PLEASANTON CA, Oct. 13, 2021 (GLOBE NEWSWIRE) — As per the prediction by AllTheResearch, Global Industrial IoT Market was valued at USD 77.3 billion in 2020, and it is projected to reach USD 107.2 billion by 2027, growing at a CAGR of 7.30% during the forecast period 2021 – 2027.
The rapid adoption of advanced technologies, such as big data, cloud computing, and machine learning along with the increasing trend of remote working are the prominent factors driving the growth of the global industrial IoT (IIoT) market.
The fast reception of 5G organization alongside cutting-edge innovations like Big Data, Artificial Intelligence (AI), distributed computing, AI and are the significant driving element of the development of worldwide modern IoT market. With the rollout of the 5G organization in modern IoT, joining of these cutting-edge innovations has assisted numerous ventures with further developing their representation capacities and create usable and sensible information. These advancements, subsequently have changed the modern scene by helping clients in dissecting, picturing, and observing the natural information. Notwithstanding, this aides enterprises in expanding efficiency and dynamic cycles. Accordingly, rising reception of these cutting-edge innovations is an essential factor driving the development of the market.
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Further, the increasing demand for industrial robots, across the globe, is projected to create a high need for low jitter and low latency communications. This will immensely result in increasing the demand for Industrial IoT solutions. The increasing affordability and improved ease in the programming of robots in several industries are the prominent factors accelerating the growth of the robot market. In addition, the rising awareness of industrial accidents and employee safety is also driving the growth of the robot market. The International Labour Organization (ILO) stated that approximately 2.3 million people across the globe succumb to work-related accidents or diseases every annual year. Therefore, many companies are rapidly adopting robots to ensure employee safety and improve their productivity and efficiency. For instance, in November 2019, Tomenson Machine Works, a manufacturer of industrial machinery adopted UR3 collaborative robots to achieve automation in its pin stamping application. This helped the company in reducing 40% in misloads and increased company’s profitability by providing ROI within 6-7 months. As IoT has wide application in robotics, the rising demand of robots is expected to majorly drive the global Industrial IoT market.
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Prominent Players of Industrial IoT Market with Company Profiles and Competitive Intelligence:
- General Electric (GE)
- Cisco Systems, Inc.
- Intel Corporation
- Rockwell Automation, Inc.
- Texas Instruments Inc.
- Dassault Systèmes
- ABB Group
- Honeywell International Inc.
- Huawei Technology Co., Ltd.
- IBM Corporation
- Siemens AG
- Microsoft Corporation
By Region Analysis (Revenue, USD Million, 2021-2027):
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Based on region, Asia-Pacific dominated the Global Industrial IOT Market in 2020 and is expected to show similar trends in forecast period.
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Industrial IoT Industry Segmentations:
- Remote Monitoring
- Data Management
- Security Solutions
- Connectivity Management
- Application Management
- Device Management
By End-Use Vertical:
- Logistics & Transportation
- Energy & Power
- Oil and Gas
- Other End-user Verticals
COVID-19 Global Market Impact:
The episode of the Covid-19 pandemic has affected the economies on a worldwide level. Numerous enterprises like assembling, retail, oil and gas and a lot more have confronted a significant hit because of the lockdown in significant economies. Along these lines, undertakings are presently re-evaluating their plans of action to work on their proficiency in the post Coronavirus period. Numerous enterprises are almost there further developed business congruity and guaranteeing the wellbeing of its representatives. Additionally, the main associations have embraced a remote working society. This is subsequently, decidedly affecting the interest of worldwide modern IoT across the globe. Moreover, because of the COVID-19 pandemic, there has been a powerful expansion in the interest of modern IoT in medical care portion. The medical care industry has shown a fast reception of modern IoT because of the expanding need to oversee patient information and give remote checking to the patients.
- Based on components, the solution segment held the dominant share in the global industrial IoT market and is expected to hold the same position during the forecast period.
- Based on the End-Use Vertical, on manufacturing segment has dominated the global industrial IOT Market and is expected to hold a large share during the forecast period.
- Based on region, Asia-Pacific dominated the Global Industrial IoT Market in 2020 and is expected to show similar trends in the forecast period.
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Table of Content (ToC) briefly:
Chapter 1: Overview of the market includes Definition, Specifications and Classification of Industrial IoT market, Features, Scope, and Applications.
Chapter 2: Product Cost and Pricing Analysis: The Manufacturing Cost Structure, Raw Material and Suppliers cost, Manufacturing Process, Industry Chain Structure.
Chapter 3: Market Demand and Supply Analysis that includes, Capacity and Commercial Production Date, Manufacturing Plants Distribution, R&D Status and Technology Source, Raw Materials Sources Analysis
Chapter 4: Forces that drive the market
Chapter 5 and 6: Regional Market Analysis that includes North America, Europe, China, Japan, Southeast Asia & India, Industrial IoT Market Analysis
Chapter 7 and 8: Industrial structure
Chapter 9: Market Trend Analysis, Regional Market Trend, Market Trend by Product Type
Chapter 10: Industrial IoT sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix, and data source.
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