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.
Leading 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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Industry Highlights
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.
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.
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