The focus of top players in the global industrial internet of things (IIoT) market is to leverage innovative technologies so as to provide novel IIoT solutions. In order to consolidate their position, top companies in the market are also considering carefully crafted partnerships and acquisitions, leading to their expanded service offerings and expanded geographical presence.
The revolutionary benefits in manufacturing processes on account of deployment of industrial internet of things is the primary factor driving the industrial internet of things market. This is because IIoT improves operational efficiency by means of harnessing data and acting in response to the data collected from smart machines.
As per a report by Transparency Market Research, the global industrial internet of things market is expected to expand at a whopping 23.7% CAGR between 2017 and 2025, for the market to reach a valuation of US$783,881.1 mn by 2025.
High Adoption by Industries to Catapult Software Component Segment
On the basis of component, hardware, software, and service are the segments of IIoT market. Of them, the software segment, which can be further segmented into IoT platform, embedded software, and analytics, is expected to display the leading growth rate over the forecast period. This is because of rising trend of adoption of software by large industries with the objective to improve their existing infrastructure so as to employ IIoT in their processes.
Manufacturing end-use segment is expected to account for the leading share of close to 35% of the global IIoT market over the forecast period. However, healthcare is expected to lead vis-à-vis growth rate over the forecast period on account of several advantages such as improved diagnosis and improved healthcare services. North America is presently the leading market for IIoT followed by Europe and Asia Pacific.
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Reduction of Machine Downtime and Improved Productivity Boosts Growth
The key factors driving the global industrial internet of things market include technological developments, rising adoption of smart, connected devices, and increased demand for these devices from emerging markets. The expanding applications of smart, connected devices across industries in order to improve process efficiency is leading to a surging demand for connected devices, particularly in Europe and Asia Pacific.
“The deployment of industrial internet of things is revolutionizing manufacturing processes,” says the author of the report. IIoT helps to improve operational efficiency by means of harnessing data and communicating with the data collected from smart machines. The collected data is further used to plan timely maintenance leading to considerable cutting in equipment downtime, which indirectly translates into business revenue. Due to the tangible benefits of IIoT, a large of companies are assessing their current data systems and opting for big data analytics to transform their business processes.
Furthermore, increased investments in technology by industries to improve operational efficiency and asset performance is expected to work in favor of the global industrial internet of things market.
One drawback of IIoT is interoperability glitches between machines and connected devices that have different architecture and protocols. Nevertheless, data collected by means of IIoT can be useful in terms of generating savings and increasing productivity.
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