According to the latest report by IMARC Group, the global industrial IoT market size reached US$ 144.3 Billion in 2020. Looking forward, the market expects to exhibit strong growth during 2021-2026.
Industrial Internet of Things (IIoT) is a network of interconnected sensors and devices, which are used to enhance industrial and manufacturing processes. The smart sensors and actuators employed in the network enable monitoring, collection, analysis and exchange of data, which improves the overall operational performance and visibility. With the advent of advanced technologies, like big data, sensor data, machine learning and automation, IIoT helps in increasing productivity significantly while reducing various recurring complexities. Additionally, it offers multiple advantages including real-time monitoring, asset optimization, remote diagnosis, cost-effectiveness and proactive maintenance. Owing to these benefits, it is widely adopted across diversified industry verticals, including healthcare, retail, advertising and agriculture.
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Global Industrial IoT Market Trends:
The rapid adoption of IIoT across the globe can be accredited to numerous advantages associated with it. Its usage assists in improving the safety, quality and productivity in an industry, which renders better customer satisfaction and retention through value addition to the enterprises. This, in confluence with the rising preference for cloud integration, is aiding in the development of effective business models and providing a thrust to the market growth. Furthermore, the growing popularity of connected vehicles in recent years is expected to create a positive outlook for the market. The IIoT is integral to the sharing of real-time status and data, which significantly reduces the on-road traffic and enables organized fleet management. Moreover, governments of various countries are investing heavily in the development of technological infrastructures of industries, which is creating favorable opportunities for market growth. For instance, Make in India and Made in China 2025 by the Government of India and Government of People’s Republic of China, respectively, are some of the initiatives, which are anticipated to drive the market further.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Industrial IOT Market 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players being Cisco Systems, Inc. (CSCO), Ge, Honeywell (NYSE: HON), Intel, IBM, ABB, Rockwell Automation, Siemens, Huawei, Bosch, Kuka, Texas Instrumemts, Dassault Systemes, PTC, ARM, NEC, etc
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The report has segmented the market on the basis of Component, End-User and Region.
Breakup by Component:
Breakup by End-User:
- Energy and Utilities
- Automotive and Transportation
Market Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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