Industrial IoT Market size is anticipated to propel over the forecast timeline. Improving productivity, enhancing worker safety, and reducing operating costs are the major drivers propelling the industry growth. During the forecast period, Industrial IoT is expected to accelerate the reinvention and growth of verticals, which are responsible for two-thirds of the world’s output.
The surging demand for technological advancements and innovations to improve operational efficiencies primarily drives the industrial IoT market. The technology is anticipated to reshape several industries by generating various financial opportunities. Countries and companies are likely to be transformed showing competitiveness and financial growth. In the coming years, companies would benefit though Industrial IoT by seeing the technology as a tool to find evolution in unexplored applications.
Industrial IoT comprises innovative data analytics, machine-to-machine communication, machine learning algorithms, and sensor technologies to advance the companies’ executive abilities. Identifying probable failures in advance in technology to evade unexpected failures using analytical care techniques is a major factor influencing the adoption of the industrial IoT market.
Industrial IoT is the combination of compound physical equipment with data analytics solutions and industrial networks, improving working efficiency and reducing costs. Data and intelligent machines are expected to be revolutionized owing to the Industrial IoT technology thus having a positive impact on operations, productivity, and efficiency. Industrial IoT technology will allow companies to improve their revenues by improving and expanding manufacturing processes through forming new hybrid business models and exploiting intelligent technologies to transform their workforce and fuel innovations. These factors are anticipated to drive the industrial IoT market growth during the forecast timeframe. The adoption of Industrial IoT is possible owing to the development in supporting infrastructures such as cloud computing, progress in wireless technologies, sensing technologies, and standardization of IPv6. For instance, aviation manufacturers are providing complete rental programs on their gears and repairing contracts. The feedback from engine users would help manufacturers improve the engine design and reduce industrial and maintenance costs. Countries have appreciated that sensor data could be used to avoid disastrous catastrophes in key networks such as water, power, and transport. These factors are driving the industrial IoT market revenue.
The growth in the adoption of Industrial-IoT will lead to a shift in employment assemblies. The workforce will be blended and it is expected that humans and machines would work together to achieve results that humans nor machines can produce alone. Businesses will use smart machines and network solutions to atomize responsibilities at low costs and attain high-quality results. This will propel the industrial IoT market demand.
A key factor hindering the growth of the industrial IoT market is the lack of compatibility between the many technologies functioning in the IoT environment. The technology is mainly a union of data processing, industrial equipment, networking infrastructure, sensor technologies, and software solutions for data management and writing.
Semiconductor players have joined forces with hardware, software, networking companies with academic consortiums, and industry associations to develop formal and informal standards for industrial IoT applications. To overcome the factors hindering the industrial IoT market growth AT&T, Cisco, Inc., GE, IBM, and Intel Corporation formed the Industrial Internet Consortium 2014. This consortium has over 150 and more companies as members working together to help define industry requirements & standards, establish interoperability standards across environments and accelerate adoption of Industrial IoT. Other companies have been intensive on regulating the Application Programming Interfaces (APIs), allowing data transfer and basic commands amongst IoT devices.
The industrial IoT market based on industries can be segmented into agriculture, energy & power, healthcare, metals & mining, and manufacturing. These industries are expected to generate various opportunities due to the Industrial IoT technology. The manufacturing sector is currently the largest market holder for Industrial IoT. A change in the implementation of manufacturing processes is likely to benefit various organizations and businesses as it would enable effective collaboration, financial monitoring enhancement, high application of resources, smart decision-making skills, and opportunities to develop and test ground-breaking technologies in the industrial IoT market.
The manufacturing industry is responsible for the generation of high employment opportunities and contributes meaningfully to the GDP of many countries globally. Manufacturing industries include segments such as aerospace & defense, automotive, construction, farm, high tech, and industrial machinery. Manufacturers have various business priorities, which are impacting how they adopt IoT and which department they apply it, such as assets, products, or supply chain, which will further impact the industrial IoT market. Companies having their own production/manufacturing facilities are likely to be early implementers of the industrial IoT to change their services and products while products with long life cycles are expected to use IoT to change their services and products that will drive the industry growth.
Healthcare industry in industrial IoT market is expected to grow at a high rate during the forecast period. The solutions can completely change the healthcare industry through remote monitoring of critical patients. Data gathered through remote monitoring can be used for providing enhanced diagnostics and patient care. Availability of healthcare services and treatments can be enabled through intelligent and complete monitoring systems, propelling the industrial IoT market. Several companies have started providing integrated solutions by using Industrial IoT technology in the healthcare industry.
In Europe, Industry 4.0 is an upcoming trend in Germany which is the fourth industrial revolution and cyber-physical systems concept introduced to segregate new evolution phase from electronic automation phase, driving the industrial IoT market. It is a global movement towards the future of the industry and manufacturing, which will offer growth opportunities for the industrial IoT market in the region.
Asia Pacific industrial IoT market currently holds the largest share of the IoT market and is anticipated to grow at a high rate during the forecast period. The rise in demand for automated technologies from metals, mining, manufacturing industries, and developments in healthcare solutions are projected to drive the industrial IoT market in the region.
Government regulations and initiatives in the industrial IoT market from countries, such as China, India, France, Germany, and the U.S., are helping them expand their manufacturing sectors with an increase in investments in the automation sector. This is further anticipated to drive the manufacturing industry across major economies globally in the industrial IoT market.
AT&T, Cisco, Inc., GE, IBM, Intel Corporation, Qualcomm, Accenture, Amazon, ARM, Atos, Bosch, Broadcom, Infosys, Google, Microsoft, National Instruments, Siemens, Tech Mahinda, Tata Consultancy Services, Unisys, Verizon, Zebra Technologies, and ZTE are the major companies contributing to the development and research of the industrial IoT market. Companies, such as General Electric (GE), have started providing integrated solutions for diagnostics and remote monitoring of critical patients using sensors and wireless technologies for the industrial IoT market.