From healthcare and retail to automotive and transportation, the industrial Internet of Things (IIoT) is predicted to evolve into a large-scale, high-growth business with disruptive implications across a broad range of industries.
Here is a brief overview of the key factors to know about this important market, based on expert insights from Mind Commerce’s report Industrial Internet of Things Market Outlook and Forecasts 2021-2028, a specialized market research firm focused on digital technologies and the telecommunications industry.
What Is industrial IoT?
The Industrial Internet of Things (IIoT) is dubbed the fourth industrial revolution because of its capacity to radically modify industrial operational processes from beginning to finish. Other revolutions include mechanical (1784), moving assembly lines (1923), and computerization and the emergence of the Internet (1969).
According to Mind Commerce, “Industry will be dramatically impacted in the early part of this century by IIoT and associated efforts such as Industry 4.0 (the so-called fourth wave of technical innovation in industry).” “Industry will be profoundly transformed by IIoT and related initiatives such as Industry 4.0 (the so-called fourth wave of technological advancement in industry) in the early part of this century, just as it was transformed by steam power in the nineteenth century and electricity in the early twentieth century,” says Mind Commerce.
The Industrial Internet of Things (IIoT) envisions a future in which intelligent manufacturing is central. In today’s environment, machines are designed to operate together in a production line. In the future, machines in smart factories will communicate and cooperate with one another, utilizing the Internet, networked sensors, and other cutting-edge technologies to boost production and promote industrial automation.
Industrial IoT Market Growth
The global industrial IoT market is expected to reach $1,119.4 billion by 2028, growing at a 17.0% compound annual growth rate (CAGR).
Software will be the largest market segment in 2021, accounting for 44% of the total market. Europe will be the largest region in 2021, accounting for 41% of the worldwide market.
In the Industrial Internet of Things, artificial intelligence, augmented reality, data analytics, machines-as-a-service, robotics, self-driving vehicles, self-organizing manufacturing, sensor-driven computing, and virtual reality will all be employed.
Industrial IoT Market Drivers
The IIoT will help manufacturers optimize their operations by providing real-time monitoring and the ability to do predictive maintenance. Companies that use IIoT properly will be able to track asset performance, predict issues, increase efficiency, and reduce unplanned downtime.
“Successful organizations will understand how and where IoT technologies and solutions may create possibilities for operational efficiency, new and updated products and services, and whole new business models,” according to Mind Commerce.
IIoT Market Challenges
While the industrial internet of things has a lot of promise, it still has certain challenges to overcome. In the industrial IoT, which lacks standards, some businesses rely on a limited set of proprietary, incompatible technology.
Data security and privacy breaches are another major concern. Because IoT devices conduct physical activities, a data breach might have catastrophic consequences.
IIoT Industry Verticals
IIoT technologies are projected to change industries such as automotive and transportation, freight and logistics, healthcare, manufacturing, oil and gas, smart cities, and utilities.
Top Market Players
Some of the leading IIoT companies include ABB, Accenture, AGT International, ARM Holdings, ATOS, B+B SmartWorx, Bosch, C3, Inc., Cisco System Inc., Digi International, Echelon Corporation, Elecsys Corporation, General Electric, Hitachi, IBM, Oracle, PTC, Real Time Innovation, Rockwell Automation, SAP, Sensata Technologies, Siemens, Wind River, Worldsensing, and Wovyn LLC.
More lndustrial IoT Market Research
lndustrial Internet of Things Market Research lndustrial Internet of Things Market Research Do you need more in-depth information on the Industrial IoT Market? The Industrial Internet of Things Industry Outlook and Projections 2021-2028 from Mind Commerce contains a comprehensive market overview as well as detailed information on IIoT technologies and industrial verticals, as well as market research and projections, company analysis, and case studies.
About Mind Commerce
Mind Commerce is a trusted source for research and strategic analysis in the digital technology and telecommunications industries. Mind Commerce reports are designed to provide decision makers with technological insights in order to improve business intelligence. Infrastructure, platforms, devices, applications, services, emerging business models, and prospects are all thoroughly addressed in Mind Commerce studies, which contain key trends, projections, and in-depth research.