IIoT is a concept for connecting a number of industrial devices with sophisticated software programs for enhancing the overall industrial performance. The crucial factors backing the growth of the IIoT market include the advantages associated with it such as improved operational productivity and efficiency, elevating the product demand. Additional factors supporting the market growth are emerging business opportunities, optimum utilization of assets, reduced downtime, improvement in the product innovation process, improved understanding of customer needs and better worker safety among others. Other vital reasons that are instrumental in the growth of the market are the increasing digitization of industrial processes, growing demand for accuracy across industries such as healthcare, defense, energy and aerospace among others and the surging adoption of cloud computing.
Pune, India, May 23, 2019 (GLOBE NEWSWIRE) -- According to the report found on Wise Guy Reports (WGR), the industrial internet of things (IIoT) market is projected to attain the valuation of USD 751.3 billion by 2023. In addition, the market will be clocking in a lucrative CAGR of 23.88% during the forecast period (2017-2023).
Continuous Technological Advancements Prove to be Beneficial for the Market
The steady advancements in the technologies are aiding the prominent vendors key players in various ways, like enabling them to offer improved IIoT services to their end users. On that note, integrating smart sensors into the industrial machines has promoted a number of manufacturers to bring down the operational cost by almost 50%, which is set to decline further in the years ahead.
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Growing Investments to Augment the Market Demand
The hike in the investments for technological development in the emerging regions along with the emerging big data analytics has primarily been the driving force behind the lavish growth of the IIoT market. Additionally, the boost in the demand from the healthcare sector coupled with the initiatives being undertaken by various industries in developed regions will be instrumental in the growth of the market in the near future.
Growth in the Wi-Fi Connectivity to Further the Market Growth
In recent years, the global market has noted a steady growth in the adoption of Internet of Things (IoT) on account of the presence of factors including the rising penetration of Wi-Fi connectivity, development of technology in terms of wireless network and growing adoption of the cloud platform. On top of that, the consistent rise in the development of smart transportation as well as smart cities has raised the adoption rate of IoT. This factor will play a prominent role in the growth of the market during the conjectured time frame.
The Hardware Segment to Amass the Largest Market Share during the Review Period
Component-wise, the market is considered for hardware, software and services. Furthermore, the hardware can be broken down into sensors & RFIDs, industrial robotics, camera systems, smart meters, 3D printing, flow and application control devices, distributed control systems and others. On the other hand, the software segment has been classified on the basis of MES or manufacturing execution, PLM systems or product lifecycle management system, SCADA system, DMS or distributed management system, retail management software and others. Amongst all the components, hardware managed to grab the major chunk of the global market backed by the surging number of connected devices as well as the growth in the application aspects of hardware components across a variety of industries. The hardware segment, as per the report, had attained the highest valuation of USD 89.0 billion in the year 2017. Meanwhile, the software segment is expanding at the fastest CAGR of 25.65% in the forthcoming years as a result of the growing requirement for industrial process management along with the need for acquiring business insights by processing massive volumes of data
On-Cloud Segment Finds More Buyers, However the Hybrid Segment to Grow at the Fastest Rate
Depending on the deployment, the market has been fragmented into on-cloud, on-premise and hybrid deployment. In 2017, the on-cloud segment has been identified as the generator of the highest revenue of USD 98.7 billion. The factors supporting the growth of this segment include benefits offered by these services such as easy resource sharing as well as accessibility to the information, reduced operational cost, and the growing number of application areas across a variety of industry verticals. It is however predicted that the hybrid segment will be expanding at the fastest growth rate of 26.26% during the given time frame since these services are known for delivering the mixed features of on-cloud and on-premise deployment, coupled with extra capabilities pertaining to information security.
Wireless Connectivity of IIoT Expands at a Lucrative CAGR as Demand for Wi-Fi Rises
In terms of connectivity, the global market consists of segments like wired and wireless connectivity, where the wired connectivity segment has been responsible for the maximum revenue of USD 120.7 billion in 2017. The wired connectivity segment has showcased the best growth among all the connectivity types owing to the growing need for ownership model along with dependable connectivity for data transfer. Whereas, the wireless security market will be rising at a better growth rate of 26.12% in the future as a result of the surging demand for advanced wireless solutions like ZigBee, Bluetooth, Wi-Fi, among others.
The Manufacturing Sector Makes the Most Use of IIoT Compared to Other End-Users
The end-users in the global market include IT & telecommunication, manufacturing, healthcare, retail, oil & gas, energy & power, automotive, and others. Out of these, the manufacturing segment is exhibited to experience maximum growth, having produced the highest profits worth USD 50.6 billion in 2017, in addition to expanding at the fastest growth rate of 27.94% during the forecast period. The manufacturing sector is considered to be the biggest consumer of industrial IoT solutions, further helmed by the emergence of smart manufacturing and industry 4.0 among others.
A Boost in the Adoption of Heavy Automation to Aid Regional Dominance of Asia Pacific
Based on the regional dissection of the global market, Asia Pacific has bagged the leading position among all the regions in the international industrial IoT market. In addition to this, the region is also growing at the fastest rate, controlling over 38.63% of the total market share. Considerable contribution comes from countries like Japan, China, Australia and South Korea, which are flourishing owing to the presence of several industries combined with the growing adoption of heavy automation.
North America Scoops up the Second Largest Market Share as Adoption of Cloud Computing Grows
Just behind the market in Asia Pacific, North America comes second in the global industrial IoT market. The lavish growth of the regional market has been the result of the increasing use of the IoT technology along with the high adoption of cloud computing among industries. Moreover, with the presence of highly-developed countries like the United States (US) and Canada, the market in the region has succeeded in making a name for itself at an international level. Besides, the existence of several IIoT companies like Intel Corporation, General Electric, Cisco Systems Inc. will take North America up a notch in the global market. Other than this, the regional also boasts of high awareness about the benefits associated with IIoT, giving way to a number of research and development (R&D) activities in the field of cloud computing, robotics, artificial intelligence (AI), machine learning and robotics.
The Rising Trend of Proofs of Concept Intensifies Growth of Europe Market
The growing engagement of Europe in proofs of concept (POCs) along with the increasing investment levels has established the region’s presence in the industrial Internet of Things (IIoT) market. The region is scaling the global market at a quick rate owing to the high awareness regarding the benefits of IIoT applications and also the early acceptance of IoT in several industries.
At present, the players that are leading the global industrial IoT market are Huawei Technologies Co. Ltd, General Electric Company, Cisco Systems, IBM Corporation, Robert Bosch GmbH, Accenture Plc, AT &T Inc., Siemens AG, Intel Corporation, Rockwell Automation, Inc., among others.
May 2019 - Cisco has entered into an agreement with Snam, European natural gas utility, for the development of Industry 4.0 sensors. This will entail working on research and development activities in the field of industrial internet of things.
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