The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
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.
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