Industrial Internet of Things (IIoT) Market to Witness A Pronounce Growth During 2021 To 2030

Transparency Market Research delivers key insights on the global Industrial Internet of Things (IIoT) market. In terms of revenue, the global Industrial Internet of Things (IIoT) market is estimated to expand at a CAGR of 22.9% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global Industrial Internet of Things (IIoT) market.

Executing Industrial Internet of Things (IIoT) solutions is vital as the most competitive global manufacturing companies are becoming digital enterprises. Industrial Internet of Things (IIoT) solutions and platforms are leading the reshaping and transformation of the landscapes. A pre-built Industrial Internet of Things (IIoT) solution offers the benefit of a ready-made “IoT development kit” with the flexibility to meet business-specific needs. A modern solution provides support for application development tools comprising low-code applications that can link departmental silos so that the business can accelerate innovations. This factor is likely to fuel the Industrial Internet of Things (IIoT) market.

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Industrial Internet of Things (IIoT) Market: Dynamics

The next generation of connected industrial robots will have the ability to work under human directions, and will eventually understand and learn from the surrounding world. The features, along with lower costs are likely to result in extensive deployment of robots in the industrial environment. Collaborative robots are expected to reshape manufacturing processes, helping businesses to regain their competitive edge. Thus, demand for the deployment of advanced robots in the manufacturing industry for warehouse management, inventory management, supply chain management, etc. will provide an opportunity for the growth of IoT in the industry. This is anticipated to fuel the Industrial Internet of Things (IIoT) market.

Hardware such as sensors have proliferated, without which IoT solutions cannot be implemented. Many IoT devices rely on multiple sensors to monitor data. According to a report published by BI Intelligence in 2014, cost of these sensors declined by 50%. Moreover, a study conducted by Ericsson on ‘Internet of Things’ in collaboration with DI Digital, signifies that the cost of sensors in 2014 with respect to 1996 has dropped by 95%.  As the need for sensors in manufacturing processes is increasing day by day, decreasing cost of the sensors will further act as a supporting factor for the growth of the market. Thus, significant drop in price of sensors is expected to drive the Industrial Internet of Things (IIoT) market during the forecast period.

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Industrial Internet of Things (IIoT) Market: Key Players

Key players operating in the global Industrial Internet of Things (IIoT) market are IBM Corporation, Intel Corporation, Schneider Electric SE, General Electric Company, Emerson Electric, ABB Limited, Accenture plc, Tech Mahindra Limited, Softweb Solutions Inc., Sasken Technologies Ltd., ZIH Corp, Siemens AG, Robert Bosch GmbH, NEC Corporation, Kuka AG, Huawei Technology Co., Ltd., Dassault Systèmes, and Texas Instruments Inc.

Industrial Internet of Things (IIoT) Market: Prominent Regions

The Industrial Internet of Things (IIoT) market in North America is estimated to hold a leading share of the market by the end of 2021. This can be attributed to rise in adoption of system integration, consulting, and support & maintenance services in industries.

The Industrial Internet of Things (IIoT) market in Asia Pacific is expected to expand at a rapid pace during the forecast period. An increasing number of Industrial Internet of Things (IIoT) firms in India and China are seeking enhanced support solutions to deliver better customer experiences, which is projected to create lucrative opportunities for the market. Asia Pacific has emerging economies, and companies are emphasizing on professional and managed service activities. This is anticipated to fuel the growth of the Industrial Internet of Things (IIoT) market.

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