The global industrial internet of things (IIoT) market is estimated to accrue USD 750 Billion during the forecast period (2018-2023), affirms Market Research Future (MRFR). The industrial internet of things (IIoT) can be comprehended as a subset of the more extensive internet of things (IoT), with the software and technology able to expedite the runtime of various processes. IIoT is based on the idea of broad-spectrum internet connectivity to specific business processes that make physical products for business sectors.
Industrial IOT market size would reach USD 859.42 Billion at a rate of 20.11% CAGR in the course of the forecast period 2020-2030.
IIoT is used across several industries such as energy/utilities, mining and metals, aviation, manufacturing, logistics, oil and gas, transportation, and various other industries. The IIOT opens abundant opportunities in automation, optimization, intelligent manufacturing and smart industry, industrial control, innovative ways of servicing customers, and creation of new revenue models as well.
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Leading organizations across the globe are indulging in the development of new operating models to create a connected enterprise for merging operational and information departments, which will trigger the growth of industrial internet of things (IIoT) market. Moreover, advantages offered by IIoT in manufacturing processes positively shapes the market size. Apart from this, growing investments by various industries in smart technologies to improve operational efficiency also boost the market growth.
According to the report, the global industrial IoT market has been segmented on the basis of component, deployment, connectivity, and end-user. Based on component, the market is segmented on the basis of hardware, software, and services. The types of hardware are sensors and radio-frequency identification (RFID), industrial robotics, camera systems, smart meters, 3D printing, flow and application control device, distributed control systems and others.
The market segment of hardware component is projected to account for the largest market share owing to accelerated number of connected devices, increasing application areas of hardware components, and utmost utilization of available resources. The types of software are manufacturing execution, product life cycle management systems, supervisory control and data acquisition (SCADA) systems, distributed management system, retail management software, and others. Lastly, the types of services are managed services and professional services.
By deployment, the market is segmented on the basis of on-cloud, on-premise, and hybrid deployment. On-cloud deployment is presumed to lead the market owing to easy accessibility to data and information, growing application areas, easy sharing, and low cost.
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By connectivity, the market is segmented into wired and wireless. The newly evolving wireless technologies such as Bluetooth and Wi-Fi allow wide area communication of the devices. Moreover, increasing usage of smart phones with internet access also boosts the wireless technology section.
The end users of IIoT are IT & telecom, manufacturing, healthcare, retail, oil & gas, energy & power, automotive, and others. The healthcare sector has digitized. Furthermore, increasing engagement of consumers with regards to their health, and growing demand for home possibilities results in various healthcare ecosystem players stepping up their game to be more innovative.
The prominent players in the market of industrial IoT are General Electric (U.S.), Siemens AG (Germany), Accenture PLC (Ireland), Huawei Technologies CO. Ltd. (Japan), Robert Bosch GmbH (Germany), Intel Corporation (U.S.), and others.
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