Press release
Industrial IoT Market 2018 Top Vendors - General Electric, Cisco Systems, Intel, IBM, &T, Huawei, Siemens, Rockwell Automation, Robert Bosch, Accenture
Industrial IoT Market Highlights
Industrial internet of things market is expected to grow at CAGR of ~16.2% during the forecast period and expected to reach market size of US ~$1.0 Trillion by the end of forecast period. The industrial IoT is being used by various industries to increase its revenues by boosting production and optimizing the cost. Industrial IOT comprises of in depth data mining, real time data analytics, and algorithms that help the overall process of machine learning. The increasing demand of the smooth and efficient business processes has increased the overall demand of the IIOT market.
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The IIoT also helpful in reducing the maintenance time required by the industries. The market is driven by various macroeconomic factors such as increase in crude oil prices and various government agencies such as made in India, made in China among others.
According to the study it is identified that the manufacturing sector is in the phase of transformation due to the implementation of factory automation technologies and smart factory concept. Various technologies such as cloud computing, cyber physical systems, and system security acts as a catalyze for IIoT adoption over the forecast period.
Leading player as Cisco, IBM and Intel have recently launched the “industrial internet consortium” for supporting the better access to big data with efficient integration of the functioning system. Various foreign player are also doing the huge investments in R&D for better product offering. Recently, General Electric announced investments up to USD 1 billion in the IIoT foreseeing huge industrial potential. General electric has also expanded the jet engine business to aircraft maintenance business post-employment of industrial IOT.
Industrial internet of things market
The Global Industrial internet of things market has been segmented on the basis of component, deployment, technology and end users. Component include hardware, software and service. Deployment includes on-cloud, on-premise and hybrid among others. Technology includes wired and wireless. End users comprises of information services, manufacturing, healthcare, retail trade, oil and gas, power generation, airline, transportation and robotics among others.
The prominent players in the market of Industrial internet of things market are – General Electric Company (U.S.), Cisco Systems Inc. (U.S.), Intel Corporation (U.S.), International Business Machine (IBM) Corporation (U.S.), AT&T Inc. (U.S.), Huawei Technology Co. Ltd. (China), Siemens AG (Munich), Rockwell Automation Inc. (U.S.), Robert Bosch GmbH (Germany), Accenture PLC (Ireland) among others.
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