The Industrial
Internet of Things 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 IIoT 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 IIoT 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 IIoT 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.
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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.
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