of high skilled personnel can become a key concern, which in turn, may hinder the market growth during the forecast period.
Fig 3: Industrial Internet of Things (IIoT) Market
- In December, 2018, GE announced the establishment of a separate, independent organization focused on developing a comprehensive portfolio of Industrial Internet of Things (IIoT) software. The firm began with $1.2 billion in annual software revenue and a large global industrial customer base. The company is planned to be a wholly-owned, independently operated GE corporation with a new brand and logo, with its own equity structure and its own management board. The proposed new company aimed to brought together the industry-leading IIoT technologies from GE Digital including the Predix platform, Asset Performance Management, Historian, Automation (HMI / SCADA), Manufacturing Execution Systems, Operations Performance Management, and the GE Power Digital and Grid Software Solutions businesses.
- Cisco and Emerson joined forces in bringing intent-based networking to the extreme edge of IoT. They made a wireless robust mesh architecture using Cisco's access points & Emerson's gateway to connect people and things.
- In September, 2019, Cisco acquired Voicea, a privately-held Artificial Intelligence (AI) technology company located in Mountain View, CA. With Voicea’s technology, Cisco would improve its Webex meetings, call, contact centres, and other voice assets with a powerful transcription service that combines AI and Automatic Speech Recognition (ASR) to unlock the power of any collaboration, such as meetings and calls. Meetings with Voicea will become a treasure chest of digital notes for meetings.
- In March, 2019, Dassault Systèmes and IPACS, an Australian technology company specializing in the collection, tracking, and reporting of real-time asset performance in various industries, have signed a Memorandum of Understanding ('MoU') to establish Industrial IoT Demonstrator for collaboration in key Industries in Australia, such as natural resources, defense, marine and offshore, cities and territories. The collaboration would expand the ongoing successful partnerships between Dassault Systèmes and local Australian companies for the growth of business technologies and the expansion of businesses.
What does this Report Provide?
This report provides a detailed understanding of the global industrial internet of things (IIoT) demand from a qualitative and quantitative perspective with a forecast for the next 10 years. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global industrial internet of things (IIoT) market. The major market drivers, challenges, and opportunities for the global industrial internet of things (IIoT) market have also been covered in the report. This report also includes the market share of the leading companies operating in the global industrial internet of things (IIoT) market along with their production capacities and the growth strategies adopted by them.
- Industrial Robotics
- Yield Monitoring
- Electronic Shelf Label
- Smart Meters
- Smart Beacon
- Condition Monitoring
- Distributed Control System
- Interface Board
- Guidance & Steering
- Remote Monitoring
- Data Management
- Security Solutions
- Professional Services
- Managed Services
- Wired Technology
- Wireless Technology
- Cellular Technologies
- Field Technology
- Food & Beverages
- Chemicals & Materials
- Semiconductor and Electronics
- Metal & Mining
North America Industrial Internet of Things (IIoT) Market
- North America, by Country
- North America, by Component
- North America, by Connectivity
- North America, by Verticals
Europe Industrial Internet of Things (IIoT) Market
- The Netherlands
- Rest of Europe
- Europe, by Component
- Europe, by Connectivity
- Europe, by Verticals
Asia Pacific Industrial Internet of Things (IIoT) Market
- South Korea
- Rest of Asia Pacific
- Asia Pacific by Component
- Asia Pacific, by Connectivity
- Asia Pacific, by Verticals
Middle East & Africa Industrial Internet of Things (IIoT) Market
- Middle East & Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa by Component
- Middle East & Africa, by Connectivity
- Middle East & Africa, by Verticals
South America Industrial Internet of Things (IIoT) Market
- South America, by Country
- Rest of South America
- South America, by Component
- South America, by Connectivity
- South America, by Verticals
Major Companies: Dassault Systèmes, Honeywell International, ARM holding, Cisco Systems Inc, General Electric Company, Bosch.IO, Siemens AG, Intel Corporation, Rockwell Automation, ABB, Texas Instruments Inc, Huawei Technologies, IBM Corporation, KUKA AG, NEC Corporation, and PTC Corporation, among others.
Objectives of this Report:
- To estimate the market size for the industrial internet of things (IIoT) market on a regional and global basis.
- To identify major segments in the industrial internet of things (IIoT) market and evaluate their market shares and demand.
- To provide a competitive scenario for the industrial internet of things (IIoT) market with major developments observed by key companies in the historic years.
- To evaluate key factors governing the dynamics of the industrial internet of things (IIoT) market with their potential gravity during the forecast period.
This study is customized to meet your specific requirements:
- By sub-segment
- By client specific country, application, and vehicle type analysis
- Pricing analysis along with the potential list of customers
- Product specific competitive analysis
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