At 8.06% CAGR, Industrial IoT Market to Surpass US $232.15 Billion by 2023

According to the report published by Zion Market Research, global industrial internet of things (IIoT) market was valued at approximately USD 145.81 Billion in 2017 and is expected to reach USD 232.15 Billion by 2023, growing at a CAGR of around 8.06% between 2018 and 2023.

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.

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The ability of IIoT to reduce the manufacturing cost has been an 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. The 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 the adoption of automation and robotics in the manufacturing process.  Furthermore, increasing emergence of real-time supply chain information in the 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 the 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.

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North America is expected to have the largest market share in the industrial internet of things (IIoT) market during the forecast period. This can be attributed to the presence of many IIoT companies, such as Cisco Systems, Inc., General Electric, Intel Corporation, in North America. The region is anticipated to maintain its dominance in the global industrial internet of things (IIoT) market and has been increasingly witnessing higher awareness regarding the benefits of using IIoT. The region witnesses numerous R&D exercises in the field of robotics, conveying advancements to cloud computing, AI, robotics, and machine learning.

Asia Pacific is expected to witness the highest CAGR in the global industrial internet of things (IIoT) market during the forecast period. This is primarily due to large-scale industrialization in Asian countries such as China, India, and Japan. With enhanced geographic zones and a high client base, the Asia Pacific region is expected to exhibit strong growth in the industrial internet of things (IIoT) market. The development in this region is further driven by the presence of numerous manufacturing units that are progressively grasping the adoption of advanced technologies, such as cloud robotics.

Europe region is expected to witness moderate growth in the industrial internet of things (IIoT) market in the forecasted period mainly due to the growing adoption of automation in the manufacturing industry. Towering prerequisite for automation across different businesses is evaluated to grow the market for industrial internet of things (IIoT). There has been a progressing and expanding necessity for enhanced effectiveness in a wide range of industrial processes which, accordingly, is driving the demand for automation in countries such as the UK and Germany. Such an increasing drive for automation is expected to boost the demand for industrial internet of things (IIoT) in Europe.

Latin America is expected to witness moderate growth in the industrial internet of things (IIoT) market in the forecasted period. The increasing popularity of service-oriented architecture (SOA) is one of the primary factors that will have a positive impact on the growth of the industrial internet of things (IIoT) market in the Latin America region. The constantly increasing competition to provide innovative products will induce SMBs to adopt cloud computing in industrial operations that provide faster time to manufacture products. The market in the developing regions, for example, the Middle East and Africa (MEA) are expected to grow, because of low expenses and more prominent dexterity offered by the IoT solutions, the increase in mobile and wireless penetration, and the development in infrastructures.

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.

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