Global Industrial Internet of Things (IIoT) Market is expected to grow from US$ 59.54 Bn in 2017 to cross US$ 92.40 Bn by 2024, with a CAGR of approximately 7.39% between the forecasting period of 2019 to 2024.Global Industrial Internet of Things (IIoT) Market is segmented into technology, software, vertical, and region.
On the basis of technology, market is segmented into Sensor, RFID, Industrial Robotics, DCS, Condition Monitoring, Smart Meter, Camera System, Networking Technology. Based on software, market is divided into PLM, MES, SCADA. According to vertical, market is classified into Manufacturing, Energy, Oil &Gas, Metal & Mining, Healthcare, Retail, Transportation, Agriculture. Geographically, market is spread by North America, Asia-Pacific, Europe, Latin America, Middle East & Africa.
The Industrial Internet of Things (IIoT) is a network of physical objects, systems platforms, and applications that contain embedded technology to communicate and share intelligence with each other. IIoT integrates machine learning, Big Data technology, and machine-to-machine (M2M) communication, adopting the sensor data and automation technologies that already exist in the industries. IIoT helps to improve visibility, operational efficiency, increases productivity and reduces complicacy in the process. In terms of component, Global Industrial Internet of Things (IIoT) Market can be classified into hardware, software, and services. Hardware segment included sensors, connectivity devices, and others.
The services segment comprise system integration, consulting services, and support & maintenance services. Industrial IoT is the combination of compound physical accessories with data analytics solutions and industrial networks, improving working efficiency and reducing costs. Industrial IoT technology will allow companies to improve their interests by improving and expanding manufacturing processes by forming new hybrid business models and exploiting intelligent technologies to transform their workforce and fuel improvements. The growth in the adoption of Industrial-IoT will lead to a shift in employment assemblies.
The workforce will be blended and it is expected that humans and machines would work together to achieve results that humans nor machines can produce alone. North America is expected to hold a major Industrial IoT Market share of IIoT followed by Europe and the Asia Pacific. The European Union take initiative for Industrial IoT Market such as Industry 4.0 (the fourth industrial revolution) is expected to propel in the forecasting year. key players operated in market are AT&T, Cisco, Inc., GE, IBM, Intel Corporation, Qualcomm, Accenture, Amazon, ARM, Atos, Bosch, Broadcom, Infosys, Google, Microsoft, National Instruments, Siemens, Tech Mahindra, Tata Consultancy Services, Unisys, Verizon, Zebra Technologies, ZTE, Emerson Electric, Robert Bosch GmbH, NEC Corporation