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.
In depth research report on Industrial Internet of
Things (IIoT) Market
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
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)
·
Solution
·
Remote Monitoring
·
Data Management
·
Analytics
·
Security Solutions
·
Others
·
Services
·
Professional
·
Managed
·
Platform
·
Connectivity Management
·
Application Management
·
Device Management
Industrial IoT End-Use Outlook (USD Billion, 2014 -
2025)
·
Manufacturing
·
Energy & Power
·
Oil & Gas
·
Healthcare
·
Logistics & Transport
·
Agriculture
·
Others
Industrial IoT Regional Outlook (USD Billion, 2014 -
2025)
·
North America
·
U.S.
·
Canada
·
Europe
·
Germany
·
UK
·
France
·
Asia Pacific
·
China
·
Japan
·
India
·
South Korea
·
Latin America
·
Mexico
·
Brazil
·
Middle East & Africa
Browse more research reports of this category:
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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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