Internet of Things (IoT) is emerging as the next big technology all over the globe not only in the computing world but it is also cutting across all the industries like manufacturing, energy & power, and healthcare, among others that does not involve direct human interaction. It involves a network of physical objects connected through embedded sensors, actuators, and other devices for transmitting information. Hence, the leading market players are now focusing more on improving the existing methods as well as enhancing the support infrastructure, thereby giving a boost to growth of the IIoT market, globally.
What’s Driving the Market?
The major forces influencing the growth of the global IIoT market are:
- Developments and innovations in technology, especially in semiconductor and electronic devices
- Growth in cloud computing technology
- Rising government support and initiatives across the globe
- Standardization of IPv6
Moreover, improved reliability, advanced sensor technologies, favorable coverage area, and bandwidth of cellular technology are some factors helping IIoT spread its wings into industries such as manufacturing, energy & power, and healthcare among others, which is likely to create ample growth opportunities in the years to come.
Although the IIoT market is set to foresee a promising future, lack of standardization regarding interoperability between IIoT technologies, shortage of skilled professionals, and other complexities involved are some of the factors that may hamper the growth of this market.
What the Market Looks Like?
The global Industrial Internet of Things market which was valued at USD 93.99 Billion in 2014 is projected to reach USD 151.01 Billion by 2020, maintaining a CAGR of 8.03% during the forecast period. Among regions, Asia-Pacific accounted for the largest share of the market in 2014, and is also expected to register the fastest growth over the forecast period as well. Within this region, China holds the largest market share, currently; however, India is expected to grow at the highest CAGR among all other countries.
Among all industries within this market, the manufacturing sector held the largest market share. In addition, the IIoT market is set to transform the healthcare sector with showcasing the highest CAGR during the forecast period.
General Electric (U.S.), Cisco Inc. (U.S.), Intel Corporation (U.S.), Rockwell Automation (U.S.), ARM Holdings plc (U.K.), ABB Ltd. (Switzerland), Siemens AG (Germany), Honeywell International Inc. (U.S.), Dassault Systèmes SA (France), Huawei Technology Co., Ltd. (China), Zebra Technologies (U.S.), IBM Corporation (U.S.), and Robert Bosch GmbH (Germany) among others are some of the leading players involved in the global IIoT market.
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Research Scope
The market trends of the global industrial Internet of things (IIoT) market have been forecasted on the basis of the following breakdown of the market:
- Industry Vertical: Manufacturing, Energy & Power, Oil & Gas, Metals & Mining, Healthcare, Agriculture
- Technology: Sensors, Networking Technology, DCS, Others
- Software: Product Lifecycle Management, Manufacturing Execution System, SCADA, Outage Management System, Distribution Management System, Remote Patient Monitoring, Farm Management System
- Region: North America, Europe, Asia-Pacific, RoW
