Pune, India, Aug. 29, 2020 (GLOBE NEWSWIRE) -- The global Industrial Internet of Things (IoT) market is valued at USD 82.4 Billion in 2020 and is anticipated to grow with a CAGR of 21.3% during the forecast period from 2020 to 2028. The major factors that are contributing to the growth of the market are standardization of the IPV6, advancement in the manufacturing industry, and advent of industry 4.0. However, as these solutions are highly technical, the availability of high skilled personnel has become a key concern, which may hinder the market growth during the forecast period.
Industrial Internet of Things (IoT) refers to the industrial framework that makes use of IoT devices to enhance the efficiency of manufacturing and industrial processes. Various types of hardware devices such as sensors, industrial robots, and others are used to make a system of connected devices that provides real-time analytics data. This helps enhance machine to machine (M2M) communications, thereby increasing the reliability and efficiency of the machines used in industries.
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These hardware devices provide real-time data from various devices and sensors, which are then used in the decision-making process. Industrial IoT has tremendous potential for sustainable and green practices, quality control, and overall supply chain efficiency. In various industry verticals, industrial IoT has become a key for various processes such as energy management, enhanced field service, asset tracking, and predictive maintenance.
The major factors that are driving the growth of the Industrial Internet of Things (IoT) market are government support for the development and implementation of industrial IoT and growing use of cloud computing platforms across various industry verticals for data management. Also, the advent of Industry 4.0 has led to the higher adoption of Industrial IoT across the manufacturing sector.
Governments in many countries are taking necessary initiatives for fueling the adoption of industrial IoT solutions and services across many industry verticals. For instance, the ‘Make in India’ initiative by India, ‘Made in China 2025’ initiative by China, and ‘Industrial Value Chain Initiative (IVI)’ in Japan are enabling the adoption of digital technologies across various industry verticals and majorly in manufacturing.
Global Industrial Internet of Things (IoT) Market, by Component
In terms of component, the hardware segment is holding a larger market share in 2020. These hardware devices provide real-time data from various devices and sensors, which are then used in the decision-making process. Industrial IoT has tremendous potential for sustainable and green practices, quality control, and overall supply chain efficiency.
Global Industrial Internet of Things (IoT) Market, by Hardware
In terms of hardware, the sensor segment of the Industrial Internet of Things (IoT) market is leading the global market in 2020, as sensors are the most important hardware components used along with machines in various industry verticals. Also, the demand for sensors is growing day-by-day for its integration with industrial machineries to make them IoT competent.
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Global Industrial Internet of Things (IoT) Market, by Solution
In terms of solution, the remote monitoring segment of the Industrial Internet of Things (IoT) market is expected to grow at the highest CAGR during the forecast period, as there is increasing adoption of remote monitoring solutions across various industry verticals such as pharmaceuticals, semiconductor electronics, and others.
Global Industrial Internet of Things (IoT) Market, by Services
In terms of services, the managed services segment of the Industrial Internet of Things (IoT) market is expected to grow at the highest CAGR during the forecast period due to the increasing number of third-party managed services providers that offer low cost services compared to professional services.
Global Industrial Internet of Things (IoT) Market, by Vertical
In terms of verticals, the semiconductor & electronics segment of the Industrial Internet of Things (IoT) market is expected to grow at the highest CAGR during the forecast period. The growth of this segment will be mainly driven by the increasing focus of manufacturers on the wireless connectivity of sensors and devices by taking into consideration the various connectivity protocols and data transfer across Industrial IoT platforms.
Global Industrial Internet of Things (IoT) Market, by Region:
In terms of region, Asia-Pacific is anticipated to account for the largest market share in the global Industrial Internet of Things (IoT) market in 2020. This region has countries such as India, China, and Japan, which are a major hub for industrial manufacturing and have also become a global focus for significant investments. Rising population, growing investments for R&D activities, and increasing domestic and international IT companies in the region are expected to drive the growth of this market in the near future.
Some Major Findings of the Industrial Internet of Things (IoT) Market Report Includes:
- Global Industrial Internet of Things (IoT) market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries
- In-depth global Industrial Internet of Things (IoT) market analysis by Component, Hardware, Solution, Services, Verticals, and Regions with an analysis of trend-based insights and factors
- Profiles of the major market players operating in the global Industrial Internet of Things (IoT) market, which include Dassault Systèmes, Honeywell International, ARM holding, Cisco Systems Inc, General Electric Company, Bosch.IO, Siemens AG, Intel Corporation, Rockwell Automation, ABB, Texas Instruments Inc, Huawei Technologies, IBM Corporation, KUKA AG, NEC Corporation, and PTC Corporation, among others.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions that includes Covid-19 impact analysis, along with the drivers, restrains, opportunities, and challenges that are prevailing in the global Industrial Internet of Things (IoT) market.
- Impact analysis of COVID-19 on the Industrial Internet of Things (IoT) market.
Browse key industry insights spread across 150 pages with 102 market data tables and 68 figures & charts from the report, “Industrial Internet of Things (IoT) Market, By Component (Hardware, Solutions, Services), By Hardware (Sensors, RFID, Industrial Robots, Smart Meters, Others), By Solutions (Remote monitoring, Data management, Analytics, Security solutions, Others), By Services (Professional Services, Managed Services) By Verticals (Automotive, Food & Beverages, Chemicals & Materials, Semiconductor and Electronics, Healthcare, Metal & Mining, Retail, Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting (2016-2028)” in-depth analysis along with the table of contents (ToC).
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