Industrial Internet of Things Market In-Depth Analysis & Global Forecast to 2022 | Analysis of COVID-19
Companies everywhere are striving to build a solid IoT platform and are putting in efforts to become highly active in this aspect, in a bid to inch closer to their business goals. With this platform, companies are trying to connect to the rest of the world. However, IIoT is a lot different from IoT. Although IIoT originates from IoT, the latter is mostly about facilitating human interaction with an object.
Market Research Future (MRFR) predicts that the global industrial internet of things (IoT) platform market is set to reach the value of USD 650 million by the end of 2022. The market will register a CAGR of 23% during the forecast period (2016-2022).
IIoT induces connection between devices, sensors, in addition to enhancing the manufacturing execution systems. It helps apply intelligence as well as analytics to learn and elevate the performance of the present devices. Its main objective is to monitor, sophisticated controls, build parameters, and also look for solutions that can bring down the downtime and augment the overall productivity of the asset. These qualities of IIoT is bound to create high demand among organizations all over the world, who are increasingly learning about its benefits and how they can be used in their favor.
Digital manufacturing technologies have become a boon for all the manufacturers, with IIoT playing an important role in the deployment of digital manufacturing. The industrial internet of things market can achieve greater heights in the near future, thanks to the increasing collaboration between industry stakeholders coupled with the soaring demand for the connected supply chain. Surge in the number of government-sponsored initiatives, as well as creative efforts being put in by renowned vendors can also boost the demand for the IIoT platform market in the next couple of years.
North America, Asia Pacific (APAC), the Middle East & Africa (MEA) and Europe, are considered to be the primary regions in which the global industrial IoT platform market is expected to grow during the review period.
APAC currently holds the maximum potential to achieve the leading position in the global industrial IoT platform market. Expanding population along with the rising use of electronic devices has led to the strong market demand in the region. China holds one of the largest manufacturing hubs in the world coupled with a vibrant consumer electronic industry, which is working in favor of the market. Thriving automotive sector in Japan, as well as South Korea, also induces market growth. Government strategies like Smart Cities Mission in India, Make in India, Made in China 2025 and the Industrial Value Chain Initiative (IVI)’ in Japan, combined with favorable FDI policies, have also resulted in the high demand for digital technologies across various industries in the region.
North America can seize the second biggest share in the market for industrial IoT platform, thanks to the considerable investments being made in technology startups. The region houses a large pool of renowned players and is known for being a hub for technological innovations and early adoption of IIoT. Canada is one of the most lucrative markets for IIoT in the region, as a result of the vigorous government investments that help stimulate the demand for IIoT solutions.
Top companies that are changing the face of the Industrial IoT Platform market include Hitachi Insight Group (U.S.), PTC (U.S.), Microsoft Inc. (U.S.), Siemens AG (Germany), SAP SE (Germany), NEC Corporation (Japan), Huawei Technologies Co. Ltd. (China), International Business Machines Corporation (U.S.), General Electric Corporation (U.S.), Fujitsu (Japan), to mention a few.
The industrial internet of things platform market size is segmented based on component, application and vertical.
By component, the market is segmented on the basis of hardware and software. The hardware segment is sub-segmented into sensors, cameras, processing units and others. Industrial sensors impart high degree of accuracy, reliability, range, and sensitivity, while providing better control and automation of industrial processing units.
By application, the market is segmented into asset management, remote monitoring, network system management and others. Asset management solutions help reduce inventory and stock management cost and also effectively utilize existing equipment through tracking and monitoring both in real time and non-real time. This helps organizations achieve their objectives. Hence, these factors are driving the growth of the asset management system market.
By verticals, the market is segmented into manufacturing, power and utilities, aviation, oil and gas and others. The growing need for agile production, operational efficiency, and control along with demand-driven supply chain and connected logistics have augmented the growth of IIoT platform market in manufacturing.