[Press Release by Zion Market Research]
The IoT alludes to the system or systems encompassing the utilization of standard Internet Protocol (IP) technologies to connect people, processes, and things to empower new cyber-physical systems. The industrial internet of things (IIoT) ought to be comprehended as a subset of the more extensive IoT, where these connections exist essentially to create physical goods for the commercial center and additionally to maintain the physical assets of production.
The idea of the industrial internet of things (IIoT) depends on the possibility that the internet of things is exceptionally helpful to the industry. The industrial internet of things (IIoT) applies the possibility of the idea of broad-spectrum internet connectivity to specific business objectives and processes that make physical products for business sectors.
According to the report, global industrial internet of things (IIoT) market was valued at approximately USD 145.81 Billion in 2017 and is expected to reach approximately USD 232.15 Billion by 2023, growing at a CAGR of around 8.06% between 2018 and 2023.
Reducing manufacturing costs drives IIOT growth
The ability of IIoT to reduce the manufacturing cost has been the important factor for the growth of global industrial internet of things (IIoT) market. The industry thrives on energy and the cost of power plays a major role in manufacturing and distribution costs. Through smart technology and sensors, the IIoT can cut back the overall cost of manufacturing as well as distribution cost.
Growing need for cloud integration, big data analytics, robotics, and automation in various industries further drives the global industrial internet of things (IIoT) market. As the cost and complexity of automated tasks go down with adoption of automation and robotics in the manufacturing process. Furthermore, increasing emergence of real-time supply chain information in transportation and logistics industry drives the industrial internet of things (IIoT) market.
The industrial internet of things (IIoT) can give access to real-time supply chain data by tracking materials, equipment, and items as they travel through the production network. However, security-related issues coupled with big data and artificial intelligence is expected to limit the growth of industrial internet of things (IIoT) market.
Industrial internet of things (IIoT) market is segmented based on component, software, vertical, and region. The component segment included in this market is sensors, industrial robotics, a distributed control system (DCS), condition monitoring, camera systems, smart meters, and others. Software segment includes product lifecycle management (PLM) systems, manufacturing execution system (MES), SCADA systems, distribution management system, and others.
The vertical segment includes manufacturing, utilities, oil & gas, metals & mining, retail, healthcare, transportation & logistics, and others. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S., France, UK, Germany, China, India, Japan, and Brazil.
IIoT Major Market Key Players
Key players profiled in the global industrial internet of things (IIoT) market include ARM Ltd., Cisco Systems, Inc., General Electric, Intel Corporation, Rockwell Automation, Inc., ABB, Texas Instruments Inc., Dassault Systems, Honeywell International Inc., and Huawei Technology Co., Ltd.