Industrial Internet of Things Market - Segment, Analysis, Forecast 2024
Albany, NY -- (SBWIRE) -- 04/07/2017 -- Global Industrial Internet of Things (IIoT) Market: Overview
The deployment of the Internet of Things (IoT) in manufacturing, known as industrial Internet of Things (IIoT) is likely to revolutionize manufacturing processes. Greater accessibility and acquisition of large volumes of data, at greater speeds, and with greater efficiency than earlier are made possible by IIoT. Several companies have started implementing IIoT via connected smart devices in their factories.
In the near future, successful firms will use IIoT in three ways, tapping intelligent technologies to boost innovation to bring about a transformation, by producing new business models, and increasing production, thereby increasing profits.
Global Industrial Internet of Things (IIoT) Market: Drivers and Restraints
The global market for industrial IoT will witness rising demand, thanks to the technological advancements in related areas, and in electronics and semiconductors in particular. The IoT has immense potential in all industries, but sectors such as power generation, healthcare, oil and gas, aviation, transportation, mining, and manufacturing are the most prominent application industries. The robust growth in these industries, coupled with the increasing popularity of cloud computing technologies will ensure the expansion of the global industrial IoT market.
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The easy availability of low cost, efficient sensors is expected to fuel the demand for IoT in industries. Ongoing transformation of big data analytics will also furnish substantial growth opportunities. Industrial IoT ensures improved connectivity, scalability, cost savings, time savings, increased productivity and efficiency across numerous industries. All this has stoked the market growth.
Installation of camera systems has been observed to be a key trend in the global market for industrial IoT. These systems are being deployed chiefly by the transportation and retail verticals, as the need for surveillance and security in these domains necessitates camera installations. Heat mapping, observing customer behavior, counting people, and moment tracking are some uses of these installations in the retail sector.
On the other hand, security issues and questions related to interoperability are major challenges faced by the global industrial IoT market. Nevertheless, the emergence of the Message Queueing Telemetry Transport (MQTT) protocol is likely to eliminate these concerns. This communication protocol is being increasingly adopted by several entities in the market, owing to its bidirectional capabilities, publish/subscribe model, and its lightweight overhead, apart from ensured safety.
Global Industrial Internet of Things (IIoT) Market: Regional Outlook
Based on geography, the global industrial IoT market has been segmented into Asia Pacific, Latin America, North America, Eastern Europe, Western Europe, and the Middle East and Africa. Early adoption of IoT by the industries in North America might position this region at the fore. Several advantageous government initiatives such as the Industrie 4.0 in Germany and Plan Industriel in France are likely to boost the expansion of the industrial IoT market in Europe.
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The emerging economies of Latin America, Africa, and Asia Pacific are slated for substantial growth. The flourishing oil and gas industry in the Middle East, the growing mining activities in several regions of Africa, and large scale industrial development across numerous industrial sectors in India and China are contributing towards the growth of the market. The exceptional growth of Asia Pacific can be attributed to the transportation, mining, manufacturing, and retail sectors in China and India. China is expected to account for a significant share of the industrial IoT market in Asia Pacific.
Companies Mentioned in the Report
Some of the major companies operating in the global market for industrial Internet of Things are Siemens AG, Intel Corporation, Accenture PLC, International Business Machine (IBM) Corporation, Cisco Systems Inc., Schneider Electric SE, Huawei Technology Co. Ltd., General Electric Company, and Robert Bosch GmbH.