Global Industrial Internet Of Things (IIot) Market – Overview
The global Industrial IoT Market is estimated
to accrue USD 750 Billion during the forecast period (2018-2023), affirms
Market Research Future (MRFR). The industrial internet of things (IIoT) can be
comprehended as a subset of the more extensive internet of things (IoT), with
the software and technology able to expedite the runtime of various processes.
IIoT is based on the idea of broad-spectrum internet connectivity to specific
business processes that make physical products for business sectors.
IIoT is used across several
industries such as energy/utilities, mining and metals, aviation,
manufacturing, logistics, oil and gas, transportation, and various other
industries. The IIOT opens abundant opportunities in automation, optimization,
intelligent manufacturing and smart industry, industrial control, innovative
ways of servicing customers, and creation of new revenue models as well.
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Leading organizations
across the globe are indulging in the development of new operating models to
create a connected enterprise for merging operational and information
departments, which will trigger the growth of industrial internet of things
(IIoT) market. Moreover, advantages offered by IIoT in manufacturing processes
positively shapes the market size. Apart from this, growing investments by
various industries in smart technologies to improve operational efficiency also
boost the market growth.
According to the report,
the global industrial IoT market has been segmented on the basis of component,
deployment, connectivity, and end-user. Based on component, the market is
segmented on the basis of hardware, software, and services. The types of
hardware are sensors and radio-frequency identification (RFID), industrial
robotics, camera systems, smart meters, 3D printing, flow and application
control device, distributed control systems and others. The market segment of
hardware component is projected to account for the largest market share owing
to accelerated number of connected devices, increasing application areas of
hardware components, and utmost utilization of available resources. The types
of software are manufacturing execution, product life cycle management systems,
supervisory control and data acquisition (SCADA) systems, distributed
management system, retail management software, and others. Lastly, the types of
services are managed services and professional services.
By deployment, the market
is segmented on the basis of on-cloud, on-premise, and hybrid deployment.
On-cloud deployment is presumed to lead the market owing to easy accessibility
to data and information, growing application areas, easy sharing, and low cost.
By connectivity, the market
is segmented into wired and wireless. The newly evolving wireless technologies
such as Bluetooth and Wi-Fi allow wide area communication of the devices.
Moreover, increasing usage of smart phones with internet access also boosts the
wireless technology section.
The end users of IIoT are
IT & telecom, manufacturing, healthcare, retail, oil & gas, energy
& power, automotive, and others. The healthcare sector has digitized.
Furthermore, increasing engagement of consumers with regards to their health,
and growing demand for home possibilities results in various healthcare
ecosystem players stepping up their game to be more innovative.
Key Players
The prominent players in
the market of industrial IoT are General Electric (U.S.), Siemens AG (Germany),
Accenture PLC (Ireland), Huawei Technologies CO. Ltd. (Japan), Robert Bosch
GmbH (Germany), Intel Corporation (U.S.), and others.
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