Industrial IoT Market worth 91.40 billion USD by 2023, Growing at a CAGR of 7.39% | MarketsandMarkets

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.

In 2017, the IIoT market was dominated by companies such as GE (US), Cisco (US), Intel (US), ARM (UK), and IBM (US). Product launches, partnerships, and collaborations were the key strategies adopted by these top players to capture a major share of the IIoT market.

Top 2 players in the IIoT market:

GE is a leading provider of industrial equipment for sectors such as oil & gas, energy, aviation, transportation, and healthcare. The company expanded its offerings from industrial equipment to data analytics with the development of the Predix platform in 2015. Its recent product launches are focused on this platform. Predix assists GE to remotely monitor most of its industrial systems, gather performance data, and predict their maintenance cycles and potential failures. These data will also be useful in understanding how the systems are being used in industries and in developing their improved versions. GE’s presence in a large number of industrial sectors and global markets enables the company to generate regular service revenue streams from its asset monitoring and predictive analytical tools. The company is taking several steps to project its Predix platform as an ideal industrial solution. It acquired Wurldtech Security Technologies (Canada) in 2014 to secure Predix and make it available on the cloud to encourage developers to create new applications for the platform.

Cisco (US) is a leader in the global enterprise networking and communications market; it is, thus, a leading player in the IIoT market. The company offers a wide range of IIoT-related products, and its diverse geographic presence helps it acquire new customers in this market. IoT is the center of Cisco’s business strategy. Cisco’s IoT business strategy combines the company’s cloud strategy with datacenter analytics, mobile, collaboration endpoints, and connected security. The focus of its business is on sustaining and extending its leadership position in routing and switching by investing more in ongoing innovations and expanding in new markets such as smart grids, smart connected communities, virtual healthcare, education, media solutions, and sports and entertainment. Cisco acquired Jasper Technologies (US), a cloud-based IoT service platform provider company, in 2016. The acquisition helped Cisco build a comprehensive IoT service platform to enable service providers, enterprises, and ecosystem partners to rapidly build IoT service businesses.

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