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Industrial IoT: How Connected Things Are Changing Manufacturing
, February 24, 2021 ) Meticulous Research® – leading global market research company published a research report titled “
Industrial IoT Market
by Component, Application (Robotics, Maintenance, Monitoring, Resource Optimization, Supply Chain, Management), Industry (Aerospace, Automotive, Energy, Healthcare, Manufacturing, Retail), and Geography– Global Forecast to 2027 ”.
According to this latest publication from Meticulous Research®, the industrial IoT (IIOT) market is expected to grow at a CAGR of 16.7% from 2020 to 2027 to reach $263.4 billion by 2027. This market is majorly driven by factors such as extensive government support in encouraging digitalization across the industrial sector, rise in adoption of industrial IoT devices, and growing incorporation of cloud computing platforms.
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In addition, the use of industrial IoT for predictive maintenance and rising number of data centers provides significant opportunities for the industrial IoT providers. However, the vulnerability issues with IoT devices along with lack of technically skilled employees and lack of standardization in industries concerning IoT are causing hindrances to the growth of the market.
The global industrial IoT market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of component (solutions, services, connectivity), application (smart robotics, predictive maintenance, plant maintenance, remote monitoring, asset & resource optimization, logistics & supply chain, inventory management, production flow management), industry vertical (aerospace & defense, automotive, agriculture, energy & utilities, healthcare, manufacturing, oil & gas, transportation, retail, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
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Based on component, the solutions segment is estimated to command largest share of the overall industrial IoT market in 2020. The large share of this segment is mainly attributed to the increasing adoption of IoT enabled industrial automation and control systems. The growing need for real-time communication, following compliance with cybersecurity standards, and engaging IoT devices to the cloud-based platforms for performing operational analysis among the organizations is driving the growth of this segment. Further, this segment is also attributed to register fast growth during the forecast period owing to the growing investments and demand for customized IIoT solutions by the industries.
Based on application, the predictive maintenance segment is estimated to command the largest share of the overall industrial IIoT market in 2020. However, the smart robotics segment is expected to witness rapid growth during the forecast period. The fast growth of this segment is attributed to the rapid proliferation of industrial automation under the fourth industrial revolution ‘Industry 4.0’. Besides, lack of skilled employees and further reduction in their number due to COVID-19 pandemic forced industries and organizations to change their existing strategy and reduce dependency. As a result, the significant investment for smart robotics and associated IoT is on the rise, which is expected to drive the smart robotics application with the fastest growth rate over the coming years.
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Based on industry vertical, the manufacturing segment is estimated to account for the largest share of the overall industrial IoT market in 2020. However, the healthcare segment is expected to grow with the fastest CAGR during the forecast period. Increasing demand for value-based healthcare facilities and adoption of newer technologies across the healthcare industry is driving the market for industrial IoT in healthcare. In addition, the proliferation of smart devices for health monitoring and fitness-related issues is giving rise to increase in adoption of IoT technology in the industry.
Geographically, Asia Pacific region is estimated to command the largest share of the global industrial IIoT market in 2020. The growth in this market is primarily driven by the growing focus of different industries towards technological transformation of their operations and processes to improve productivity and efficiency. Moreover, the advent of ‘Industry 4.0’ has led manufacturers and industrialists from the country to incorporate IIoT solutions that are effectively helping organizations in product engineering, sales & operation planning, manufacturing, and service management. In addition, the increasing adoption of IIoT for agriculture applications, engineering projects, food delivery services, security purposes, and recreational use in countries such as China and India is further supporting the growth of the industrial IIoT market in the region.
The key players operating in the global industrial IoT market are General Electric Digital (U.S.), IBM Corporation (U.S.), PTC, Inc. (U.S.), Microsoft Corporation (U.S.), Cisco Systems, Inc. (U.S.), Robert Bosch GmbH (Germany), Dassault Systemes (France), ABB Ltd. (Switzerland), Huawei Technologies Co. Ltd (China), Kuka AG (Germany), Rockwell Automation Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), and Intel Corporation (U.S.), among others.
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