Portland, OR -- (SBWIRE) -- 06/22/2018 -- North America holds the largest share in the global IIoT market. Deployment of advanced IoT technologies such as Industry 4.0, virtual reality & augmented reality and artificial intelligence, introduction to cloud based services, change management, and predictive maintenance and visibility are expected to boost the IIoT market in North America.
Industrial Internet of Things (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, according to the latest report published by Allied Market Research. Advancement in technologies has helped key players, such as to offer enhanced IIoT offerings to their end users.
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
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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.
Low Operational Cost
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.
Growth in Adoption of Cloud-based Deployment Model
Demand of low cost data storage, backup, and data protection are major opportunities for small & medium enterprises (SMEs). Implementation of cloud helps enterprises to provide better IoT services to various industry verticals.
Inadequate IT Infrastructure
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.
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.
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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.