Industrial Internet of Things (IIoT) Market Analysis of Sales, Overview and Growth Rate to 2025
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<strong>Industrial</strong> <strong>Internet</strong> <strong>of</strong> <strong>Things</strong> (<strong>IIoT</strong>) <strong>Market</strong> <strong>Analysis</strong> <strong>of</strong> <strong>Sales</strong>,<br />
<strong>Overview</strong> <strong>and</strong> <strong>Growth</strong> <strong>Rate</strong> <strong>to</strong> <strong>2025</strong><br />
“The industrial IoT market is predicted <strong>to</strong> grow at CAGR <strong>of</strong> 27.8% in forecast<br />
period, providing numerous opportunities for market players <strong>to</strong> invest in<br />
research <strong>and</strong> development in the market.”<br />
The global <strong>Industrial</strong> <strong>Internet</strong> <strong>of</strong> <strong>Things</strong> (<strong>IIoT</strong>) <strong>Market</strong> size is expected <strong>to</strong> value at USD 933.62 billion by <strong>2025</strong>.<br />
The <strong>Industrial</strong> <strong>Internet</strong> <strong>of</strong> <strong>Things</strong> industry is subject <strong>to</strong> witness a substantial growth due <strong>to</strong> the higher rate<br />
associated implementation <strong>of</strong> IoT technology across the globe. Some important fac<strong>to</strong>rs responsible for the<br />
growth <strong>of</strong> industrial IoT industry are cost-effectiveness <strong>and</strong> easy availability for various advanced electronic<br />
devices such as processors, sensors, <strong>and</strong> other connected systems. Globally, the industrial IoT market is<br />
predicted <strong>to</strong> grow at CAGR <strong>of</strong> 27.8% in forecast period, providing numerous opportunities for market players <strong>to</strong><br />
invest in research <strong>and</strong> development in the market.<br />
<strong>Industrial</strong> IoT helps <strong>to</strong> facilitate easy access <strong>to</strong> real-time data services, thus allowing implementation <strong>of</strong> the<br />
connected systems in the various industrial processes. <strong>Industrial</strong> <strong>Internet</strong> <strong>of</strong> <strong>Things</strong> (<strong>IIoT</strong>) <strong>of</strong>fers improved<br />
operational efficiency <strong>and</strong> safety, leading <strong>to</strong> increasing adoption <strong>of</strong> IoT technology for numerous industrial<br />
processes. With the advent <strong>of</strong> an integrated digital-human workforce, <strong>and</strong> development <strong>of</strong> the industrial<br />
internet <strong>and</strong> its digital application are expected <strong>to</strong> <strong>of</strong>fer significant opportunities for growth over the forecast<br />
period.<br />
<strong>Industrial</strong> IoT is serving numerous industries across the globe by providing necessary worker safety, minimum<br />
operational costs, <strong>and</strong> efficient industrial outcome. Increasing competition among industry players is leading<br />
development <strong>of</strong> new product <strong>and</strong> hybrid services worldwide in order <strong>to</strong> generate fresh revenue streams by<br />
moving away from just vending products <strong>to</strong> <strong>of</strong>fering numerous industrial IoT services, thus generating<br />
measurable outcomes. The <strong>Internet</strong> <strong>of</strong> <strong>Things</strong> (IoT) <strong>of</strong>fers easy access <strong>to</strong> numerous connected industrial devices<br />
<strong>and</strong> machines, <strong>and</strong> provides real-time information regarding their operation.<br />
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Additionally, increasing number <strong>of</strong> governmental sponsored initiatives <strong>and</strong> efforts <strong>to</strong> promote industrial IoT<br />
technology are driving the market growth. <strong>Industrial</strong> IoT enables businesses with au<strong>to</strong>mation, optimization <strong>and</strong><br />
tactical or strategic goals <strong>to</strong> aid in various industrial processes.<br />
The introduction <strong>of</strong> “Industrie 4.0” from European region serves as a multi-layered strategic initiative that<br />
incorporates the major players including private bodies <strong>and</strong> local businesses as well as from academics in order<br />
