With fast changing technology use in industries and rising adoption of IoT technology in various applications, the IIoT market is expected to experience high growth in the coming years.
IoT is the most effective technology that has been progressing well in the present time and many applications are being developed based on this technology. In the last few years, the Internet of Things (IoT) has gained wide acceptance in the field of industrial manufacturing process.
With fast changing technology use in industries and rising adoption of this technology in various applications, the Industrial Internet of Things IIoT market is expected to experience high growth in the coming years, finds a new study added to the mega-repository of Market Research Hub (MRH). The research study is titled as “Industrial Internet of Things (IIoT) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025” and provides comprehensive strategic analysis on the current and future prospects of the market by covering five major regions, which are Europe, South America, Middle East & Africa, Asia-Pacific and North America.
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The concept Internet of Things (IoT) refers to the network of computers, devices, and objects that collect and process huge amounts of data. The Industrial IoT should be understood as a subcategory of the broader IoT, where these connections exist mainly to produce physical goods for the marketplace as well as to maintain the physical assets of production.
At present, IIoT is turning out to be the primary trend affecting the industrial sector. IIoT improves operational efficiency by means of harnessing data and acting in response to the data collected from smart machines.
According to the key findings, the global industrial internet of things market is expected to surge at a massive 23.7% CAGR between 2017 and 2025. At this pace, also the market is estimated to reach a valuation of US$783,881.1 mn by 2025.
These findings have been presented in a vital section of the report which comprises qualitative analysis of the overall IIoT market considering the factors determining the market dynamics such as drivers, restraints and opportunities, along with Porter’s five force analysis. Some of the factors supporting the growth of the market worldwide include the emergence of big data analytics, increased technological investments in developing regions such as Asia Pacific, high demand from the healthcare sector and advent of industry specific IoT platforms in developed regions such as North America and Europe.
For the better understanding, the market is further analyzed by segmenting it on the basis of component, end-user and geography. Based on component, the market is classified into hardware, software and services.
Hardware can be further segmented into sensors, robotic systems, and connected devices. On the other hand, major end user of IIoT are aviation, oil and gas, transportation, power generation and utility, manufacturing, healthcare, and others.
Of these, Manufacturing is expected to lead the market during the forecast period.
Moreover, the study offers a detailed competitive analysis of the key players in the market and identifies various business strategies adopted by them. Some of the key players in the global IIoT market with the major developments are IBM Corporation, Schneider Electric SE, General Electric Company, Emerson Electric, ABB Ltd., Intel Corporation, Accenture PLC, Tech Mahindra Ltd., Softweb Solutions Inc.
and Sasken Technologies Ltd., among others.
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