The Industrial IoT market is expected to reach $151.01 billion by 2020, at a CAGR of 8.03% between 2015 and 2020, according to the new market research report Industrial IoT Market by Technology (Sensors, RFID, Industrial Robotics, 3D Printing, DCS, Condition Monitoring, Smart Meter, Autonomous Haulage System, Yield Monitors, Guidance & Steering, GPS/GNSS), Software, & Geography – Global Forecast to 2020, published by MarketsandMarkets.
Factors which are driving the IIoT market include technological advancements in semiconductor and electronics, evolution of cloud computing technologies, standardization of IPv6, and support from governments all over the world.
Manufacturing sector held the largest share of the IIoT market. The manufacturing sector is witnessing a transformation through the implementation of the smart factory concept and factory automation technologies. Government initiatives such as Industrie 4.0 in Germany and Plan Industriel in France are expected to drive the IIoT solutions in Europe. Moreover, leading manufacturing countries such as the U.S., China, and India are expected to further expand their manufacturing industries and deploy smart manufacturing technologies to increase this sector’s contribution to their national GDPs.
Machine-to-machine connectivity through wireless or wired networks forms the base for IIoT. The rising adoption of IIoT is expected to boost the market for networking technologies, especially wireless networks. These networks not only provide mobility to the equipment but also offer greater scalability and ease of integration to the network.
APAC is expected to hold the largest market share and witness rapid growth during the forecast period.
APAC is a leading manufacturing hub and held the largest market share for Industrial IoT market in 2014. It is also expected to witness rapid growth during the forecast period owing to the growing adoption of IIoT solutions across the manufacturing, mining, healthcare, and energy & power sectors. Within APAC, China held the largest market share for IIoT, whereas India is expected to grow at the highest CAGR among all the major markets.
The major companies in the IIoT market include General Electric (U.S.), Cisco Inc. (U.S.), Intel Corporation (U.S.), Rockwell Automation (U.S.), ARM Holdings plc. (U.K.), ABB Ltd. (Switzerland), Siemens AG (Germany), Honeywell International, Inc. (U.S.), Dassault Systèmes SA (France), Huawei Technology Co., Ltd. (China), Zebra Technologies (U.S.), IBM Corporation (U.S.), and Robert Bosch GmbH (Germany) among others.