Industrial Internet of Things (IIoT) Market to Reach $197 Billion, Globally, by 2023
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.
Seapee Bajaj
Lead Analyst, Semiconductors & Electronics at AMR.
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.
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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.
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.
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.
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Industrial Internet of Things (IIoT) Market by Component (Hardware, Software, Services, and Connectivity) and Application (Manufacturing, Energy & Power, Oil & Gas, Healthcare, Transportation & Logistics, and Others) - Opportunity Analysis and Industry Forecast, 2017-2023
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