Industrial IoT Market Size, Growth, Trends and Forecast 2019-2024

Press Release:

Global Industrial IoT Market Impelled by Rapid Development of Technological Infrastructure

*As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Industrial IoT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

The global industrial IoT market reached a value of US$ 113.4 Billion in 2018. Industrial Internet of Things (IIoT) refers to the integration of industrial machine sensors and actuators with the Internet for improving industrial performance. In recent years, the adoption of IIoT has become more popular owing to the development in supporting infrastructures such as cloud computing and sensing technologies. A large number of companies are implementing IIoT by leveraging intelligent, connected devices as it helps in improving operational efficiencies, monitoring and controlling business operations from a remote location. It also helps in enhancing employee productivity, integrating and adapting business models as well as saving time and money.

Global Industrial IoT Market Drivers:

IIoT is being utilized in industries such as oil and gas, insurance, manufacturing, transportation, infrastructure and retail for improving operational efficiency. Moreover, organizations around the world are collaborating to develop innovative IIoT technologies that aid manufacturers in reducing maintenance costs and preventing unplanned asset downtime. For instance, Huawei Technology and General Electric have launched the Predictive Maintenance Solution which predicts maintenance schedules using flexible networking, IIoT, and cloud platforms. Similarly, leading organizations in the field of technology, namely, General Electric, AT&T, Cisco, Intel and IBM, have established the Industrial Internet Consortium to accelerate the development, adoption, and widespread use of interconnected machines and devices, and intelligent analytics.

IMARC Group’s latest report provides a deep insight into the global industrial IoT market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global industrial IoT market in any manner.

Report Coverage:

Historical, Current and Future Market Trends
Market Breakup by Component:
- Hardware
- Software
- Services
- Connectivity
Market Breakup by End-User:
- Manufacturing
- Energy and Utilities
- Automotive and Transportation
- Healthcare
- Others
Market Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Cisco, Ge, Honeywell, Intel, IBM, ABB, Rockwell Automation, Siemens, Huawei, Bosch, Kuka, Texas Instrumemts, Dassault Systemes, PTC, ARM, NEC, etc

Key Questions Answered in This Report:

How has the global industrial IoT market performed so far and how will it perform in the coming years?
What are the key regional markets in the global industrial IoT industry?
What is the breakup of the market based on the component?
What is the breakup of the market based on the end-user?
What are the various stages in the value chain of the global industrial IoT industry?
What are the key driving factors and challenges in the global industrial IoT industry?
What is the structure of the global industrial IoT industry and who are the key players?
What is the degree of competition in the global industrial IoT industry?
What are the profit margins in the global industrial IoT industry?