July 21, 2020
According to the research report titled ‘Global Industrial Internet of Things (IIoT) Market Analysis, 2020’, available with Market Study Report LLC, global industrial internet of things (IIoT) market is expected to grow with a CAGR of 8% between 2020 and 2025.
In terms of technology, global industrial internet of things industry is bifurcated into precision farming hardware, networking technology, flow & application control devices, GPS/GNSS, guidance and steering, yield monitors, interface boards, smart beacons, cameras, electronic shelf labels, smart meters, condition monitoring, distributed control systems, industrial robotics, RFID, and sensors.
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As per connectivity, the market is segmented into wired technologies and wireless technologies. The wired technologies segment is further classified into foundation field bus, profinet, modbus, and ethernet. The wireless technologies segment is also divided into satellite technologies, cellular technologies, Bluetooth, Zigbee, and Wi-Fi.
According to the report, wireless technology segment is predicted to expand significantly during the forecast period. Wireless technology allows for high speed network and is easy to integrate various software and equipment. Factors such as rising development of industry 4.0, surging investments in R&D activities, growing demand for high-speed internet service providers are fueling the segmental share.
Based on application spectrum, the market is categorized into farm management system, transit management systems, visualization software, retail management software, remote monitoring, distribution management systems, outage management systems, predictive maintenance, SCADA, manufacturing & executions systems, and product lifecycle management.
The end-user scope of worldwide industrial internet of things market comprises of agriculture, transportation, retail, healthcare, metal & mining, oil & gas, energy, pharmaceuticals, electrical & electronics, chemicals and materials, food & beverages, machinery, automotive, and manufacturing.
The report claims that manufacturing sector accounted for a considerable market share in 2019 and is anticipated to showcase unprecedented growth in the subsequent years. Escalating investments and favorable government initiatives which encourage technological advancements in manufacturing sector are augmenting the demand for industrial internet of things technologies.
Highlighting the regional landscape, global IIoT market is split into Middle East & Africa, South America, North America, Europe and Asia-Pacific while focusing on regions such as South Africa, Saudi Arabia, UAE, Argentina, Brazil, Canada, U.S., Spain, Italy, Germany, France, UK, South Korea, Australia, India, Japan, and China.
The report states that Asia-Pacific held a substantial market share in the year 2019 and is expected to register continuous growth in the forthcoming period, primarily driven by escalating R&D investments in Japan and China. Additionally, rising adoption of 3D printing, robotics, machine learning, and artificial intelligence technologies coupled with technological advancements in various industry landscapes are also favoring the market scenario in the Asia-Pacific.
The prominent companies operating in worldwide industrial internet of things market are Vitara, FANUC, Caterpillar Inc, Telia Co. AB, Verizon Communications Inc., AT&T Inc., Huawei Technologies Co. Ltd., SAP SE, Maveric Systems, HCL Technologies Ltd., PTC Inc., ARM Holdings Plc, Texas Instruments Inc., Capgemini Se, Accenture Plc, Siemens AG, Rockwell Automation Inc., Robert Bosch GmbH, ABB Ltd., IBM Corp., Intel Corp., Honeywell International Inc., GE Co., and Cisco Systems Inc. among others.