IIoT Market to Reach USD 515.8 billion at a CAGR of 25.2% till 2026

The global IIoT market was valued at USD 85.4 billion in 2018 and is expected to reach USD 515.8 billion in 2026, growing at a CAGR of 25.2% during the forecast period. Rising demands for advanced computing and monitoring devices which is coupled with wide range of Industrial Internet of Things (IIoT) applications across multiple industry verticals are some of major factors contributing towards growth of Industrial Internet of Things (IIoT) market globally.

The Industrial Internet of Things (IIoT), also known as Industry 4.0, is developed in order to improve operational efficiencies of manufacturing processes. IIoT also aids in creating unique opportunities to progress in the economic sector. Furthermore, implementation of the industrial internet of things helps in modernizing industry structure by reshaping and improving several key operational segments, such as manufacturing and supply chain, among others. Hence the adoption of IIoT has led into business transformation for numerous OEMs, factories and supply chain providers.

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The major players operating in the global IIoT market are ARM (UK), Cisco (US), GE (US), Intel (US), Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US), Dassault Systèmes (France), Honeywell (US), Huawei Technologies (China), IBM (US), Kuka (Germany), NEC Corporation (Japan), Bosch (Germany), Siemens AG (Germany), and PTC (US) among others.

One of the application segments for the industrial internet of things is automotive and transportation sector wherein the growth trend is found to be positive in last few years owing to continuous investments in rail, road and smart transportation projects in urban areas. Emerging economies are following the footsteps of developed nations while adopting IIoT in the transportation sector which has impacted positively on overall industry growth. However, the IIoT industry faces a major challenge in the form of data management and storage that is produced in huge bulk owing to a tremendous amount of data mining.

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IIOT Market Segmentation:

By Technology:
1. Sensor
2. Industrial Robotics
3. Condition Monitoring
4. Smart Meter
5. Camera system
6. Others

By Software:
1. PLM
2. MES
3. SCADA
4. Outage Management System
5. Distribution Management System
6. Others

By End use Industry:
1. Manufacturing
2. Energy
3. Oil & Gas
4. Metals and Mining
5. Healthcare
6. Retail
7. Transportation
8. Others

By Region:
1. North America (US and Canada)
2. Europe (UK, Germany, France and Rest of Europe)
3. Asia Pacific (China, Japan, India and Rest of Asia Pacific)
4. Latin America (Brazil, Mexico and Rest of Latin America)
5. Middle East & Africa (GCC and Rest of Middle East & Africa)

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This release was published on openPR.