The IIoT 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. 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.
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The potential benefits of IoT have encouraged several industrial equipment manufacturers to implement IoT. Some of the prominent industrial equipment manufacturers are General Electric (US), ABB (Switzerland), Bosch (Germany), and Siemens (Germany). By connecting industrial equipment together using wireless connectivity and gathering sensor data from the equipment, manufacturers can accurately determine the current state of machines, optimize their performance, identify potential failures, and plan maintenance schedules accordingly.
IIoT’s ability to remotely monitor enterprise assets and perform predictive maintenance is the prime reason for its increasing adoption. Remote monitoring is a necessity in industries, especially for equipment deployed under extreme conditions, such as in subsea oil wells or mines. The failure of equipment operating under such conditions can be potentially disastrous, as it may result in heavy financial losses and can also threaten the lives of people in the neighbourhood.
The IIoT market has been segmented based on device & technology into sensor, industrial robotics, RFID, DCS, condition monitoring, smart meter, smart beacon, camera, yield monitor, and networking technology. These devices and technologies are enabling the implementation of IIoT across verticals such as manufacturing, energy, oil & gas, metals & mining, healthcare, retail, transportation, and agriculture. The market has also been segmented based on software into manufacturing execution system (MES), product lifecycle management (PLM), supervisory control and data acquisition (SCADA) system, outage management system (OMS), distribution management system (DMS), retail management solution, traffic management system, remote patient monitoring (RPM), and farm management system.
The manufacturing vertical is an early adopter of IIoT solutions for the improvement of its production processes. Industrial automation and robotics technologies have transformed the manufacturing vertical drastically; the vertical is likely to grow further with the increasing implementation of IIoT solutions. Government initiatives worldwide, such as “Industrie 4.0” in Germany or “Plan Industriel” in France, are expected to boost the growth of the IIoT market for the manufacturing vertical. Energy distribution is another key application area for IIoT solutions. Smart grids are used to optimize the distribution of electricity. Hence, there is an increase in the installation of smart meters in regions such as North America and Europe, and in countries such as China.
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. Among all verticals, the IIoT market for the agriculture vertical is likely to grow at the highest CAGR between 2018 and 2023.
Commercialization of IIoT-related applications is in the introductory stages in the developing economies in APAC. However, countries such as China, Japan, South Korea, and India have undertaken numerous initiatives to encourage the implementation of IIoT in the region. Among all region, the IIoT market in APAC is expected to grow at the highest CAGR during the forecast period.
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