IIoT market to expand to US$933B by 2025
Global growth based on easy availability of various advanced electronic devices, analysts say.
According to a report released by market research firm, Million Insights, the global Industrial Internet of Things (IIoT) Market size is expected to value at USD 933.62 billion by 2025 at a CAGR of 27.8% in forecast period.
That substantial growth, the study says, is driven, in part, by the cost-effectiveness and easy availability for various advanced electronic devices such as processors, sensors, and other connected systems. Additionally, an increasing number of governmental sponsored initiatives and efforts to promote industrial IoT technology are driving the market growth. Industrial IoT enables businesses with automation, optimization and tactical or strategic goals to aid in various industrial processes.
For vendors, increasing competition among industry players is leading development of new product and hybrid services worldwide in order to generate fresh revenue streams by moving away from just vending products to offering numerous industrial IoT services. In the report, IIoT is defined as technology that offers easy access to numerous connected industrial devices and machines, and provides real-time information regarding their operation.
According to the report, IIoT solutions is considered as one of the fastest growing segment in the IIoT industry with substantial revenue generation in the last couple of years. Industrial solution providers are putting substantial focus to embed and adopt connected systems, consisting of multiple information systems, devices, and sensors into number of industry verticals and business processes.
Industrial IoT services has also witnessed substantial growth in the last couple of years due to the development of the cloud computing market, rise in the number of government initiatives in the support for sustainable smart factories growth, and increase in number of connected systems that capture large chunks of real-time data.
Regionally, North America has shown major growth in recent years owing to the growing in the awareness about benefits of IoT technology and presence prominent industry players in the region. Asia-Pacific region is predicted to hold major market share in the IIoT industry with massive growth in forecast period. Countries such as India, China, Japan and Taiwan are leading the Asia-Pacific market with increasing adoption of advanced automation technologies and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the industrial IoT market are General Electric Company (GE), International Business Machines (IBM) Co., Cisco Systems Incorporations, Siemens AG, and Intel Co.