Pune, India, June 20, 2019 (GLOBE NEWSWIRE) -- As mentioned in the report found on Wise Guy Reports (WGR), the global industrial IoT market is expected to register a noteworthy CAGR of 23.88% through the forecast period of 2017-2023. Many factors are contributing to the bolstering growth observed in the global industrial IoT market. Increased adoption of cloud computing in the industrial sector and growth noted in the internet of things (IoT) are some of the factors primarily causative of the global industrial IoT market during the review period. Penetration of the automation technology and industrialization in production and manufacturing activities are further contributing to the ascension of the industrial IoT market.
Industrial IoT (IIoT) focuses on the optimization of operational efficiency and maintenance/ automation of the same, with a vital role for the convergence of OT and IT. The industrial IoT is witnessing significant application opportunities in various aspects such as intelligent manufacturing, smart industry, and industrial control. With such a broad scope of application, the global industrial IoT market is expected to reach a revenue valuation of USD 751.3 billion by the end of the forecast period.
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Market Segmentation
Various global IIoT market segments are studied in the report found on WGR. This market segmentation is carried out on the basis of deployment, component, connectivity, end-user, and region. Based on component, the global industrial IoT market is segmented into software, hardware, and service. Among these segments, the industrial IoT market is spearheaded by the software segment, at a 25.65% CAGR. On the other hand, the hardware segment is expected to be at the forefront of the global industrial IoT market in terms of market share during the forecast period.
The hardware segment is further sub-segmented into sensors & RFID, industrial robotics, smart meters, 3D printing, camera systems, distributed control systems, and flow & application control devices. Among the sub-segments of hardware, the industrial robotics sub-segment is expected to grow at the highest rate through the review period, recording a 26.2% CAGR. The sensors & RFID segment is anticipated to spearhead the global industrial IoT market through the assessment period.
The software segment is further sub-segmented into product lifecycle management (PLM) systems, manufacturing execution system (MES), SCADA systems, retail management software, and distribution management system. The manufacturing execution system (MES) segment is projected to hold the most significant share in the global industrial IoT market and is likely to register a 29.08% CAGR through the assessment period.
Based on deployment, the global industrial IoT market is segmented into on-premise, on-cloud, and hybrid. The hybrid segment is expected to ascend at the fastest CAGR of 26.26% through the review period. The on-cloud segment is anticipated to hold the largest share in the global industrial IoT (IIoT) market through the forecast period.
Based on connectivity, the global IIoT market is segmented into wired and wireless. The wired segment is estimated to spearhead the global IIoT market by the end of 2023. The wireless segment is likely to augment at the fastest rate, recording a 26.12% CAGR over the estimate period.
Based on end-user, the global industrial IoT market is segmented into IT and telecommunication, healthcare, retail, oil & gas, manufacturing, energy & power, and automotive. The manufacturing segment is projected to be the fastest growing segment in the IIoT market, expanding at a 27.94% CAGR through the conjectured time. The manufacturing segment is also expected to hold a principal share in the global industrial IoT market by 2023.
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Asia Pacific to Dominate Global Industrial IoT Market, Holding 40.05% Market Share
The global industrial IoT market is regionally segmented into North America, Asia Pacific, Europe, and the Rest of the World. Among these, Asia Pacific is expected to dictate the global industrial IoT market over the estimate period. This can be owed to large-scale industrialization in India, China, and Japan. Asia Pacific is also projected to ascend at the fastest rate through the forecast period, holding a 40.05% share in the global market. Increasing adoption of advanced IoT technologies in various industries located in China and Japan are likely to drive the regional IIoT market primarily.
Key Players
Some of the elite players in the industrial IoT market include General Electric Company (US), Siemens AG (Germany), Cisco Systems (US), IBM Corporation (US), Rockwell Automation, Inc. (US), AT &T Inc. (US), Accenture Plc. (Ireland), Huawei Technologies Co. Ltd. (China), Robert Bosch GmbH (Germany), and Intel Corporation (US).
Industry Update
June 2019: SwitchOn raised $1 million in the seed round of funding that was led by pi Ventures. SwitchON is an AI-enabled industrial IoT platform with its headquarters in Bengaluru.
June 2019: Honeywell recently launched an industrial IoT platform called ‘Honeywell Forge’ that will aid in the collection of operational data, analysis of the same, and in the optimization of infrastructure. This platform is tagged as an enterprise performance management for operations technology.
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