“Increasing demand for the IIoT solutions in the manufacturing vertical is fueling the growth of the IIoT market”
The IIoT market is expected to grow at a CAGR of 7.89% between 2016 and 2022 to reach USD 195.47 billion by 2022 from 113.71 billion in 2015. A key influencing factor for the growth of the IIoT market is the need to implement predictive maintenance techniques in industrial equipment to monitor their health and avoid unscheduled downtimes in the production cycle. The manufacturing vertical presents significant growth opportunities for the IIoT market in the coming years. This vertical is undergoing transformation through the use of advanced industrial automation tools, digital manufacturing methodologies, and software solutions such as production lifecycle management (PLM) systems, manufacturing execution systems (MES), and Supervisory Control and Data Acquisition (SCADA) systems. The concept of smart factory, which highlights the importance of adopting cyber-physical systems for controlling the operations, is a key driver for the IIoT market for the manufacturing vertical.
“Industrial robotics technology is expected to dominate the IIoT market during the forecast period”
Industrial robotics is extremely vital in the manufacturing vertical for ensuring a higher production output while maintaining quality and safety on the plant floor. With the advancements in sensors, industrial robotics are becoming intelligent and are capable of handling most of the operations on their own, with minimum intervention from the workers. The vision for “smart factory” is also being realized through the deployment of these intelligent robots along with advanced computers and data analytics.
“MES is estimated to held largest size of the IIoT market between 2016 and 2022.”
MES is projected to held largest share of the IIoT market segmented on the basis of software. The MES help the production plants with materials, orders, and production management functionalities to reduce the cost and improve the efficiency. Use of new analytical tools and real-time information, intelligence, new platforms, and other technologies such as digital dashboards and mobile devices are expected to drive demand for MES. The manufacturing vertical is one of the biggest beneficiaries of IIoT, and MES is expected to play a major role in the overall development of this vertical.
“IIoT market in APAC is expected to grow at the highest rate”
APAC is expected to hold the largest share of the IIoT market and is expected to grow at the highest rate during the forecast period. China, Japan, India, and some of the Southeastern countries are driving the growth of the IIoT market in APAC. The growth is attributed to the increased adoption of automation technologies in the manufacturing and mining sectors, advancements in healthcare facilities in the region, and deployment of smart grid solutions in China. The dense population, growing per capita income of this region, and large-scale industrialization and urbanization are the factors encouraging the growth of the IIoT market in APAC.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews have been conducted with the key experts in the IIoT industry. The break-up of primary participants for the report is as follows:
- By Company Type: Tier 1 = 21 %, Tier 2 = 32%, and Tier 3 = 47%
- By Designation: C-Level Executives = 46%, Directors = 29%, and Managers = 25%
- By Region: North America = 44%, Europe = 29%, APAC = 18%, and RoW = 9%
The report also profiles the key players in the IIoT market and analyzes their market ranking. The prominent players profiled in this report are ARM Ltd. (U.K.), Cisco Systems, Inc. (U.S.), General Electric (U.S.) Intel Corporation (U.S.), Rockwell Automation, Inc. (U.S.), ABB(Switzerland), Texas Instruments Incorporated (U.S.), Dassault Syst?mes (France), Honeywell International Inc. (U.S.), Huawei Technologies Co., Ltd. (China), IBM Corporation (U.S.), Kuka AG (Germany), NEC Corporation (Japan), Robert Bosch GmbH (Germany), Siemens AG (Germany), and ZIH Corp. (U.S.).
This research report includes the segmentation of the IIoT market on the basis of device and technology, software, vertical, and geography. The report also provides Porter’s five forces analysis, along with a description of each of its forces and their respective impact on the IIoT market; description of major drivers, restraints, challenges, and opportunities pertaining to the market; value chain analysis; and market ranking analysis.
Reasons To Buy the Report
The report will help leaders/new entrants in this market in the following ways:
- This report segments the IIoT market comprehensively and provides the closest market size estimation for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for market growth.
- This report is expected to help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, new product launches and developments, partnerships, and mergers and acquisitions.