<strong>to</strong> formulate an action plan, thus complementing implementation <strong>of</strong> advanced digital techniques for industries<br />
across the European region. Growing preference <strong>to</strong>wards au<strong>to</strong>mation <strong>of</strong> various businesses processes is<br />
complementing the integration <strong>of</strong> industrialization <strong>and</strong> digital technologies.<br />
<strong>Industrial</strong> IoT solutions is considered as one <strong>of</strong> the fastest growing segment in the <strong>Industrial</strong> <strong>Internet</strong> <strong>of</strong> <strong>Things</strong><br />
(<strong>IIoT</strong>) industry with substantial revenue generation in the last couple <strong>of</strong> years. <strong>Industrial</strong> solution providers are<br />
putting substantial focus <strong>to</strong> embed <strong>and</strong> adopt connected systems, consisting <strong>of</strong> multiple information systems,<br />
devices, <strong>and</strong> sensors in<strong>to</strong> number <strong>of</strong> industry verticals <strong>and</strong> business processes across the globe. This allows them<br />
<strong>to</strong> modify existing operations <strong>and</strong> develop effective business models. <strong>Industrial</strong> IoT solutions has become an<br />
integral part <strong>of</strong> various business processes, thus delivering crucial information based on real-time data captured<br />
from different resources <strong>to</strong> aid decision making processes <strong>and</strong> improve overall performance <strong>of</strong> the system.<br />
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<strong>Industrial</strong> IoT services has also witnessed substantial growth since the last couple <strong>of</strong> years with significant CAGR.<br />
Increasing adoption <strong>of</strong> the industrial IoT services in number <strong>of</strong> industrial applications is credited <strong>to</strong> the<br />
development <strong>of</strong> cloud computing market, rise in the number <strong>of</strong> government initiatives in the support for<br />
sustainable smart fac<strong>to</strong>ries growth, <strong>and</strong> increase in number <strong>of</strong> connected systems that capture large chunks <strong>of</strong><br />
real-time data.<br />
The <strong>Industrial</strong> <strong>Internet</strong> <strong>of</strong> <strong>Things</strong> market is divided by region such as North America, Europe, Asia-Pacific, Latin<br />
America <strong>and</strong> Africa. North America has shown major growth in recent years owing <strong>to</strong> the growing in the<br />
awareness about benefits <strong>of</strong> IoT technology <strong>and</strong> presence prominent industry players in the region. Asia-Pacific<br />
region is predicted <strong>to</strong> hold major market share in the industrial IoT industry with massive growth in forecast<br />
period. Countries such as India, China, Japan <strong>and</strong> Taiwan are leading the Asia-Pacific market with increasing<br />
adoption <strong>of</strong> advanced au<strong>to</strong>mation technologies <strong>and</strong> significant investment by leading industry players<br />
considering potential growth opportunities in the region.<br />
The key players in the industrial IoT market are General Electric Company (GE), International Business Machines<br />
(IBM) Co., Cisco Systems Incorporations, Siemens AG, <strong>and</strong> Intel Co.<br />
<strong>Market</strong> Segment:<br />
<strong>Industrial</strong> IoT Component Outlook (USD Billion, 2014 - <strong>2025</strong>)<br />
• Solution<br />
• Remote Moni<strong>to</strong>ring
• Data Management<br />
• Analytics<br />
• Security Solutions<br />
• Others<br />
• Services<br />
• Pr<strong>of</strong>essional<br />
• Managed<br />
• Platform<br />
• Connectivity Management<br />
• Application Management<br />
• Device Management<br />
<strong>Industrial</strong> IoT End-Use Outlook (USD Billion, 2014 - <strong>2025</strong>)<br />
• Manufacturing<br />
• Energy & Power<br />
• Oil & Gas<br />
• Healthcare<br />
• Logistics & Transport<br />
• Agriculture<br />
• Others<br />
<strong>Industrial</strong> IoT Regional Outlook (USD Billion, 2014 - <strong>2025</strong>)<br />
• North America<br />
• Europe<br />
• Asia Pacific<br />
• Latin America<br />
• Middle East & Africa<br />
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