Industrial Internet of Things Market with business strategies and analysis to 2025– The Insight Partners
Industrial Internet of Things or more famously known as Industrial IoT (IIoT) is a network of sensors, physical devices and machines connected to each other on the internet and communicate with each other for efficient and effective automation. It helps in remote monitoring and controlling of industrial activities. The machines communicate via sensors attached to them using an access network and they can be controlled remotely using various applications developed on a device for this purpose and generate data. Application of analytics to this data or information based on which intelligent decisions can be taken by experts in the organization has been the latest practice followed. Industrial IoT helps organizations reduce the usage of the most important resource i.e. time, by improving the machine efficiency, optimize business processes and improve working environment.
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Improved telecommunication infrastructure and access to high speed internet coupled with the usage of Big Data and advanced sensor technology have been the primary drivers for this market. The freedom of mobility and remote access, efficient results with reduced human interventions thereby time and cost savings are other factors which have propelled the organizations to adopt this technology. The growing demand of IIoT applications in the manufacturing as well as retail industry is the most contributing factor for the growth of the global IIoT market.
Additionally, with further more improvement in internet connectivity and other wireless communication technologies such as Bluetooth, Wi-Fi and ZigBee, it is likely to be adopted in logistics and food & beverages industry. A substantial growth of global IIoT market is observed in gaming & entertainment industry, owing to the availability of technologically advanced devices with increased computational abilities, which can be specifically utilized in those applications. The major limitations to the IIoT market are absence of efficient real-time analytics platforms and data security, filtration of the huge volume of data generated and high initial investments for sensor devices is another limiting factor for the global IIoT market
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In terms of components, the global IIoT market has been segmented into sensors & embedded devices, connecting devices and user application interface devices. The IIoT market has been further segmented based on industry verticals, namely: manufacturing, retail, healthcare and logistics segments. It is also segmented on the basis of geography into North America, Europe, APAC, Middle East & Africa and South America.
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North America is the leader in global IIoT market due to huge technological advancements and substantial usage of IIoT technology and products. Europe, which has become a major automotive and aerospace hub globally, follows closely with North America with respect to the Industrial Internet of Things market thereby further strengthening the global IIoT market. Additionally, developing markets in Asia-Pacific (APAC) are expected to drive the global IIoT market. Some of the key players working on the global IIoT market include General Electric, Cisco Inc., Intel Corporation, Rockwell Automation, Inc., ARM Holdings PLC, ABB Ltd, Siemens AG, Honeywell International, Inc., Dassault Systemes SA, Huawei Technology Co., Ltd., Zebra Technologies, IBM Corporation, and Robert Bosch GmbH among others.
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