The research report “Industrial
IoT Market Size, Industry
Outlook, Regional Analysis (U.S., Germany, UK, Italy, Russia, China, India,
Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa),
Application Development, Competitive Landscape & Forecast, 2016 - 2024”, global Industrial IoT
Market size is anticipated to propel over the forecast timeline.
Improving productivity,
enhancing worker safety, and reducing operating costs are the major drivers
propelling the industry growth. During the forecast period, Industrial IoT is
expected to accelerate the reinvention and growth of verticals, which are
responsible for two-thirds of the world’s output.
The surging demand for
technological advancements and innovations to improve operational efficiencies
primarily drives the industrial IoT market. The technology is anticipated to
reshape several industries by generating various financial opportunities.
Countries and companies are likely to be transformed showing competitiveness
and financial growth. In the coming years, companies would benefit though
Industrial IoT by seeing the technology as a tool to find evolution in
unexplored applications.
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Industrial IoT comprises innovative data analytics,
machine-to-machine communication, machine learning algorithms, and sensor
technologies to advance the companies’ executive abilities. Identifying
probable failures in advance in technology to evade unexpected failures using
analytical care techniques is a major factor influencing the adoption of the
industrial IoT market.
Industrial IoT is the combination of compound physical
equipment with data analytics solutions and industrial networks, improving
working efficiency and reducing costs. Data and intelligent machines are
expected to be revolutionized owing to the Industrial IoT technology thus
having a positive impact on operations, productivity, and efficiency.
Industrial IoT technology will allow companies to improve their revenues by
improving and expanding manufacturing processes through forming new hybrid
business models and exploiting intelligent technologies to transform their
workforce and fuel innovations. These factors are anticipated to drive the
industrial IoT market growth during the forecast timeframe. The adoption of
Industrial IoT is possible owing to the development in supporting
infrastructures such as cloud computing, progress in wireless technologies,
sensing technologies, and standardization of IPv6. For instance, aviation
manufacturers are providing complete rental programs on their gears and
repairing contracts. The feedback from engine users would help manufacturers
improve the engine design and reduce industrial and maintenance costs.
Countries have appreciated that sensor data could be used to avoid disastrous
catastrophes in key networks such as water, power, and transport. These factors
are driving the industrial IoT market revenue.
The growth in the adoption of Industrial-IoT will lead
to a shift in employment assemblies. The workforce will be blended and it is
expected that humans and machines would work together to achieve results that
humans nor machines can produce alone. Businesses will use smart machines and
network solutions to atomize responsibilities at low costs and attain
high-quality results. This will propel the industrial IoT market demand.
A key factor hindering the growth of the industrial
IoT market is the lack of compatibility between the many technologies
functioning in the IoT environment. The technology is mainly a union of data
processing, industrial equipment, networking infrastructure, sensor
technologies, and software solutions for data management and writing.
Semiconductor players have joined forces with
hardware, software, networking companies with academic consortiums, and
industry associations to develop formal and informal standards for industrial
IoT applications. To overcome the factors hindering the industrial IoT market
growth AT&T, Cisco, Inc., GE, IBM, and Intel Corporation formed the
Industrial Internet Consortium 2014. This consortium has over 150 and more
companies as members working together to help define industry requirements
& standards, establish interoperability standards across environments and
accelerate adoption of Industrial IoT. Other companies have been intensive on
regulating the Application Programming Interfaces (APIs), allowing data
transfer and basic commands amongst IoT devices.
The industrial IoT market based on industries can be
segmented into agriculture, energy & power, healthcare, metals &
mining, and manufacturing. These industries are expected to generate various
opportunities due to the Industrial IoT technology. The manufacturing sector is
currently the largest market holder for Industrial IoT. A change in the
implementation of manufacturing processes is likely to benefit various
organizations and businesses as it would enable effective collaboration,
financial monitoring enhancement, high application of resources, smart
decision-making skills, and opportunities to develop and test ground-breaking
technologies in the industrial IoT market.
The manufacturing industry is responsible for the
generation of high employment opportunities and contributes meaningfully to the
GDP of many countries globally. Manufacturing industries include segments such
as aerospace & defense, automotive, construction, farm, high tech, and
industrial machinery. Manufacturers have various business priorities, which are
impacting how they adopt IoT and which department they apply it, such as
assets, products, or supply chain, which will further impact the industrial IoT
market. Companies having their own production/manufacturing facilities are
likely to be early implementers of the industrial IoT to change their services
and products while products with long life cycles are expected to use IoT to
change their services and products that will drive the industry growth.
Healthcare industry in industrial IoT market is
expected to grow at a high rate during the forecast period. The solutions can
completely change the healthcare industry through remote monitoring of critical
patients. Data gathered through remote monitoring can be used for providing
enhanced diagnostics and patient care. Availability of healthcare services and
treatments can be enabled through intelligent and complete monitoring systems,
propelling the industrial IoT market. Several companies have started providing
integrated solutions by using Industrial IoT technology in the healthcare
industry.
In Europe, Industry 4.0 is an upcoming trend in
Germany which is the fourth industrial revolution and cyber-physical systems
concept introduced to segregate new evolution phase from electronic automation
phase, driving the industrial IoT market. It is a global movement towards the
future of the industry and manufacturing, which will offer growth opportunities
for the industrial IoT market in the region.
Asia Pacific industrial IoT market
currently holds the largest share of the IoT market and is anticipated to grow
at a high rate during the forecast period. The rise in demand for automated
technologies from metals, mining, manufacturing industries, and developments in
healthcare solutions are projected to drive the industrial IoT market in the
region.
Government regulations and
initiatives in the industrial IoT market from countries, such as China, India,
France, Germany, and the U.S., are helping them expand their manufacturing
sectors with an increase in investments in the automation sector. This is
further anticipated to drive the manufacturing industry across major economies
globally in the industrial IoT market.
AT&T, Cisco, Inc., GE, IBM,
Intel Corporation, Qualcomm, Accenture, Amazon, ARM, Atos, Bosch, Broadcom,
Infosys, Google, Microsoft, National Instruments, Siemens, Tech Mahinda, Tata
Consultancy Services, Unisys, Verizon, Zebra Technologies, and ZTE are the
major companies contributing to the development and research of the industrial
IoT market. Companies, such as General Electric (GE), have started providing
integrated solutions for diagnostics and remote monitoring of critical patients
using sensors and wireless technologies for the industrial IoT market.
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