Global Industrial Internet of Things Market: Snapshot
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.
Software Component Segment to Clock Maximum Growth Rate until 2025
In terms of component, the segments into which the industrial internet of things market is divided are hardware, software, and service. Hardware can be further segmented into sensors, robotic systems, and connected devices. The segment of hardware led the market in 2016. However, the software segment is expected to clock maximum growth rate over the forecast period on the back of high adoption of software by large industries.
The segments of the market based upon end user are aviation, oil and gas, transportation, power generation and utility, manufacturing, healthcare, and others. Manufacturing is expected to lead the market with a share of close to 35% of the overall market during the forecast period. This is mainly because of high adoption of IIoT in the manufacturing sector. Healthcare is predicted to clock the leading CAGR over the forecast period ending in 2025. The key growth drivers of the sector include improved diagnosis due to data sharing between consultants and improved healthcare services.
Powered by China and India, Asia Pacific to Display Robust Growth
The segments of the global industrial internet of things market based upon geography are North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Amongst all, in 2016, North America, driven by the U.S., led the overall market in terms of revenue. The region is expected to hold on to its lead position over the forecast period. The U.S. is a significant market for IIoT primarily due to the consistently rising demand for improved diagnostic facilities pushed by Big Data analytics. The increased spending on healthcare by the government is also driving the IIoT market in North America.
Vis-à-vis revenue, Europe is expected to hold a significant position in the market over the forecast period. Germany is expected to emerge as the most attractive domestic market in the region over the forecast period. The growth in Germany is fuelled by initiatives by the government to promote Industrie 4.0.
Powered by China and India, Asia Pacific is also expected to display healthy growth rate over the forecast period. These countries are expected to be at the forefront of IIoT adoption on account of increasing investments in technology. India is expected to contribute substantially to the Asia Pacific IIoT market as the Indian government is pushing the ‘Digital India’ initiative.
Some of the major players in the global IIoT market include IBM Corporation, Intel Corporation, Schneider Electric SE, General Electric Company, Emerson Electric, ABB Ltd., Accenture plc, Tech Mahindra Ltd., Softweb Solutions Inc., and Sasken Technologies Ltd.
Global Industrial Internet of Things Market: Overview
This report aims to provide a comprehensive strategic analysis of the global industrial Internet of Things (IIoT) market along with revenue and growth forecasts for the period from 2017 to 2025. With fast changing technology use in industries and rising adoption of this technology in various applications, the IIoT market is expected to experience high growth in the coming years. Some of the factors supporting the growth of the market worldwide include the emergence of big data analytics, increased technological investments in developing regions such as Asia Pacific, high demand from the healthcare sector and advent of industry specific IoT platforms in developed regions such as North America and Europe. The impact of these and other macro-micro economic factors has been analyzed while developing the market growth models.
This report on the global industrial Internet of things market provides a detailed analysis of industrial connected machines and devices used for different applications by end-users depending upon their needs. The report offers an in-depth analysis of the market drivers, restraints, and growth opportunities. Using these factors, the study identifies various trends prominent in the industry which are expected to influence the market growth during the forecast period from 2017 to 2025. It includes a comprehensive coverage of the underlying economic and technological factors influencing the IIoT market growth. It provides the competitive landscape of key players in the industrial Internet of Things market in order to highlight the competition scenario. The report also provides a detailed competitive analysis of the key players in the market and identifies various business strategies adopted by them. The study explains the penetration within each market segment across various geographies, and how these segments have accelerated the growth of the market as a whole.
Global Industrial Internet of Things Market: Market Segmentation
The global industrial Internet of Things market is analyzed by segmenting it on the basis of component, end-user and geography. Based on component, the market is classified into hardware, software and services. The hardware includes various sensors required for sensing data from connected devices, advanced robotic systems and connectivity devices. The software segment caters to IoT platforms provided by software providers which can be deployed in industries, embedded software required for the connected machines and analytics software for analyzing the fetched data. Based on end-user, the market is categorized into aviation, oil & gas, transportation, power generation & utility, manufacturing and healthcare (medical devices) and others (mining, agriculture etc.). Geographically, the global market for industrial Internet of things has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa and South America. The market size and forecast for each region has been provided for the period from 2015 to 2025 along with the CAGR (%) for the forecast period from 2017 to 2025. The study also includes market estimates for major countries/regions such as the U.S., Canada, the U.K., Germany, France, Japan, and India. The analysis by component, end-user and regions helps in evaluating the present scenario and growth prospects of the IIoT market over the forecast period from 2017 to 2025. Thus, the report provides in-depth cross-segment analysis of the market and classifies it into various industries, thereby providing valuable insights at the macro as well as micro levels.
Global Industrial Internet of Things Market: Competitive Landscape
The report concludes company profiles of major players in the industrial internet of things market on the basis of various attributes, such as company overview, financial overview, business strategies, SWOT analysis and segment presence. Some of the major players in the global IIoT market with the significant developments are IBM Corporation, Intel Corporation, Schneider Electric SE, General Electric Company, Emerson Electric, ABB Ltd., Accenture PLC, Tech Mahindra Ltd., Softweb Solutions Inc. and Sasken Technologies Ltd., among others.
The global Industrial Internet of Things Market is segmented as follows:
Industrial internet of Things (IIoT) Market Analysis, by Component
- Robotic Systems
- Connectivity Devices
- IoT Platforms
- Embedded Software
Industrial Internet of Things (IIoT) Market Analysis, by End-user
- Oil & Gas
- Power Generation & Utility
- Healthcare (Medical Devices)
- Others (Mining, Agriculture etc.)
Industrial Internet of Things (IIoT) Market Analysis, by Region
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Rest of Asia Pacific
- Middle-East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America