Industrial Internet of Things (IIoT) Market Analysis By Component (Solution, Services, Platform), By End-Use (Manufacturing, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Agriculture), Industry Trends, Estimation & Forecast, 2017 - 2025

Industrial internet of things (IIoT) is a part of internet of things (IoT). The utilization of IoT for industrial applications is referred as IIOT. IIoT incorporates machine learning, big data technology, harnessing the sensor data, machine-to-machine (M2M) communication and automation technologies, in order to improve operational efficiency, accuracy and optimum resource utilization. According to General Electric, a major market player, 46% percentage of the global economy can be benefited from the usage of IIOT.

Industrial IoT Market Determinants

Technological progressions in electronics and semiconductor industry is a key element driving the global IIoT market for growth. Further, growing adoption of cloud computing and reduced cost of automation deployment are also expected to boost the market. Accenture estimates that the IIoT could add $14.2 trillion to the global economy by 2030. However, lack of standardization and security & privacy of data might hinder the market growth. Predictive maintenance is expected to offer lucrative opportunities for the market. Energy production is one of the key segments of this market and expected to grow with a healthy growth rate in the upcoming years. Honeywell and Aereon have collaborated to Leverage Industrial Internet of Things (IIoT) for Oil and Gas sector, in January 2017. Collaboration has emerged out as a key strategy, adopted by market leaders to establish a strong foothold within the market. Key players across the world are collaborating with other market leaders to provide exclusive IIoT solutions to the end users. The market is having a stiff competition and would experience many mergers and acquisitions in the near future. For instance, Altizon announced a partnership with SNic, a leading global channel partner for Rockwell & Siemens, for provision of real-time data and enhancement of accuracy within manufacturing industry.

IIoT Market Segmentation

By Component • Hardware o Robotic System o Connectivity Devices o Sensors • Software o Analytics o IoT Platforms o Embedded Software • Service o Managed Services o Professional Service By End User • Oil & Gas • Transportation • Aviation • Energy Production • Healthcare • Manufacturing • Others By Geography • North America • Europe • APAC • Rest of the World