Global Industrial Internet of Things Market Analysis, Trends and Opportunities -2023
Summary -
A new market
study, titled “Global Industrial Internet of Things Market Analysis,
Trends and Opportunities -2023” has been featured on WiseGuyReports.
Industrial IOT or IIOT can be
explained as the use of internet of things and their technologies in the
manufacturing industries to achieve a higher level of efficiency and maximize
the quality of products and minimize wastage of resources. Growth in the Cloud
Computing and IoT are contributing to the growth of industrial IoT deployments
and creating opportunities for new business models of the companies. Various
major organizations are planning to practice Industrial IoT to improve the
manufacturing process, enhance the business process, business strategy to
enhance future business growth.
The global industrial IoT market is
expected to reach approximately USD 751.3 billion by 2023, registering a CAGR
of 23.88% during the forecast period.
The market has been divided into
various segments based on component, deployment, connectivity and end-user.
By component, the market is segmented
into hardware, software and services. Hardware segment is further segmented
into sensors & RFIDs, industrial robotics, camera systems, smart meters, 3D
printing, flow and application control devices, distributed control systems and
others. The software segment is further classified into MES or manufacturing
execution, PLM systems or product lifecycle management system, SCADA system,
DMS or distributed management system, retail management software and others.
Amongst the hardware, software and services, hardware is expected to dominate
the market due to the increasing number of connected devices and increasing
application areas of hardware components in the various industrial
applications. However, the software segment is growing with a fastest CAGR of
25.65% during the forecast due to the need of industrial process management and
obtaining business insights by processing huge data volumes.
By deployment, the market is
classified into on-cloud, on-premise and hybrid deployment. The on-cloud
segment is expected to show significant growth due to factors such as easy
accessibility to the data or information, easy resource sharing, low operational
cost, and growing application areas across various industry verticals. However,
the hybrid segment is growing with a fastest CAGR of 26.26% during the forecast
period, as it delivers combined feature of on-cloud as well as on-premise
deployment with additional data or information security capabilities.
By connectivity, the market is
classified into wired and wireless connectivity. The wired connectivity segment
is expected to show significant growth owing to the need of ownership model and
reliable connectivity for data transfer. However, the wireless security market
is growing with a higher CAGR of 26.12% due to increasing demand of advanced
wireless solutions such as Wi-Fi, ZigBee, Bluetooth among others which rapidly
boosts the industrial IoT market.
By end-user, the market is classified
into IT & telecommunication, manufacturing, healthcare, retail, oil &
gas, energy & power, automotive, and others. The manufacturing segment is
expected to show significant growth with a fastest CAGR of 27.94% during the
forecast period as it is the largest consumer of industrial IoT solutions.
Introduction of smart manufacturing & industry 4.0 is further helping the
market growth.
Key Players
The key players of industrial IoT
market include General Electric Company (US), Siemens AG (Germany), Cisco
Systems (US), IBM Corporation (US), Rockwell Automation, Inc. (US), AT &T
Inc. (US), Accenture Plc (Ireland), Huawei Technologies Co. Ltd (China), Robert
Bosch GmbH (Germany), and Intel Corporation (US).
Global Industrial IoT Market Analysis
& Forecast, from 2017 to 2023
• To provide a detailed analysis of
the market structure along with a forecast of the various segments and
sub-segments of the global industrial IoT market
• To provide insights into the
factors affecting market growth
• To analyze the industrial IoT
market based on supply chain and Porter's five force analysis
• To provide historical and forecast
revenue of the market segments and sub-segments with respect to four main
geographies and their countries—North America, Europe, Asia-Pacific, and the
rest of the world
• To provide country-level analysis
of the market with respect to the current market size and future perspective
• To provide country-level analysis
of the market for a segment on the basis of component, deployment,
connectivity, end-user, and region
• To provide strategic profiling of
key players in the market, comprehensively analyzing their core competencies,
and drawing a competitive landscape for the market
• To track and analyze competitive
developments such as joint ventures, strategic alliances, mergers and
acquisitions, new product developments, and research and developments in the
industrial IoT market
Target Audience
• Semiconductor component
manufacturers
• Research organizations
• Original equipment manufacturers
• System Integrators
• Technical universities
• Technology investors
• Government Organizations
• Research/Consultancy firms
• Industrial Automation Equipment
Provides
• Wireless and Wired connectivity
providers
• Cloud Solutions Providers
Key Findings
• The global industrial IoT market is
expected to reach USD 751.3 billion by 2023
• By component, the hardware segment
dominated the market, generating the highest revenue of USD 89.0 billion in
2017. Whereas, the software segment is projected to be the leading market in
the future, registering a 25.65% CAGR during the forecast period.
• By deployment, the on-cloud segment
dominated the market, generating the highest revenue of USD 98.7 billion in
2017. Whereas, the hybrid cloud segment is projected to be the leading market
in the future, registering a 26.26% CAGR during the forecast period.
• By connectivity, the wired
connectivity segment led the market by generating a higher revenue of USD 120.7
billion in 2017. Whereas, the wireless connectivity segment is expected to
register the highest CAGR of 26.12% in the forecast period.
• By end-user, the manufacturing
segment led the market by generating a highest revenue of USD 50.6 billion in
2017 and is expected to register the highest CAGR of 27.94% during the forecast
period.
• Geographically, Asia-Pacific has
been projected to hold the largest market share in the global industrial IoT
market, followed by North America.
Regional and Country Analysis of
industrial IoT Market Estimation and Forecast
Geographically, Asia-Pacific is
dominating the global industrial IoT market. It is also the fastest growing
market, accounting for 38.63% of the overall market share. Significant
contribution is witnessed from China, Japan, South Korea and Australia. High
presence of industries and increasing adoption of heavy automation and
industrialization to connect various industrial processes with the internet are
the factors driving the market growth in the region. North America is following
Asia-Pacific in the industrial IoT market. Growth in IoT technology and high
adoption of cloud computing for industrial processes in the US and Canada is
driving the market growth in the region.
The report on the industrial IoT also
covers the following country-level analysis:
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
o Italy
o The Netherlands
o Sweden
o Rest of Europe
• Asia-Pacific
o China
o Japan
o South Korea
o India
o Taiwan
o Australia
o Rest of Asia-Pacific
• Rest of the World
FOR MORE DETAILS:- https://www.wiseguyreports.com/reports/3781872-global-industrial-internet-of-things-iiot-market-by
About Us:
Wise Guy Reports is part of the Wise Guy Research
Consultants Pvt. Ltd. and offers premium progressive statistical surveying,
market research reports, analysis & forecast data for industries and
governments around the globe.
Contact Us:
NORAH
TRENT
Ph: +162-825-80070
(US)
Ph: +44 2035002763 (UK)
Comments
Post a Comment