The global Industrial Internet of Thing (IIoT) market size was valued at USD 109.28 billion in 2016. IIoT has witnessed a high rate of adoption across the world, which has stemmed from improved affordability and availability of processors, sensors, and other technologies, thereby facilitating access to real-time information.
The ever growing need to enhance operational efficiency coupled with a strong alliance between the key industry players is expected to drive the market. With the evolution of the society toward an integrated digital-human workforce, the industrial internet is presumed to incorporate significant opportunities for growth over the next eight years.
The role of the Internet of Things (IoT) is increasingly becoming more prominent in enabling easy access to devices and machines. Government-sponsored initiatives and innovative efforts made by key companies, such as Huawei, GE, and Cisco, are anticipated to enhance the adoption of IIoT worldwide over the forecast period.
In Europe, the German government has initiated and is sponsoring “Industrie 4.0”, a multi-year strategic initiative that unites the key participants from private and public sectors as well as from academia to create an action plan and a comprehensive vision for applying digital technologies to the German industrial sector. Moreover, China has also proposed its “Made in China 2025” strategy to promote and enhance the integration of industrialization and digital technologies.
The evolution of industrial internet is expected to allow the IT sector to further penetrate digitized systems and connect the facility to a completely new range of applications that run around production. Industrial IoT applications are increasingly using the available data, business analytics, cloud services, and enterprise mobility to enhance industrial processes.
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The three primary components analyzed in the report include solution, services, and platform. The solution segment has further been segregated into remote monitoring, data management, analytics, security solutions, and others.
The services segment has been categorized as professional and managed services, whereas the platform segment has been categorized on a granular level into connectivity management, application management, and device management.
Industrial IoT solutions accounted for the largest market share of 55% in 2016 and is expected to witness substantial growth over the forecast period. Solution providers across the world are increasingly focusing their efforts on the integration of information systems, devices, and sensors across different industry verticals and businesses in order to renovate operations and enable the creation of new business models.
IIoT solutions form an integral part of the overall industry, thereby providing innovative insights from analytics based on data from diverse sources to support decision making and enhance products and services.
IIoT services are presumed to witness the highest growth over the next eight years, following an estimated CAGR of slightly over 29% from 2017 to 2025. Growth in this segment can be attributed to the developing cloud computing market, increasing government initiatives for supporting sustainable smart factories growth, and rising number of connected devices that generate a large amount of data.
Among the two types of services analyzed in the study, managed services are presumed to experience the highest growth over the forecast period. Managed services are on the rise for various reasons, the most important ones being lack of available resources, the evolving and increasingly complex threat landscape, and the emerging trend among businesses to focus on managed services.
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Various end-use verticals analyzed in the report include manufacturing, energy & power, oil & gas, healthcare, logistics & transport, agriculture, and others. The manufacturing segment is presumed to emerge as the predominant end-use segment over the next eight years.
Manufacturers worldwide are increasingly adding wireless connectivity, sensors, and software to their products to communicate across the network without human interaction using IP connectivity.
Presently, the primary application areas of IIoT in manufacturing include machine automation, factory environmental monitoring, production testing equipment, and machine vision. Nevertheless, predictive maintenance, data visualization, and MES/production profile are expected to extensively utilize IIoT in the coming years as these application areas require a high level of data collection and analysis.
The application of IIoT in oil & gas is expected to witness considerable growth over the forecast period. As oil & gas industries are facing challenges of lower oil process, weaker demand, and oversupply, organizations are now seeking innovative solutions to maintain the overall profitability.
The rise of industrial IoT is allowing oil & gas companies to substantially increase their operational efficiencies while reducing environmental and safety risks. The key solutions used in this segment include automated workflow, location intelligence, pipeline monitoring, and predictive maintenance.
IIoT in logistics & transport is anticipated to grow at a substantial rate over the forecast period, owing to the increasing penetration of connected logistics and transportation systems. The primary use of IIoT in this segment is freight monitoring and connectivity.
Businesses across the world are increasingly focusing on speeding up their digital transportation efforts in order to make inroads in the digital supply chain and connected logistics. Regional Insights
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