Industrial Internet of Things (IIoT) Market Growth Analysis, Trends Forecast by Regions and Types to 2025

Posted on 2020-10-22 by researchinsights in Technology // 0 Comments

Felton, Calif., USA, Oct. 22, 2020 — /EPR Network/ —

The global Industrial Internet of Things (IIoT) Market size is expected to value at USD 933.62 billion by 2025. The Industrial Internet of Things industry is subject to witness a substantial growth due to the higher rate associated implementation of IoT technology across the globe. Some important factors responsible for the growth of industrial IoT industry are cost-effectiveness and easy availability for various advanced electronic devices such as processors, sensors, and other connected systems. Globally, the industrial IoT market is predicted to grow at CAGR of 27.8% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.

Industrial IoT helps to facilitate easy access to real-time data services, thus allowing implementation of the connected systems in the various industrial processes. Industrial Internet of Things (IIoT) offers improved operational efficiency and safety, leading to increasing adoption of IoT technology for numerous industrial processes. With the advent of an integrated digital-human workforce, and development of the industrial internet and its digital application are expected to offer significant opportunities for growth over the forecast period.

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Industrial IoT is serving numerous industries across the globe by providing necessary worker safety, minimum operational costs, and efficient industrial outcome. Increasing competition among industry players is leading development of new product and hybrid services worldwide in order to generate fresh revenue streams by moving away from just vending products to offering numerous industrial IoT services, thus generating measurable outcomes. The Internet of Things (IoT) offers easy access to numerous connected industrial devices and machines, and provides real-time information regarding their operation. Additionally, increasing number of governmental sponsored initiatives and efforts to promote industrial IoT technology are driving the market growth. Industrial IoT enables businesses with automation, optimization and tactical or strategic goals to aid in various industrial processes.

The introduction of “Industrie 4.0” from European region serves as a multi-layered strategic initiative that incorporates the major players including private bodies and local businesses as well as from academics in order to formulate an action plan, thus complementing implementation of advanced digital techniques for industries across the European region. Growing preference towards automation of various businesses processes is complementing the integration of industrialization and digital technologies.

Industrial IoT End-Use Outlook (USD Billion, 2014 – 2025)

Manufacturing
Energy & Power
Oil & Gas
Healthcare
Logistics & Transport
Agriculture
Others

The key players in the industrial IoT market are General Electric Company (GE), International Business Machines (IBM) Co., Cisco Systems Incorporations, Siemens AG, and Intel Co.

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The Industrial Internet of Things market is divided by region such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the growing in the awareness about benefits of IoT technology and presence prominent industry players in the region. Asia-Pacific region is predicted to hold major market share in the industrial IoT industry with massive growth in forecast period. Countries such as India, China, Japan and Taiwan are leading the Asia-Pacific market with increasing adoption of advanced automation technologies and significant investment by leading industry players considering potential growth opportunities in the region.

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