Industrial IoT Market
The industrial internet of things (IIoT) is already here and has redefined the face of the industry, and this wave of technological change has unprecedented opportunities to offer. The industrial internet of things is in its early stages, and the number of devices connected to IoT continues to proliferate. The IIoT is a subset of IoT and can be defined as a concept that connects numerous industrial devices with high-end software programs to improve industrial performance. The most critical drivers of the IIoT are enhanced operational efficiency and productivity. Other drivers include new business opportunities, reduction in downtime, maximization of asset utilization, enhanced product innovation process, enhanced worker safety and a better understanding of customer needs among others. Rapid digitization of industrial processes, need for accuracy in industries like defense, healthcare, aerospace, and energy among others and the demand for adoption of cloud computing is also augmenting the market.
According to a study conducted by Market Research Future (MRFR), the global industrial IoT market is set to capture a CAGR of 16.2% and will reach USD 1.0 trillion by 2022 from USD 406.9 billion in 2016.
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The global industrial internet of things market presents many new opportunities. However, various factors could hamper the growth of the market. Lack of interoperability or standards and security concerns are the most significant hurdles. Adopting the industrial IoT requires massive capital investment and business process change which are potential disruption to the existing business. Other vital barriers which are impeding the global industrial internet of things market are lack of proven business models, lack of understanding of the concept among management and C-level executives, uncertain ROI, untested technologies, lack of data governance rules across geographical boundaries, lack of application development tools, privacy concerns, lack of data scientists, high cost of sensors. Despite many barriers, it cannot be said that the future of IoT is bleak, adoption of IoT is accelerating, although, its application may be best suited to areas where the barriers are less consequential.
The global industrial internet of things market has been segmented based on applications, deployment, software, and end-users. By applications, the market has been segmented into smart cities, smart energy, retail, logistics and industrial control among others. By deployment, the market has been segmented into on-cloud, on-premise and hybrid among others. By software, the market has been segmented into product lifecycle management, manufacturing execution systems, distribution management systems, traffic management system and remote patient monitoring system among others. By end-users, the market has been segmented into information services, manufacturing, healthcare, retail trade, oil and gas, power generation, airline, transportation and robotics among others.
North America is at the forefront of the global Industrial IoT Market owing to rapid technological progress and early adoption of IoT in the region. Asia-Pacific is projected to capture the highest CAGR during the forecast period, and this growth is supported by various government initiatives and rising investments in the manufacturing sector. Europe market for industrial IoT too seems to hold potential growth opportunities owing to growing automation in manufacturing and energy industry.
The global industrial internet of things market is highly competitive and fragmented. The major market players include General Electric Company (U.S.), Intel Corporation (U.S.), Rockwell Automation Inc. (U.S.), Cisco Systems Inc. (U.S.), International Business Machine (IBM) Corporation (U.S.), Accenture PLC (Ireland), AT&T Inc. (U.S.), Siemens AG (Munich), Robert Bosch GmbH (Germany), and Huawei Technology Co. Ltd. (China).
A new guide has been published by the National Institute of Standards and Technology (NIST) to help companies transition from wired industrial IoT systems to wireless ones. The guide comes at a time when companies are witnessing evolving demands from consumers which raise a requirement for machine flexibility. Application of wireless technologies eliminates the cost of wiring and improves performance, efficiency and machine flexibility.
Global Industrial IoT and smart energy communications solutions provider, Trilliant has launched a new global business to provide mission-critical, multi-technology networking platforms. The decision to launch such business comes after identifying the need to meet evolving industry requirements.
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