The industrial internet of things (IIOT) is a combination of Big Data analytics with the internet of things. It is concept used to connect numerous complex devices with the high end software programs, which are further used to analyze the data to increase the productivity and helps to reduce the operational / manufacturing costs and time.
Market Synopsis of Industrial Internet Of Things Market
The demand and adoption of cloud computing and standardization in internet protocol such as IPV6 are some of the key factors contributing in the growth of the Industrial IOT market.
The increasing need for optimum accuracy in the industries like defense, healthcare, energy, aerospace and among others are considered as an upcoming opportunities for this market.
The market is also driven by the rapid digitization of industrial processes. Security and big data are expected to create the major challenge for this market due to the growing cybercrime across the globe.
However, the use of old techniques and lack of standard protocol are few restraining factors for this market.
The global Industrial Internet of Things Market is expected to grow from US ~$406.9 Billion in 2016 to US~$ 1.0 Trillion by 2022, at an estimated CAGR of 16.2%. The industrial internet of things will transform the companies and countries, opening up into the new era of economic growth and competiveness.
Whereas, it will also support the intersection of people, data and intelligent machines which can have major impact on the productivity, efficiency and operations of the industries in future across the globe.
The prominent players in the market of Industrial internet of things market are General Electric Company (U.S.), Cisco Systems Inc. (U.S.), Intel Corporation (U.S.), International Business Machine (IBM) Corporation (U.S.), AT&T Inc.
(U.S.), Huawei Technology Co. Ltd. (China), Siemens AG (Munich), Rockwell Automation Inc.
(U.S.), Robert Bosch GmbH (Germany), Accenture PLC (Ireland) among others.
Study Objectives of Industrial Internet Of Things Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Industrial Internet Of Things markets Market.
- To provide insights about factors affecting the market growth.
- To analyze the Industrial Internet Of Things markets market based porter’s five force analysis.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segment by Products, Deployment, Verticals and sub-segments
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Industrial Internet Of Things.
The Global Industrial internet of things market has been segmented on the basis of applications, deployment, software and end users. Applications include smart cities, smart energy, retail, logistics and industrial control among others.
Deployment includes on-cloud, on-premise and hybrid among others. Software includes product life cycle management systems, manufacturing execution systems, distribution management system, traffic management system and remote patient monitoring system among others.
End users comprises of information services, manufacturing, healthcare, retail trade, oil and gas, power generation, airline, transportation and robotics among others.
Regionally, North America is expected to hold the largest market share in industrial internet of things due to early adoption of IOT in the region and also due to the rapid technological progression. Asia pacific region is expected to grow with a highest CAGR due to various government initiatives and increasing investments in manufacturing industry is expected to witness the high growth due to intensive use of industrial internet of thing in various sectors.
Whereas, growing automation in manufacturing and energy industry has raised the quality parameters in various European companies which has therefore boosting the growth of Industrial IoT market in the region.
- Original equipment manufacturers
- Robotics companies
- Wireless device manufacturers
- IoT service providers
- Industrial end users
- Research institutes
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