Industrial Internet of Things – Overview:
The Global Industrial Internet of Things (IoT) Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of industrial internet of things (IoT) will grow moderately over the forecast period. The market is forecasted to witness slow but steady growth by 2022, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2022).
The Industrial Internet of Things is a network of physical objects, systems, platforms and applications that contain embedded technology to communicate and share intelligence with each other, the external environment and with people. The adoption of the Industrial IoT is being enabled by the improved availability and affordability of sensors, processors and other technologies that have helped facilitate capture of and access to real-time information.
The global Industrial IoT market is expected to increase at high growth rates during the forecasted period (2017-2021). The global Industrial IoT market is supported by various growth drivers surging demand of collaborative robots and booming economic growth. Furthermore, the rise of lower power wide area (LPWA) network technology, rising IoT platform, application and security spending among others is driving the industrial IoT market. The trends that boost the industrial IoT market in future are 5G New Radio (NR) technology, smart dust, virtual simulation of products and others. Apart from it, there are some challenges that hinder the market growth like, complexity in implementation, lack of skills, safety and privacy of data concerns.
Major Key Players
General Electric Company (U.S.), Cisco Systems Inc. (U.S.), Intel Corporation (U.S.), International Business Machine (IBM) Corporation (U.S.), AT&T Inc. (U.S.), Huawei Technology Co. Ltd. (China), Siemens AG (Munich), Rockwell Automation Inc. (U.S.), Robert Bosch GmbH (Germany), Accenture PLC (Ireland) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Industrial Internet of Things (IoT) Market.
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Industrial Internet of Things Market: Competitive Analysis
To gain a widespread acceptance and develop into a consolidated market, the IIoT still has a long way to go and some major technical barriers to overcome. Number of big players such as GE, Intel and ABB are being particularly active by strengthening their capabilities and trying to establish a solid position in the market through acquisitions, partnerships and the foundation of new IoT divisions, business units and research labs. Industries are actively participating to promote and accelerate IIoT adoption and technological convergence.
Industry/ Innovation/ Related News:
October 18, 2017 – General Electric Co. and Apple Inc. announced a partnership, aimed at bringing GE’s industrial Internet of Things (IoT) platform Predix to Apple’s iPhones and iPads. The partnership will provide developers a new software development kit to make industrial IoT apps for Apple’s operating system iOS. As part of the partnership, GE will standardize on iPhone and iPad for mobile devices, and promote Mac as a choice for its global workforce, while Apple will promote Predix as the industrial IoT analytics platform of choice for its customers and developers.
December, 2017 – Aspen Technology, Inc., the asset optimization software company, announced the acquisition of Cipher Industrial Internet of Things (IIoT) cloud-native software and edge connectivity assets of RtTech Software Inc. of New Brunswick, Canada. The acquisition would strengthen AspenTech’s asset optimization strategy by providing sophisticated cloud and edge processing technology that captures and aggregates critical data from assets throughout the plant and across the enterprise.
December, 2017 – Ooredoo Tunisia and Sagemcom have just launched the first Tunisian Internet of Things (IoT) network, based on LoRa™ technology. The network enables devices to exchange small amounts of data, with a standard battery providing independent battery life of up to 10 years. This IoT network will also facilitate the development of solutions in various areas: smart city, smart industry, smart environment and other uses in health, transport, agriculture, etc.
Industrial Internet of Things Market: Regional Analysis
North America is expected to hold the largest market share in industrial internet of things due to early adoption of IoT in the region and also due to the rapid technological progression. Asia pacific region is expected to grow with a highest CAGR due to various government initiatives and increasing investments in manufacturing industry is expected to witness the high growth due to intensive use of industrial internet of thing in various sectors. Whereas, growing automation in manufacturing and energy industry has raised the quality parameters in various European companies which has therefore boosting the growth of Industrial IoT market in the region.
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- Software Development companies
- Application development companies
- Companies dealing with IOT
- Sensor Manufacturers
- Electronic Manufacturing Companies and Suppliers
- Research Institutions