Industrial Internet of Things Market - Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 05/14/2019 -- Deployment of Internet of Things (IoT) in industries to modernize manufacturing processes is referred to as Industrial Internet of Things (IIoT). IIoT incorporates machine learning, Big Data technology, and machine-to-machine (M2M) communication, adopting the sensor data and automation technologies that already exist in the industries. IIoT helps to improve visibility, operational efficiency, increases productivity, and reduces complexity in the process. Large collected data helps in predictive maintenance which can generate savings over scheduled repairs leading to reduction in maintenance costs and reduce downtime from equipment breakdowns. In the current scenario, many companies are assessing their current data systems and observing ways to transform their business processes through Big Data analytics.
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Rising adoption of IIoT by the transportation sector is driving the market. However, a major concern that surrounds IIoT is the security and privacy of the data; this concern leads to loss of physical systems and data security. The global Industrial Internet of things market is anticipated to expand at a CAGR of 24.3% during the forecast period (2018-2026) and is expected to reach US$ 991,562.0 Mn by 2026.
An emerging trend among enterprises is to collect the data using the right security tool and also to deploy cloud based solutions. Further, vendors are developing advanced solutions and devices by adopting current technology to improve operational efficiency in the industries. Development of low-power hardware devices, Big Data analytics, robotics & automation, cloud integration, and smart sensors are also supporting the growth of the IIoT market. Geographically, North America is expected to contribute major market share to IIoT followed by Europe and Asia Pacific. Europe is also anticipated to witness fast growth during the forecast period due to initiatives taken by governments in the respective region for Industry 4.0 (the fourth industrial evolution).
The rise in the use of cloud computing platform is considered to enhance the growth of the global industrial Internet of Things Market in the coming years.
North America to lead the market with a high share, thanks to the presence of several key players in this region.
The global industrial Internet of Things market has been segmented as below:
Global Industrial Internet of Things (IIoT) Market, by Component
Others (Data Acquisition Devices, etc.)
Support and Maintenance Services
Global Industrial Internet of Things (IIoT) Market, by End-Use
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Oil & Gas
Power Generation & Utility
Healthcare (Medical Devices)
Others (Mining, Agriculture etc.)