Industrial IoT Market is expected to witness high growth during the forecast period. The market is expected was valued at USD 59.54 billion in 2017 and is expected to reach USD 91.40 billion by 2023, at a CAGR of 7.39% during the forecast period. The major factors driving the growth of the IIoT market include technological advancements in semiconductor and electronics devices, availability of automation solutions, improved data rates, and coverage of communication technologies; increasing use of cloud computing platform; growing adoption of IPv6; and support from governments worldwide pertaining to the adoption of IIoT solutions.
The objectives of the study include:
- To define, describe, segment, and forecast the Industrial Internet of Things (IIoT) market based on device & technology, software, vertical, and geography
- To forecast the market size, in terms of value, of various segments with regard to 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To provide detailed information regarding the market dynamics influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze the micromarkets1 with respect to individual growth trends, future prospects, and contributions to the total market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the IIoT market
- To strategically profile the key players and comprehensively analyze their market ranking and core competencies2, along with detailing the competitive landscape for market leaders
- To study the complete value chain and allied industry segments pertaining to the IIoT market
- To analyze strategic developments such as joint ventures, mergers & acquisitions, product developments, and research and development (R&D) in the IIoT market
- To analyze the competitive landscape based on company profiles, key player strategies, and recent developments, such as product launches and acquisitions, carried out by the players in the IIoT market
The Industrial IoT Market ecosystem comprises players such as ARM (UK), Cisco (US), GE (US), Intel (US), Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US), Dassault Systèmes (France), Honeywell (US), Huawei Technologies (China), IBM (US), Kuka (Germany), NEC Corporation (Japan), Bosch (Germany), Siemens AG (Germany), and PTC (US).
The Industrial IoT Market for smart beacons is expected to grow at the highest CAGR between 2018 and 2023. Increasing demand for automation technologies in the retail vertical to enable faster checkout and enhance overall customer experience is driving the growth of the market for smart beacons.
The agriculture vertical is also a major beneficiary of IIoT solutions, owing to the availability of precision farming solutions. Initial investments in precision farming are very high; however, when carried out on a large scale, precision farming enables farmers to produce greater yield and make efficient use of the available natural resources. The Industrial IoT Market for the agriculture vertical is likely to grow at the highest CAGR between 2018 and 2023.
Governments in countries such as Germany, the UK, France, the US, China, and India have taken several initiatives for encouraging manufacturers to increase their investments for the adoption of IIoT solutions. The manufacturing vertical is expected to hold the largest share of the IIoT market in 2018.
