Industrial Internet of Things (IIoT) Market

Industrial Internet of Things Market is anticipated to grow at a CAGR of 14.2% during forecast period and estimated to reach USD 15,200 Million by 2027.

Industrial IIoT refers to the process of using smart actuators and sensors to improve industrial and manufacturing processes. It is also known as industry 4.0 or industrial internet, where IIoT provides the power of real-time analytics and facilitates the smart machines to take advantage of the data. The industrial IIoT focuses on bringing automation, operational efficiency, maintenance, and industrial control. The constant focus on big data, machine-to-machine communication, and machine learning IIoT is allowing enterprises and industries to have better efficiency and reliability in future.

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The major factors proliferating the growth of the global industrial internet of things (IIoT) include the rapid fall in the cost of automation systems, standardization of IPV6, growing technological advancements in electronic devices and semiconductor, support from the government of different countries for IIoT related R&D activities, and growing usage of cloud computing platforms. Cloud computing offers numerous benefits to businesses across the work. It enables businesses to set up virtual offices to provide flexibility to get connected to work from any location. Deployment of cloud computing helps in reducing IT costs, enhances scalability, provides flexibility, and automates the work process. Cloud computing helps companies in identifying and exploiting new business opportunities. New cloud-related pay-per-use and as-a-service formulas can be deployed by both large and small enterprises. Apart from AI, big data, and other technologies, cloud computing brings new industrial transformation for manufacturers, which is further boosting the growth of the market. On the other edge, lack of skilled IoT professionals across the globe is likely to hamper the growth of the market.

The ongoing coronavirus crisis will adversely impact the Industrial Internet of Things (IIoT) market. The effects of the COVID-19 outbreak can be seen throughout every sector, especially in the industrial manufacturing sector. The rapid disruptions in the supply chain, rising issues with the shipping and distribution, and the staffing challenges are the major factor that will hamper the IIoT market. Moreover, the rising emphasis on staying at home is restricting manufactures’ ability to preserve business continuity. All these emerging factors due to the COVID-19 pandemic will have a negative impact on the market, however, the market is projected to witness significant growth from 2021.

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Based on device and technology, the market is segmented into sensors, RFID, industrial robotics, distributed control system, condition monitoring, smart meters, electronic shelf labels, cameras, smart beacons, interface boards, yield monitors, guidance & steering, GPS/GNSS, flow & application control devices, and networking technology. Among these, the networking technology is expected to witness higher CAGR during the forecast period. The industrial IIoT devices are mostly connected through networking technologies such as Wi-Fi, NFC, BLE, and Cellular. These technologies provide long-distance communication, enhanced bandwidth, provides network latency, improves security, reduces power consumption, and improves scalability, which further fuels the growth of the market.

On the basis of vertical, the market is segmented into manufacturing, energy, oil & gas, metals & mining, healthcare, retail, transportation, and agriculture. Among these, the transportation industry would witness a faster CAGR during the forecast period attributed to the increasing need for safety. IIoT based sensor tracks data such as maintenance of train speed, roadway temperature, aircraft part conditions, and other relevant information. Authorities utilize the information to enhance the safety of transit system operation, which increases the demand for IIoT in the transportation industry.

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Based on the region, Asia-Pacific is expected to grow at a higher CAGR during the forecast period. This is attributed to strong demand for IoT among multiple industries across the region, including healthcare, BFSI, automotive, agriculture, and other industries. Moreover, multiple initiatives taken by the government related to IoT are further boosting the growth of the market in the region.

The key players in the market include Arm Limited, Cisco Systems Inc, GE Company, Intel Corporation, Rockwell Automation, Inc, Texas Instruments Incorporated, ABB Ltd, Honeywell International Inc, IBM Corporation, and Huawei Technologies Co., Ltd.

Key Developments:

• • In 2019, Cisco Systems Inc, partnered with Tech Mahindra to build 5G enabled, end-to-end-business, and technology solution to help manufacturers in achieving Industry 4.0 goals.
  • In 2018, Alibaba.com partnered with Intel Corporation to launch the Joint Edge Computing Platform, which is an open architecture for IoT applications that integrate cloud technologies and AI. The solution is for various IoT applications including, smart building, industrial manufacturing, smart communities, and more.

The global industrial internet of things (IIoT) market has been segmented on the basis of device & technology, types, software, vertical, and region. Based on device & technology, the market is segmented into sensors, rfid, industrial robotics, distributed control system, condition monitoring, smart meters, electronic shelf labels, cameras, smart beacons, interface boards, yield monitors, guidance & steering, GPS/GNSS, flow & application control devices, and networking technology. Based on types, the market is segmented into wired technologies, wireless technologies, field technologies. Based on software, the market is segmented into product lifecycle management, manufacturing execution systems, scada, outage management systems, distribution management systems, remote patient monitoring, retail management software, visualization software, transit management systems, farm management systems. Based on vertical, the market is segmented into manufacturing, energy, oil & gas, metals & mining, healthcare, retail, transportation, agriculture.

