Industrial Internet of Things (IIoT) Market 2021 Size, Status and Global Outlook - Amazon Web Services Inc., Telefonaktiebolaget LM Ericsson, Fujitsu Ltd, Mitsubishi Electric Corporation
The global industrial IoT market was valued at USD 313.27 billion in 2019, and it is expected to reach a value of USD 607.73 billion by 2025, registering a CAGR of 12.3% over the forecast period 2020 - 2025.
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Top Leading Companies of Industrial Internet of Things (IIoT) Market are Amazon Web Services Inc., Telefonaktiebolaget LM Ericsson, Fujitsu Ltd, Mitsubishi Electric Corporation, SAP SE, Siemens AG, Honeywell International Inc., Emerson Electric Co., OMRON Corporation, IBM Corporation, Robert Bosch GmbH, Oracle Corporation, PTC Inc., Telit Communications Plc, NXP Semiconductors NV, Cisco Systems Inc., Cypress Semiconductor Corporation and others.
Industry News and Updates
- In July 2020, GE Digital is providing the Corporacin Dominicana de Empresas Elctricas Estatales (CDEEE) with a combined software and services package at the Central Termoelctrica Punta Catalina (CTPC) power plant. The agreement includes that GE will provide maintenance and repair services for the plant’s existing steam turbine generators, combined with GE software that will help CDEEE operate the plant reliably and achieve optimal performance.
- In July 2020, Cypress announced the production availability of its PSoC 64 Standard Secure Amazon Web Services microcontroller (MCU). This new MCU includes pre-validated security firmware that helps designers considerably reduce design risks and R&D costs and accelerate time-to-market.
Key Market Trends
Manufacturing to Hold Major Market Share
- Amongst the industries, a prominent share of investment and market share is held by the manufacturing industry, with both discrete and process manufacturing intensely investing in IoT adoption. In addition to this, management in the industry are keen on adoption of IoT; according to a study by Microsoft in 2019, 87% of the manufacturing industry's decision-makers were in favor of adoption with industrial automation, quality & compliance, production planning & scheduling, supply chain and logistics, and plant safety & security being the primary use cases.
- With the advent of Industry 4.0, IIoT is gaining traction in both discrete manufacturing and process manufacturing as IIoT are offering means of optimizing operations, reduce downtime, increase efficiency, and help make data-driven decisions is increasing the profit margin and reduce cost with short ROIs on the IoT adoption.
- The adoption rates from the industry are expected to be on the higher side compared to any other industries due to the increased propensity of decision-makers adopting IoT solutions. According to a study by GE, 58% of manufacturers mentioned IoT is required to digitally transform industrial operations.
Regional Outlook of Industrial Internet of Things (IIoT) Market report includes the following geographic areas such as: North America, Europe, China, Japan, Southeast Asia, India and ROW.
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What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
Analytical Tools: The Industrial Internet of Things (IIoT) Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
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