Posted By Coherent Market Insights
Posted on October 4, 2021
United States/WA: Global Industrial Internet of Things (IIoT) Market Will Boom In Near Future
Report Pages:[130 Pages]
Market Competitive Landscape:-
Major layers operating in the Global Industrial Internet of Things (IIoT) Market are: ABB, ARM Ltd., Cisco Systems, Inc., Dassault Systèmes, General Electric, Honeywell International Inc., Huawei Technology Co., Ltd., Intel Corporation, Rockwell Automation, Inc., and Texas Instruments
Market Overview:
The Industrial Internet of Things (IIoT) describes connected electronic instruments, sensors, and many other objects networked with the applications of computers, including energy and production management. Industrial Internet of Things (IIoT) is the fusion of hardware, software, firmware, networking, and software in distributed systems to support real-time sensor data acquisition, process modeling, and machine optimization for real-time systems. This technology is ideal for system monitoring, data collection, and analytical processing, system diagnostics, system maintenance, device charging, device communication, and automated maintenance. Industrial Internet of Things (IIoT) based on sensors includes distributed systems like panels, laser scanners, microphones, ultrasonic sensors, and optical detectors that are integrated with industrial applications for energy management, machine control, machine optimization, manufacturing process automation, quality systems, manufacturing safety.
Competitive Landscape:
Major players operating in the global Industrial Internet of Things (IIoT) market include SAP, Siemens AG, Bosch.IO, NEC Corporation, KUKA AG, IBM, Honeywell, Texas Instruments, ABB, Rockwell Automation, Intel, GE, Cisco, and Huawei.
Key Market Drivers:
Increasing adoption of artificial intelligence and the internet of things in several manufacturing facilities, along with collaborations among key market players are the main factors that are expected to drive the growth of the global Industrial Internet of Things (IIoT) market. For instance, in April 2021, John Deere and Intel collaborated, in which Intel will be providing its AI technology in order to solve an age-old, and costly manufacturing welding process. Deere will be piloting a solution that utilizes computer technology in order to automatically find out common defects in the welding processes in its production facilities. Moreover, high investments in the technology sector in the world are estimated to propel the growth of the global Industrial Internet of Things (IIoT) market.
Covid-19 Impact Analysis:
The COVID-19 pandemic has created several challenges for every sector of the world. However, the IT sector has experienced an immense boost, owing to several collaborations among partners and advancements in the technology sector. For instance, in February 2021, Newark and Cisco collaborated in order to offer industrial IoT network solutions for non-carpeted and harsh environments, for North American customers.
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Key Takeaways:
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The size of the global Industrial Internet of Things (IIoT) market is assessed at around US$ 76.7 billion in 2021 and increasing at a CAGR of 6.7% is projected to be valued at around US$ 106.1 billion by 2026, owing to several strategies taken by key market players. For instance, in March 2021, SAP and Plataine partnered in order to integrate several AI-based software systems and IIoT for digital production as a part of their enterprise services.
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North America is expected to hold a major share of the global Industrial Internet of Things (IIoT) market, owing to the increasing prevalence of IT and software companies in the region. For instance, according to CompTIA, in 2020 there were around 556,600 tech business establishments in the United States.
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The Asia Pacific is estimated to witness significant growth in the global Industrial Internet of Things (IIoT) market, owing to the high investments in the technology sector, especially in the developing regions. For instance, according to India Brand Equity Foundation, IT spending in India is expected to reach around US$ 93 billion in 2021 and is estimated to reach around US$ 98.5 billion in the year 2022.
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Industrial Internet of Things (IIoT) Market by Services (Professional Services and Managed Services), Solutions (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring), Platform Type (Device Management, Application Management, Network Management), By Verticals (Agriculture, Manufacturing, Metals and Mining, Oil and Gas) and Geography – Global Forecast to 2026.
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