Industrial Internet of Things (IIoT) Market To Record Impressive Growth, Revenue To Surge To US$232.15 Billion by 2023

With the presence of a large pool of participants, the global industrial internet of things (IIoT) market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). ARM Ltd., Cisco Systems Inc., General Electric, Intel Corporation, and Rockwell Automation Incorporation are some of the key vendors of industrial internet of things (IIoT) across the world. These players across industrial internet of things (IIoT) market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the industrial internet of things (IIoT) market study.

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In a major breakthrough that can create ripples across the Industrial internet of things (IIoT) market, on September 3, 2018, NetComm Wireless, a telecommunications equipment firm, announced the launching of innovative IIoT equipment that enables 4G LTE connectivity for both low powered & low bandwidth things

As estimated in this report, the global industrial internet of things (IIoT) market stood at US$ 145.81 Billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2023, the revenue in this industrial internet of things (IIoT) market is expected to reach US$ 232.15 Billion by the end of the forecast period. The main components available in this industrial internet of things (IIoT) market are sensors, industrial robotics, distributed control system (DCS), condition monitoring, camera systems, and smart meters. Among them, the demand for camera system is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Escalating Need For Improving Operational Efficiency To Spur Market Growth

“Massive requirement for plummeting distribution & production costs along with escalating demand for enhancing operational efficiency will expand the scope of internet of things (IIoT) market in the next few years,” says the author of this study. Apart from this, large-scale funding to develop smart technologies and humungous demand for new technologies such robotics, big data, and cloud computing across myriad sectors will further prompt the expansion of internet of things (IIoT) market in the near future.

Lack of defined rules and use of outdated equipment, however, will restraint the growth of industrial internet of things (IIoT) market in the years to come. Furthermore, security related issues pertaining to application of big data analytics and artificial intelligence can plunge down the industrial internet of things (IIoT) market value. Nevertheless, emergence of real-time supply chain activities in transportation & logistics sector will enhance the expansion of business space, thereby normalizing the impact of hindrances on the industrial internet of things (IIoT) market, reports the study.

Wide Application Of IoT Across Myriad Sectors To Aid Regional Dominance

Regionally, North America has been leading the worldwide industrial internet of things (IIoT) market and is anticipated to continue on the dominant position in the years to come, states the industrial internet of things (IIoT) market study. High awareness pertaining to advantages of IIoT applications along with early acceptance of IoT in myriad sectors is the main factor behind the dominance of the North America industrial internet of things (IIoT) market. The majority of industry players being based in North America is yet another significant factor that is supporting the growth of this regional industrial internet of things (IIoT) market.

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The global industrial internet of things (IIoT) market is segmented as follows:

By Component

Sensors
Industrial Robotics
Distributed Control System (DCS)
Condition Monitoring
Camera Systems
Smart Meters
Others

By Software

Product Lifecycle Management (PLM) Systems
Manufacturing Execution System (MES)
SCADA Systems
Distribution Management System
Others

By Vertical

Manufacturing
Utilities
Oil & Gas
Metals & Mining
Retail
Healthcare
Transportation & Logistics
Others

By Region

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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