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.
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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.
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 augmented adoption and utilization of IoT solutions is estimated to empower industrialists and manufacturers in various sectors with considerable opportunity wherein they are able to automate several complicated processes. These procedures are engaged with the process of manufacturing and monitoring of the entire system. Humungous amount of data, enterprise mobility capabilities, business analytics, and cloud services are estimated to better various industrial processes. Such multiple benefits are likely to support development of the global industrial internet of things (IIoT) market in the near future.
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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. 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.
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An emerging trend among enterprises is to collect the data using the right security tool and also to deploy cloud based solutions. Further, vendors are developing advanced solutions and devices by adopting current technology to improve operational efficiency in the industries. Development of low-power hardware devices, Big Data analytics, robotics & automation, cloud integration, and smart sensors are also supporting the growth of the IIoT market. Geographically, North America is expected to contribute major market share to IIoT followed by Europe and Asia Pacific. Europe is also anticipated to witness fast growth during the forecast period due to initiatives taken by governments in the respective region for Industry 4.0 (the fourth industrial evolution).
Industrial Internet of Things is changing the competitive landscape of industries, as companies are investing in advanced technologies for automation. Further, companies such as General Electric Company, IBM Corporation etc. have been able to establish themselves as leaders. Some of the major players are currently focusing on providing IIoT solutions with advanced and innovative technologies. As part of this strategy, the companies are engaging in various acquisitions, strategic partnerships, and focusing on expanding their business through new service additions and geographical presence.
Some of the players prominent in the global IIoT market with significant developments which have been profiled in the report are IBM Corporation, Intel Corporation, Schneider Electric SE, General Electric Company, Emerson Electric, ABB Ltd., Accenture PLC, Tech Mahindra Ltd., Softweb Solutions Inc., Sasken Technologies Ltd., ZIH Corp., Siemens AG, Robert Bosch GmbH, and NEC Corporation.
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