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Global Industrial Internet of Things Market
Global Industrial Internet of Things Market
Growth Opportunities in the global industrial internet of things (IIoT) market look promising over the next six years. The continuous decrease in the cost of automation systems and rising technological advancements in electronic devices and semiconductors are the key factors driving the growth of the global industrial internet of things (IIoT) market.
Introduction of the Industrial Internet of Things Market:
The process of using smart actuators and sensors to enhance the manufacturing and industrial processes is known as industrial IIoT or industry 4.0 or industrial internet. It offers the power of real-time analytics and enables the smart machine to benefit from the data. The industrial IIoT aims at bringing operational efficiency, industrial control, automation, and maintenance. The continuous emphasis on machine-to-machine communication, big data, and machine learning IIoT is enabling enterprises and industries to have improved efficiency and reliability in the future.
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Industrial Internet of Things Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The continuous decrease in the cost of automation systems, rising technological advancements in electronic devices and semiconductor, standardization of IPV6, support from the government of various countries for IIoT regarding R&D activities, and increasing usage of cloud computing platforms are the key drivers surging the growth of the global industrial internet of things (IIoT) market size. Various benefits are provided by cloud computing to businesses across the work. It allows businesses to set up virtual offices to offer flexibility to start their work from any location. According to the internet of things market analysis, deployment of cloud computing helps in decreasing IT costs, offers flexibility, improves scalability, and automates the work process. Cloud computing supports companies in recognizing and developing new business opportunities. Both large and small enterprises can utilize new cloud-related pay-per-use and as-a-service formulas. Besides big data, AI, and other technologies, cloud computing creates new industrial transformation for manufacturers, which is further fuelling the growth of the market. On the other hand, limited skilled IoT professionals globally will hinder the growth of the market.
The emergence of COVID-19 has negatively influenced the Industrial Internet of Things (IIoT) market. The effects of the coronavirus crisis are observed by every sector, particularly in the industrial manufacturing sector. On the other edge of the spectrum, the factors hindering the IoT industry growth include the continuous rapid disruptions in the supply chain, the staffing challenges, growing issues with the shipping and distribution. In addition to this, the growing focus on staying at home is limiting manufactures' ability to preserve business continuity. The outbreak of the COVID-19 pandemic will have an adverse impact on the market; however, the market is expected to witness substantial growth from 2021.
Key Players of the Global Industrial Internet of Things Market:
· Arm Limited
· Cisco Systems Inc
· GE Company
· Intel Corporation
· Rockwell Automation, Inc
· Texas Instruments Incorporated
· ABB Ltd
· Honeywell International Inc
· IBM Corporation
· Huawei Technologies Co., Ltd.
Industrial Internet of Things Market Segmentation:
Segmentation by Service Type:
· Sensors, RFID
· Industrial Robotics
· Distributed Control System
· Condition Monitoring
· Smart Meters
· Electronic Shelf Labels
· Cameras, Smart Beacons
· Interface Boards
o Multifunctional Boards
o Vehicle Detection Boards
o Communication Boards
· Yield Monitors
· Guidance & Steering
· GPS/GNSS
· Flow & Application Control Devices
· Networking Technology
Segmentation by Type:
· Wired Technologies
o Ethernet
o Modbus
o Profinet
o Foundation Fieldbus
· Wireless Technologies
o Wi-Fi
o Zigbee
o Bluetooth
o Cellular Technologies
o Satellite Technologies
· Field Technologies
o Profibus
o Modbus RTU
o CC-Link
Segmentation by Software:
· Product Lifecycle Management
· Manufacturing Execution Systems
· Scada
· Outage Management Systems
· Distribution Management Systems
· Remote Patient Monitoring
· Retail Management Software
· Visualization Software
· Transit Management Systems
· Farm Management Systems
Segmentation by Vertical:
· Manufacturing
o Automotive
o Machinery
o Food & Beverages
o Chemicals & Materaiosl
o Electrical & Electronics
o Pharmaceuticals
· Energy
o Smart Grid
· Oil & Gas
· Metals & Mining
· Healthcare
· Retail
o Point-of-Sales (PoS)
o Self-Checkout System
· Transportation
o Intelligent Signalling
o Video Analytics
o Incident Detection
o Route Scheduling Guidance
· Agriculture
o Precision Farming
o Livestock Monitoring
o Smart Greenhouses
o Fist Farming
Segmentation by Region:
· North America
o United States of America
o Canada
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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