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“The IIoT market size to grow at a Compound Annual Growth Rate of 33.4% during the forecast period.”
The global IIoT market size is expected to grow from USD 3.27 billion in 2018 to USD 13.82 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 33.4% during the forecast period. Major growth factors for the market include increasing demand for predictive and proactive maintenance solutions, the growing need for centralized monitoring, integrating IT and OT, and the rising adoption of next-generation technologies. However, integration with legacy systems and lack of interoperability could restrain market growth.
“Real-time workforce tracking and management segments to grow at a higher CAGR during the forecast period”
Ensuring workers’ safety, remotely tracking them, and achieving improved regulatory compliance can be challenging. Organizations are constantly looking to execute activities of a worker more effectively while improving efficiency, reducing non-productive work, and providing a safe work environment. Workforce automation, tracking, and management helps manufacturing enterprises streamline their processes and identify, deploy, validate, as well as manage their employees and connect with them in real time. Workforce management automates activities, such as scheduling tasks and assigning field resources and equipment to various employees on the respective manufacturing floor.
“North America to hold the largest market size and Asia Pacific to grow at the highest rate during the forecast period.”
North America is expected to hold the largest market size in the global IIoT market, as it is a technologically advanced region. Top countries contributing to the IIoT market in the region include the US and Canada. Large US cities are using IIoT platform technologies to solve specific problems in sectors such as health, transportation, sanitation, public safety, economic development, sustainability, and street maintenance. Canada is expected to hold the second-largest share of the North American IIoT platform market. Over the years, energy efficiency and pollution control regulations have been implemented, and Canada is moving toward the adoption of IIoT platform and associated solutions and services with it. In states such as Ontario and British Columbia, the adoption rate of IIoT is much higher with various programs.
The market in APAC is projected to grow at the highest CAGR during the forecast period. This region includes Australia, Japan, Singapore, India, China, and New Zealand which are expected to register high growth in the IIoT platform market. APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. Additionally, it is taking aggressive initiatives to upsurge IoT infrastructure, enabling industrial users to adopt the cutting-edge technology.
China is one of the biggest manufacturing hubs in the world and is actively adopting the smart manufacturing strategy to develop its manufacturing sector and reform and strengthen the Chinese industry over the next 10 years. Automation at manufacturing sites in Japan has been accelerating due to the use of sensors and other devices. In India, the government is driving IoT adoption by investing in smart cities and promoting startups. In collaboration with the private sector, it established a Centre of Excellence (CoE) for IoT India that aims to support and nurture local talent to set up enterprises that will drive the IoT market in the country.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key executives.
The break-up of profiles of primary participants is as follows:
- By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
- By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
- By Region: North America – 57%, Europe – 14%, APAC and ROW – 29%
The IIoT market includes major vendors, such as PTC (US), SAP (Germany), IBM (US), Hitachi (Japan), Accenture (US), Atos (France), Altizon (US), Flutura (US), and Oracle (US).
The report includes an in-depth competitive analysis of the key players in the IIoT market, along with their company profiles, recent developments, and key market strategies. The report segments the IIoT market by platform type, application area, vertical (process industry, discrete industry), and regions.
Reasons To Buy the Report:
The report on the global IIoT market will help market leaders/new entrants in the market in the following ways:
- The global IIoT market size has been derived on the basis of the revenue generated by vendors offering dedicated IIoT solutions and services that help various enterprises to manage multiple vendors across different business operations. The market scope excludes the from horizontal and vertical business applications such as Manufacturing Execution System (MES), Maintenance, Repair, and Operations (MRO), fleet management, Field Service Management (FSM), Computerized Maintenance Management System (CMMS), and Building Management System (BMS). The report excludes the revenues generated from associated services, solutions, and hardware.
- The report helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- The report helps stakeholders to understand competitors and gain insights to strengthen their market position. The competitive landscape section includes the competitor ecosystem, and an analysis of new product developments, partnerships, and mergers and acquisitions.