The global Industrial IoT Market is expected to reach USD 933.62 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand and adoption of cloud computing, coupled with the Scalability of IPv6-3.4X 10^38 IP address, are presumed to drive the market over the forecast period.
Businesses, across the globe, are seeking new operating models to create a connected enterprise for merging operational and information departments of the industry. This transformation is predicted to increase the overall productivity, enhance operational efficiency, improve visibility, and reduce the complexities of different processes in the industry.
The ability of IoT to reduce costs has been the prime factor for its adoption in the industrial sector. However, several significant investment incentives, such as increased productivity, process automation, and time-to-market, have also been boosting this adoption. The falling prices of sensors have reduced the overall cost associated with data collection and analytics.
An emerging trend among enterprises worldwide is the transformation of technical focus to improving connectivity in order to undertake data collection with the right security measures in place and with improved connections to the cloud. The emergence of low-power hardware devices, cloud integration, big data analytics, robotics & automation, and smart sensors are also driving IIoT market growth.
However, there are a few factors that are anticipated to limit the global IIoT growth. The major factors challenging the market growth are the lack of a defined protocol or standardization and use of old equipment. Security-related concerns, associated with big data, are also expected to limit the market growth.
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Further key findings from the report suggest:
- The global industrial IoT market size exceeded USD 100 billion in 2016 and is presumed to grow at a CAGR of over 25% from 2017 to 2025
- Manufacturers are increasingly leveraging the benefits of IIoT solutions to enhance their analytics functionalities (through predictive maintenance), consolidate their control rooms, and track assets
- The managed IIoT services segment is predicted to growth over the next eight years, as implementation of IoT technology requires integration of managed IIoT services at every layer of the IIoT ecosystem
- The Asia Pacific regional market is anticipated to outgrow the North American market and emerge as the highest revenue-generating region, with China spearheading the growth, by the end of 2025
- Large IT solutions & service providers are seeking IIoT platform, as a high-margin solution that generates a stable revenue stream via cloud-based revenue models
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Grand View Research has segmented the global Industrial Internet of Things (IIoT) market on the basis of component, end-use, and region:
Industrial IoT Component Outlook (USD Billion, 2014 – 2025)
- Remote Monitoring
- Data Management
- Security Solutions
- Connectivity Management
- Application Management
- Device Management
Industrial IoT End-Use Outlook (USD Billion, 2014 – 2025)
- Energy & Power
- Oil & Gas
- Logistics & Transport
Industrial IoT Regional Outlook (USD Billion, 2014 – 2025)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
Access Press Release of this Report: http://www.grandviewresearch.com/press-release/global-industrial-internet-of-things-iiot-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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