Industrial IoT Market – Overview
The Industrial Internet of Things market is presented as a revolution that is changing the face of industry in a profound manner. Industrial IoT market combines the most powerful technologies that have been used in the industrial sector for years. This technology is collaboration of Machine Learning, Big Data, Sensors, Machine to Machine (M2M) communication, automation, Artificial Intelligence and IoT. When IoT capabilities are implemented in the Industrial and Manufacturing space, it becomes Industrial IoT. Industrial IoT will revolutionize manufacturing by enabling the acquisition and accessibility of greater amounts of data, at greater speeds, and more efficiently than before. A large number of innovative companies have started to implement the IIoT by leveraging intelligent, connected devices in their factories. IIOT improves visibility, boost operational efficiency, increase productivity and reduce complexity of process in the industry. It is a transformative manufacturing strategy that helps to improve quality, safety, productivity in an industry. It is expected that IIOT will revolutionize the industrial sector and lead to new era of economic growth and competitiveness. Industrial IOT Market has begun to transform major industries like manufacturing, transportation, and retail, among others. The technologies which are expected to have a major impact on IIoT evolution are IPV6, sensor proliferation, cloud computing, Big Data, and faster communication standards such as 4G-LTE and beyond. Sensors, analytics and real-time data help industrial automation companies anticipate failures and respond more quickly to critical situations and can reduce breakdowns. The edge that IIoT gives to enterprises over their competitor helps them achieve better customer satisfaction and retention through value addition is also driving factor for the growth of IIoT market. However, interoperability between devices and machines that use different protocols and have different architectures can hinder the growth of IIOT Market. Security is also a major concern which may hamper the growth of the market due to the growing cybercrime across the world.
Interoperability and security are probably the two biggest challenges surrounding the implementation of IIoT. ndustrial IoT is interoperability between devices and machines that use different protocols and have different architectures
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Keywords
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The prominent players in the Industrial Internet of Things market are –General Electric Company (U.S.), Cisco Systems Inc. (U.S.), Intel Corporation (U.S.), International Business Machine (IBM) Corporation (U.S.), AT&T Inc. (U.S.), Huawei Technology Co. Ltd. (China), Siemens AG (Munich), Rockwell Automation Inc. (U.S.), Robert Bosch GmbH (Germany), Accenture PLC (Ireland) among others, are profiled in Market Research Future analysis and are at the forefront of competition in the global Industrial IoT market.
Industry News
March 2018, FogHorn Partners with Google Cloud to Deliver Industry Leading IIoT Solution
FogHorn Systems, a leading developer of “edge intelligence” software for industrial and commercial IoT applications, announced a collaboration with Google Cloud IoT Core to simplify the deployment and maximize the business impact of Industrial IoT (IIoT) applications. They have created a fully integrated edge and cloud solution that maximizes the insights gained from every IoT device. Cloud IoT Core is a comprehensive set of integrated services that helps unlock business insights in real time from data across globally dispersed devices.
October 17, Apple and GE partner to bring Predix industrial apps to iPhone and iPad
Apple and GE announced a partnership to deliver powerful industrial apps designed to bring predictive data and analytics from Predix, GE’s industrial Internet of Things (IoT) platform, to iPhone and iPad. They have unveiled a new Predix software development kit (SDK) for iOS which will help developers with the tools to make their own powerful industrial IoT apps.
Industrial IoT Market – Segmentation
Segmentation by Component: Hardware, Software, and Service.
Segmentation by Deployment: On-Cloud, On-Premise, and Hybrid.
Segmentation by Technology: Wired and Wireless
Segmentation by End-User: Information services, Manufacturing, Healthcare, Retail trade, Oil and Gas, Power Generation, Airline, Transportation and Robotics among others.
Segmentation by Regions: North America, Europe, APAC and Rest of the World.
IIoT Market – Regional Analysis
The regional analysis of Indoor Positioning and Navigation Market is studied for North America, Europe, Asia Pacific and Rest of the World. North America is expected to have largest market share during the forecasted period owing to the rapid advancement in the technology and early adoption of IoT. Presence of many IIoT companies, such as Cisco Systems, Inc., General Electric, Intel Corporation, in North America is also a reason for the growth in the region. North America witnesses numerous R&D exercises in the field of robotics, conveying advancements in cloud computing, AI, robotics, and machine learning which has helped the IIoT market to grow.
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Asia pacific region is expected to grow with a highest CAGR due to large-scale industrialization in Asian countries such as China, India, and Japan. Also the government policies like Industry 4.0, Smart Factories, Make In India, Make In China 2025 & Smart Cities, Japan’s Industrial Value Chain Initiative Forum, Support of Green initiatives, Rising Energy & crude oil prices, Favorable FDI policies, Policies by regulatory bodies, etc. is a major driving factor for the growth of IIOT market in this region.
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