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.
Internet of Things or IoT refers to a combination of several technologies that enables an extensive array of appliances, devices, and objects to interact and communicate with each other through utilization of different networking technologies. Growing popularity has resulted in the emergence of Industrial Internet of Things or IIoT. The IIoT technology or Industrial Internet of Things refers to several interconnected instruments, sensors and several other gadgets networked together with the help of various industrial applications, such as energy and manufacturing management. The rising trend of processing real-time and contextually rich real-time data streams produced by this technology sensors and networks utilizing artificial intelligence and machine learning is anticipated to support development of the global industrial internet of things (IIoT) market in the years to come.
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Technologies of digital manufacturing have proven to be extremely beneficial for various manufacturers and industrial internet of things (IIoT) has an extremely important and decisive role to play in the years to come. In addition, IIoT technology is likely to observe high growth in the near future due to a rise in the number of collaborations amongst several industry stakeholders. All these factors are likely to foster growth of the global industrial internet of things (IIoT) market in the years to come.
With the ongoing global pandemic, Covid-19, the global industrial internet of things (IIoT) market has suffered a setback, and it is likely to continue until life returns to normalcy following an invention of effective drug and vaccine. Nationwide lockdowns imposed by governments of several countries has adversely impacted the production activities, supply chain of global industrial internet of things (IIoT) sector across the globe.
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.
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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.
