Future Trend Forecast of Industrial Internet Of Things Market: Technological Advancements, Potential Business Opportunities, Future Prospects

Market Highlights

“Industrie 4.0” launched by German government has replace the traditional automation structures with partially self-organized & decentralized networks enabling mass customization. Though the platform is predominantly associated with manufacturing, adjacent verticals such as healthcare, smart cities, oil & gas, and utilities have also initiated to embrace “Industrie 4.0” technologies.

Industrial Internet of Things (IIoT) can be characterized as vast number of devices connected together by communications software and coordinating the actions for improving industrial performance. The resulting system and individual devices can monitor, analyze, exchange, collect, and rapidly perform on the information for intelligently changing the behavior or environment without any human intervention. The IIoT connects sensors and life-threatening manufacturing machinery of healthcare, transportation energy, and industrial control. Additionally, Industrial IoT operates as an infrastructure and firm base for IoT applications development in the industries to generate major efficiency gains and cost reductions. IIoT focuses on intelligent cyber-physical systems which are connected to computers for interpretation, analyses and instant decisions making from sensor data. Also, IIoT have wide applications in those industries where failure can be disastrous.

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The need of global industrial IoT has been derived from collection and storage of all organizational data, prediction & detection of issues and opportunities, visualizing information even from remote location, and for decision making in organization. IIoT implementation in manufacturing units ensures product efficiency, operational costs reduction, process reliability, complete safety and regulatory compliances. The technology focuses on Return of Investment (RoI) made by the manufacturer or business by improving the productivity, protection and competence of the workload. IIoT are often implemented in industries devising life threatening or critical situations.. Industrial IoT have wide applications in high stakes industries such as aerospace, manufacturing, energy & defense.

Top Industry Players:

IIoT is a vibrant industry and is projected to witness substantial growth over the forecast period. Prominent players dominating the global market include International Business Machines Corporation (IBM), General Electric Company (GE), Siemens AG, Cisco Systems, Inc., and Intel Corporation. Other notable players are Microsoft Corporation, ABB Ltd., Atmel Corporation, Rockwell Automation Inc., and ARM Holding PLC

Market Outlook:

Implementation of intelligent machines, global standardization of IPv6, cloud computing, and big data analysis are few factor spurring the global market. IIoT is facilitating global industries to reduce operating costs, enhance productivity, and develop worker safety. Industries are continuously establishing new products and services globally in order to disrupting own markets and generate fresh revenue streams by shifting from selling products to delivering measurable outcomes. However, high initial capital investment and short term data storage authorization may hinder the marker growth.

Market Segments:

Global Industrial IoT market has been segmented by components and by applications.

On the basis of component, the market segment has been segregated as solution, platform, and services. The solution segment has been further divided into security solutions, data management, remote monitoring, analytics, and others. The services segment has been diverged as professional and managed services, while the platform segment has been classified into application management, connectivity management, and device management.

Based on application, IIoT market is bifurcated as manufacturing, utilities, oil & gas, metals & mining, retail, healthcare, logistics & transport, and agriculture. The manufacturing segment has been anticipated to emerge as the largest end-use segment over the forecast period. Global manufacturers are progressively accumulating sensors, wireless connectivity, and software to the products for communication across the network using IP connectivity.

Geographical Analysis

North America region has been anticipated to hold the largest market share in the IIoT industry. Majority of the companies are based in the region and has been continuously witnessing the benefits of IIoT implementation. Additionally, growth can be attributed to the growing awareness concerning technological advancements and IoT adoption across the region. The Europe Industrial Internet of Things market has been poised for significant growth over the forecast period owing to recent adoption of policy actions taken by European Commission (EC). For instance, in March 2015, EC launched the Alliance for Internet of Things Innovation (AIOTI) for supporting the innovative European IoT ecosystem and formation of an IIoT industry.

Asia Pacific is expected to emerge as the fastest growing region over the forecast period owing to substantial adoption of advanced factory automation in the Far East region, particularly in China, Japan, and Taiwan. China is expected to emerge as the precision manufacturing hub over the forecast period owing to the implementation of “Made in China 2025” to prioritize the implementation of robot arm technology on the production line.

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