The IIoT market was valued at USD 113.71 Billion in 2015 and is expected to reach USD 195.47 Billion by 2022, at a CAGR of 7.89% during the forecast period. The factors driving the growth of the IIoT market include technological advancements in semiconductor and electronics industries, the evolution of cloud computing technologies, and need to implement predictive maintenance techniques in industrial equipment to monitor their health and avoid unscheduled downtimes.
According to the new market research report "Industrial IoT Market by Device & Technology (Sensors, RFID, Industrial Robotics, DCS, Condition Monitoring, Smart Meters, AHS, Camera System, Networking Technologies), Software (PLM Systems, MES, SCADA), Vertical, and Geography - Global Forecast to 2022", the IIoT market is expected to grow from USD 113.71 Billion in 2015 to reach USD 195.47 Billion by 2022, at a CAGR of 7.89% between 2016 and 2022.
Browse 129 market data tables and 75 figures spread through 228 pages and in-depth TOC on “Industrial IoT Market - Global Forecast to 2022”
A key influencing factor for the growth of the IIoT market is the need to implement predictive maintenance techniques in industrial equipment to monitor their health and avoid unscheduled downtimes in the production cycle. Factors which driving the IIoT market include technological advancements in semiconductor and electronics industry and evolution of cloud computing technologies.
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Manufacturing vertical accounted for the largest share of the IIoT market in 2015
The manufacturing vertical is witnessing a transformation through the implementation of the smart factory concept and factory automation technologies. Government initiatives such as Industrie 4.0 in Germany and Plan Industriel in France are expected to promote the implementation of the IIoT solutions in Europe.
Moreover, leading countries in the manufacturing vertical such as U.S., China, and India are expected to further expand their manufacturing industries and deploy smart manufacturing technologies to increase this the contribution of this vertical to their national GDPs.
The market for camera systems is expected to grow at the highest rate during the forecast period
The IIoT market for camera systems is expected to grow at the highest rate between 2016 and 2022. Camera systems are mainly used in the retail and transportation verticals.
The need of security and surveillance in these sectors is the key reason for the high growth rate of the market for camera systems. In the retail sector, the camera systems are used for capturing customer behavior, moment tracking, people counting, and heat mapping.
The benefits of installation of surveillance systems include the safety at the workplace, and the prevention of theft and other losses, sweet hearting, and other retail crimes. Video analytics plays a vital role for security purpose in various areas in transportation sector including airports, railway stations, and large public places.
intelligent camera systems are used for traffic monitoring, and incident detection and reporting.
APAC accounted for the largest share of the IIoT market in 2015
APAC is a leading manufacturing hub and held the largest share of the IIoT market in 2015. The market in APAC is also expected to witness rapid growth during the forecast period owing to the growing adoption of IIoT solutions across the manufacturing, mining, retail, and transportation sectors.
China held the largest share of the IIoT market in APAC, whereas the market in India is expected to grow at the highest CAGR among all the major markets in this region.
The major players operating in this market includes ARM Ltd. (U.K.), Cisco Systems, Inc. (U.S.), General Electric (U.S.) Intel Corporation (U.S.), Rockwell Automation, Inc.
(U.S.), ABB(Switzerland), Texas Instruments Incorporated (U.S.), Dassault Systèmes (France), Honeywell International Inc. (U.S.), Huawei Technologies Co., Ltd.
(China), IBM Corporation (U.S.), Kuka AG (Germany), NEC Corporation (Japan), Robert Bosch GmbH (Germany), Siemens AG (Germany), and ZIH Corp. (U.S.).
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