The
Industrial IoT Market is expected to grow from USD 64.00 billion in
2018 to USD 91.40 billion by 2023, at a CAGR of 7.39% during the forecast
period. The major factors driving the growth of the IIoT market include
technological advancements in semiconductor and electronics devices,
availability of automation solutions, improved data rates, and coverage of
communication technologies; increasing use of cloud computing platform; growing
adoption of IPv6; and support from governments worldwide pertaining to the
adoption of IIoT solutions.
The
Industrial IoT Market for smart beacons is expected to grow at the highest CAGR
between 2018 and 2023. Increasing demand for automation technologies in the
retail vertical to enable faster checkout and enhance overall customer
experience is driving the growth of the market for smart beacons.
The
agriculture vertical is also a major beneficiary of IIoT solutions, owing to
the availability of precision farming solutions. Initial investments in
precision farming are very high; however, when carried out on a large scale,
precision farming enables farmers to produce greater yield and make efficient
use of the available natural resources. The Industrial IoT Market for the
agriculture vertical is likely to grow at the highest CAGR between 2018 and 2023.
Governments
in countries such as Germany, the UK, France, the US, China, and India have
taken several initiatives for encouraging manufacturers to increase their
investments for the adoption of IIoT solutions. The manufacturing vertical is
expected to hold the largest share of the IIoT market in 2018.
North
America is expected to hold the largest share of the industrial IoT market in
2018. The market is flourishing in this region owing to various initiatives
undertaken to encourage its development and implementation by large enterprises
and governments in this region; also, there has been significant investments in
the R&D of IoT solutions. These factors are driving the growth of the
market in North America. The IIoT market in APAC is expected to grow at the
highest CAGR during the forecast period. Rapid industrialization in emerging
economies of APAC, such as China and India, and in Southeast Asian countries is
boosting the adoption of IIoT solutions in this region.
https://www.marketsandmarkets.com/PressReleases/industrial-internet-of-things.asp
To
implement M2M communication in the industrial sector, machines need to have
built-in components facilitating communication. In case of older factories,
machinery may not be equipped with such components for data transmission;
hence, these components need to be fitted externally. Some older equipment may
also need alterations to retrofit these components, resulting in extra expenses
to companies. This acts as a major hindrance for organizations using older
machinery.
The Industrial IoT Market ecosystem comprises players such as GE (US), Cisco (US), Intel (US), ARM (Japan), and IBM (US).
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