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Market Segmentation

Global Industrial Internet of Things (IIoT) Market by Device & Technology

• • Sensors, RFID
  • Industrial Robotics
  • Distributed Control System
  • Condition Monitoring
  • Smart Meters
  • Electronic Shelf Labels
  • Cameras, Smart Beacons
  • Interface Boards
    • Multifunctional Boards
    • Vehicle Detection Boards
    • Communication Boards
  • Yield Monitors
  • Guidance & Steering
  • GPS/GNSS
  • Flow & Application Control Devices
  • Networking Technology

Global Industrial Internet of Things (IIoT) Market by Types

• • Wired Technologies
    • Ethernet
    • Modbus
    • Profinet
    • Foundation Fieldbus
  • Wireless Technologies
    • Wi-Fi
    • Zigbee
    • Bluetooth
    • Cellular Technologies
    • Satellite Technologies
  • Field Technologies
    • Profibus
    • Modbus RTU
    • CC-Link

Global Industrial Internet of Things (IIoT) Market by Software

• • Product Lifecycle Management
  • Manufacturing Execution Systems
  • Scada
  • Outage Management Systems
  • Distribution Management Systems
  • Remote Patient Monitoring
  • Retail Management Software
  • Visualization Software
  • Transit Management Systems
  • Farm Management Systems

Global Industrial Internet of Things (IIoT) Market by Vertical

• • Manufacturing
    • Automotive
    • Machinery
    • Food & Beverages
    • Chemicals & Materaiosl
    • Electrical & Electronics
    • Pharmaceuticals
  • Energy
    • Smart Grid
  • Oil & Gas
  • Metals & Mining
  • Healthcare
  • Retail
    • Point-of-Sales (PoS)
    • Self-Checkout System
  • Transportation
    • Intelligent Signalling
    • Video Analytics
    • Incident Detection
    • Route Scheduling Guidance
  • Agriculture
    • Precision Farming
    • Livestock Monitoring
    • Smart Greenhouses
    • Fist Farming

Global Industrial Internet of Things (IIoT) Market by Region

• • North America Industrial Internet of Things (IIoT) Market (Option 1: As a part of the free 25% customization)
    • North America Industrial Internet of Things (IIoT) Market by Device & Technology
    • North America Industrial Internet of Things (IIoT) Market by Type
    • North America Industrial Internet of Things (IIoT) Market by Software
    • North America Industrial Internet of Things (IIoT) Market by Vertical
    • US Industrial Internet of Things (IIoT) Market All-Up
    • Canada Industrial Internet of Things (IIoT) Market All-Up
  • Europe Industrial Internet of Things (IIoT) Market (Option 2: As a part of the free 25% customization)
    • Europe Industrial Internet of Things (IIoT) Market by Device & Technology
    • Europe Industrial Internet of Things (IIoT) Market by Type
    • Europe Industrial Internet of Things (IIoT) Market by Software
    • Europe Industrial Internet of Things (IIoT) Market by Vertical
    • UK Industrial Internet of Things (IIoT) Market All-Up
    • Germany Industrial Internet of Things (IIoT) Market All-Up
    • France Industrial Internet of Things (IIoT) Market All-Up
    • Spain Industrial Internet of Things (IIoT) Market All-Up
    • Rest of Europe Industrial Internet of Things (IIoT) Market All-Up
  • Asia-Pacific Industrial Internet of Things (IIoT) Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Industrial Internet of Things (IIoT) Market by Device & Technology
    • Asia-Pacific Industrial Internet of Things (IIoT) Market by Type
    • Asia-Pacific Industrial Internet of Things (IIoT) Market by Software
    • Asia-Pacific Industrial Internet of Things (IIoT) Market by Vertical
    • China Industrial Internet of Things (IIoT) Market All-Up
    • India Industrial Internet of Things (IIoT) Market All-Up
    • Japan Industrial Internet of Things (IIoT) Market All-Up
    • Rest of APAC Industrial Internet of Things (IIoT) Market All-Up
  • RoW Industrial Internet of Things (IIoT) Market (Option 4: As a part of the free 25% customization)
    • RoW Industrial Internet of Things (IIoT) Market by Device & Technology
    • RoW Industrial Internet of Things (IIoT) Market by Type
    • RoW Industrial Internet of Things (IIoT) Market by Software
    • RoW Industrial Internet of Things (IIoT) Market by Vertical
    • Brazil Industrial Internet of Things (IIoT) Market All-Up
    • South Africa Industrial Internet of Things (IIoT) Market All-Up
    • Saudi Arabia Industrial Internet of Things (IIoT) Market All-Up
    • UAE Industrial Internet of Things (IIoT) Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Industrial Internet of Things (IIoT) Market All-Up

Global Industrial Internet of Things (IIoT) Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Arm Limited
  • Cisco Systems Inc
  • GE Company
  • Intel Corporation
  • Rockwell Automation, Inc
  • Texas Instruments Incorporated
  • ABB Ltd
  • Honeywell International Inc
  • IBM Corporation
  • Huawei Technologies Co., Ltd