Portland, OR -- (SBWire) -- 05/29/2018 --According to a recent report published by Allied Market Research, titled, Global Industrial Internet of Things (IIoT) Market by Component and Application: Opportunity Analysis and Industry Forecast, 2017-2023, the IIoT market size was valued at $115 billion in 2016, and is projected to reach at $197 billion by 2023, growing at a CAGR of 7.5% from 2017 to 2023.
IIoT is a network of multiple devices connected through communications technologies. The sub-systems are able to collect, monitor, analyze, and deliver insights for driving business decisions for the industrial companies. IIoT is an integration of advanced technologies such as Machine-to-Machine (M2M) communication. In 2016, the hardware components dominated the IIoT market in terms of revenue. Further, based on application, the manufacturing application led the market with 35% share in 2016.
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Smart and connected products are critical components in the connected supply chain and smart manufacturing processes. Further, the advent of low cost connected devices has enabled manufacturers to adopt IoT technologies to lower resource consumption and increase the overall productivity. Moreover, due to low operational cost, several manufacturers prefer to implement IoT applications in machines to maximize the efficiency with reduced cost.
Poor internet architecture and lack of skilled labors majorly limit the growth of the IoT in manufacturing market. Many of the developing countries lack basic IT infrastructure, which is pre-requisite for reliable connectivity. Further, power supply systems have to be stable and reliable to ensure high quality exchange of data between sensors and control systems. Therefore, poor internet connectivity in countries such as Africa, Malaysia, Chile, and Brazil is expected to hinder the market growth in the coming years.
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The key players profiled in the report include Cisco Systems, Inc., General Electric, Intel Corporation, Rockwell Automation, Inc., ABB, Texas Instruments Inc., Dassault Systmes, Honeywell International Inc., Huawei Technology Co., Ltd., and International Business Machines Corporation (IBM). These market players focus on the development of new technology, launch of novel products with innovative variations, and adoption of partnership and collaboration as key strategies to establish their position in the market.
Key Findings of the Industrial Internet of Things (IIoT) Market:
-Hardware components are projected to continue to maintain their leading position during the forecast period.
-Manufacturing application is projected to continue to maintain its leading position till 2023.
-Asia-Pacific is expected to exhibit promising growth rate during the forecast period.
-IIoT industry participants is anticipated to focus on introducing new products with innovations and partnerships to improve their market share.
Industrial Internet of Things (IIoT) Market - Analysis of Key Driving Factors
This study comprises analytical depiction of the Industrial IoT market with current trends and future estimations to depict the imminent investment pockets.