The global industrial internet of things market is anticipated to touch USD 751.3 million by 2023, as per an insightful report by Market Research Future (MRFR). It is expected to expand at a 23.88% CAGR during the assessment period (2017-2023). Industrial internet of things (IIoT) is an array of connected devices used in expediting the production process in industrial sectors. It can be used in maximizing efficiency and minimizing wastage of resources. Various industry leaders are implementing IIoT in their processes to expound their current businesses. Government policies such as Make in India, Industrial Value Chain Initiative Forum, and Industry 4.0 can create awareness in industries and influence its adoption rates.
Emergence of novel technologies such as data analytics, machine learning, robotics, and artificial intelligence is expected to drive market demand over the forecast period. Rising investment of industry leaders in IoT can galvanize market growth in the coming years. Rapid pace of industrialization and integration of automation to alleviate the burden on production assemblies is likely to provide opportunities for the market. But concerns regarding privacy and security can impede the market.
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This report allows the user to gain a deeper understanding of the current events and trends in the market for IIoT. By correlating the historical data with key market dynamics, our analysts were able to make highly accurate projections in the report. MRFR’s report includes a thorough segmental analysis of the global industrial internet of things market segmented on the basis of component, deployment, connectivity, end-user, and region with astute insights. This report has been prepared to assist industry participants in making informed decisions on growth strategies and operation management. Users will also come across drivers, trends, opportunities, and restraints which are likely to influence the growth of the market during the assessment period.
By component, the Industrial Internet of Things Market has been segmented into hardware, software, and services. Hardware is sub-segmented into industrial robotics, flow and application control devices, distributed control system, camera systems, sensors & RFID, 3D printing, smart meters, and others. Similarly, software is sub-segmented into distribution management system (DMS), supervisory control and data acquisition (SCADA) system, retail management software, product lifecycle management (PLM) system, manufacturing execution system (MES), and others. Services are segmented into managed and professional.
By deployment, the market is segmented into on-premise, on-cloud, and hybrid. By connectivity, the market is segmented into wired and wireless. Key market end-users include oil & gas, energy & power, manufacture, automotive, retail, healthcare, IT & telecommunication, and others.
The segments and sub-segments covered in the report are analyzed under four major regions – North America, Europe, The Middle East and Africa, and Asia Pacific (APAC), with respective country-level market sizing. For the scope of research, the standard definition of “IIoT” is included in the report. The report discusses and interprets the current trends and future opportunities of the market by delivering an unbiased growth assessment.
Rockwell Automation, Inc. (U.S.), General Electric Company (U.S.), Intel Corporation (U.S.), Siemens AG (Germany), Huawei Technologies Co. Ltd. (China), Accenture Plc (Ireland), Robert Bosch GmbH (Germany), IBM Corporation (U.S.), AT&T Inc. (U.S.), and Cisco Systems (U.S.) are noteworthy players in the industrial IoT market. Agreements, partnerships, novel product launches, acquisitions, and collaborations are strategies employed by these players to gain a larger share of the market. For instance, Bosch has collaborated with IBM to launch a suite of IoT-based solutions.
The report offers comprehensive profiles on these market players and assesses their current standing in the industrial IoT market. Company history coupled with annual turnover, segmental share, SWOT analysis, growth strategies, new product launches, mergers and acquisitions (M&A) activities, and latest R&D initiatives are outlined in the report.
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Market Research Future (MRFR) uses a combination of primary and secondary research to compile market reports. Primary data is accumulated from interviewing industry stalwarts and secondary research is collated by studying white papers and annual reports of leading players. Our analysts use top-down and bottom-up approaches to validate the findings of the report. The report comprises news, current trends, and future prospects related to the market, all of which can provide a thorough understanding of the market to clients. Industry leaders can make accurate business decisions based on our insights.
- Base Year – 2016
- Projection Period – From 2017 to 2023
- Market Denomination – USD Billion
- Conversion Rate – Considered as per the respective financial years
For the scope of research, the report offers a comprehensive analysis of the global industrial internet of things market.
- Industrial Robotics,
- Flow and Application Control Devices,
- Distributed Control System
- Camera Systems
- Sensors & RFID
- 3D Printing
- Smart Meters
- Distribution Management System (DMS)
- Supervisory Control and Data Acquisition (SCADA) System
- Retail Management Software
- Product Lifecycle Management (PLM) System
- Manufacturing Execution System (MES)
- Oil & Gas
- Energy & Power
- IT & Telecommunication
- North Americas; the U.S. and Canada
- Europe; Italy, Germany, the U.K., France, Spain, and Rest of Europe
- Asia Pacific; India, Japan, South Korea, Taiwan, Australia, China, and Rest of Asia Pacific
- The Middle East and Africa
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- IoT Service Providers
- Research Institutes
- Robotics Companies
- Industrial End Users
- Wireless Device Manufacturers
- Original Equipment Manufacturers
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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