Market Research Report
Industrial Internet of Things (IIoT) Market - Forecast (2020 - 2025)
|Published by||IndustryARC||Product code||850044|
|Published||Content info||104 Pages
Delivery time: 2-3 business days
|Industrial Internet of Things (IIoT) Market - Forecast (2020 - 2025)|
|Published: March 11, 2020||Content info: 104 Pages||
IIoT Market Overview
Internet of Things (IoT) platforms allow industries to reduce cost through improved process efficiency, asset utilization, and improved productivity. Industrial Internet of things (IIoT) is a concept that alludes to the bridging of all the machines or equipment. It includes big data, machine learning, and machine to machine communication, including all the automated mechanisms involved in the processes. IIoT has the potential to fill the gaps in the efficiency and performance of any industrial process, and offer better results in terms of revenue, output, and production. The IIoT market is estimated to grow at a CAGR of 24.4% during the forecast period 2018-2023. APAC is projected to be the fastest growing market in the geography segment.
IIoT Market Outlook
The Internet of Things is the concept of connecting any device to the Internet and other connected devices. This technology connects data using embedded sensors, processors, and communication hardware. IIoT has applications in various industries such as automotive, energy, healthcare, transportation, manufacturing, oil and gas, agriculture and forestry, medical industry, and others. According to IndustryARC findings, the manufacturing industry vertical is projected to hold the major share of the IIoT market in the industry vertical segment during the forecast period 2018-2023.
IIoT Market Growth Drivers
Growing support from countries around the world in the adoption of the IoT in the industrial sector to help achieve better productivity is a major growth driver for the IIoT market. Increasing adoption of IoT in the manufacturing sector can be attributed to the advantages offered by the technology in terms of reduced operational costs. Additionally, availability of wireless connectivity at lower costs is also spurring the adoption of IoT in various industry verticals.
IIoT Market Challenges
Despite strong growth factors, the market for IIoT is faced with challenges in the form of data security concerns and high initial costs of investments. Considering the large amount of data that is retrieved by the IoT connected systems, the manufacturers have concerns about data collection and sharing activities. This poses a severe threat to the growth of the IIoT market. Additionally, the high costs of investments in terms of connected devices and systems continue to pose severe challenges for the market, especially in the price sensitive markets.
Industrial Internet of Things Market
IIoT Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the IIoT market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
IIoT Market Report: Industry Coverage
By Component - Transmitters, Memory, Processors, Networking Components, Battery Management, Device and Equipment, Cameras Systems, RFID, Others
By Connectivity - Wired Technologies, Wireless Technologies, Fieldbus Technologies
By Service - System Integration, IoT Data Management, Network Management Services, Device Management Services, Cyber Security Services, Others
By Software - Application Specific, Middleware & APIs, Data Analytics, Data Visualization, Cloud Platforms, Security, Others
By Industry Vertical - Energy, HealthCare, Transportation, Manufacturing, Oil & Gas, Agriculture and Forestry, Chemicals, Supply Chain Visibility, Others
The Americas: The U.S., Brazil, Canada, Others
Europe: The U.K., Germany, France, and others
APAC: Japan, China, South Korea, and others
Rest of the World: The Middle East and Africa
IIoT Market Key Players
Some of the key players mentioned in this report are Intel Corporation (U.S.), ARM (U.K.), Atmel (U.S.), Synopsys (U.S), Melexis (Belgium), and others.
IIoT Market Trends
The logistics industry is moving towards digital transformation, with IoT-based solutions used along with robotics, automation, and machine learning to transform the way goods are manufactured, stored and delivered. Thus, the companies that proactively invest in these technologies will be able to operate more securely and profitably across the supply chain.
Singapore recently saw the roll-out of the Narrowband IoT (NB-IoT) network backed by Telco's body GSMA. The project is set to be a turning point for the country's Smart Nation initiative and digital transformation.
"Financials of private companies will be provided on a best-efforts basis"