About Industrial IoT
Industrial IoT is the automation in industrial production and other activities for better efficiency, productivity, data handling, reduction of human errors, etc. It involves the collection of data in the machines for better process and management which mitigates the risk of errors. Industrial IoT involves components such as hardware, software, network, service which contributes to the process. It is widely used in various industries by analysts, strategic business planners, financial institutions, and investment communities.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
PTC Inc. (United States), Siemens PLM (Germany), Cisco Systems, Inc. (United States), IBM (United States), Intel Corporation (United States), ABB (Switzerland), Honeywell International Inc. (United States), General Electric Company (United States) and Robert Bosch GmbH (Germany) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Industrial IoT market by Type (C-Level, Direct Level and Others), Application (Analysts, Strategic Business Planners, Financial Institutions, Investment Communities and Others) and Region.
On the basis of geography, the market of Industrial IoT has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Hardware will boost the Industrial IoT market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Energy and Utilities will boost the Industrial IoT market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Sensor will boost the Industrial IoT market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Use of Industrial IoT for the Predictive Maintenance and Production Quality in Industries
Market Growth Drivers:
Growing Digitalisation and Internet of Things in Various Industry and Demand for the Automation and Fair Connectivity for Data Handling of Different Industries
Challenges:
High Investment Cost Involved with the Industrial IoT
Restraints:
Problems with the Network Connectivity and Power Outages Due to Environmental Impact
Opportunities:
Rising 3D Printing Technology and AI Manufacturing Activities will Boost the Industrial IoT Market
Market Leaders and their expansionary development strategies
On 28th January 2020, Cisco Announces the New Industrial IoT Security Platform. Cisco security architecture learns customer IIoT environment, keeps watch for anomalies. The company rolled out what it called an overarching security architecture for Industrial IoT (IIoT) environments that includes existing products but also new software called Cisco Cyber Vision, for the automated discovery of industrial assets attached to Cisco’s extensive IIoT networking portfolio.
On 9th June 2020, PTC Inc. announced the release of the latest version of its market-leading ThingWorx Industrial IoT platform. Designed to accelerate Industrial IoT deployments across the enterprise value chain, ThingWorx 9.0 will deliver new and expanded features to help industrial companies create, implement, customize, and scale their solutions.
Key Target Audience
Industrial IoT Providers, Industrial IoT Platform Developers, Industrial IoT Industry Association, Research and Development Institutions, Regulatory Bodies, Potential Investors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.