Global Industrial IOT market is expected to grow over US$120 Bn by 2027 and is anticipated to grow at around 8% CAGR during the forecasted period 2020-2027. The market witnesses high growth due to the constant effort of leading organisations to produce connected business model.
Industrial Internet of things refers to the use of IOT applications, smart product design principles and data driven automation practices in Industrial sector. Industrial IOT is the key factor in Industrial 4.0 or the smart factory which brings together cloud computing, artificial intelligence and deep machine learning to create intelligent, self-optimizing industrial equipment and facilities.
It has been proven to be beneficial for manufacturing companies in cost reduction and process simplification. The rise in digital advancement has paved way for more IOT applications being adopted in Industrial sector. The changing paradigm of manufacturing industry, requirements of essential IOT solutions, application of AI in factory floors are some of the key drivers contributing to the growth of the market. However, integrating IOT in existing solutions, Cyber security and data privacy are major challenges faced by this industry.
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By Device and Technology, the Global Industrial IOT is segmented into Monitoring, Sensor, RFID, Smart meter, Industrial robotics, Camera system, Networking technology. Out of these Smart meter segment holds the highest share in the Global Industrial IOT market with over 20%. Industrial robotics is expected to grow fastest in the forecasted period, 2020-2027 due to increasing automation in manufacturing and other sectors.
By End Use, the global Industrial IOT market is segmented intoManufacturing, Logistics and transport, Energy, Power, Agriculture, Oil & Gas and Healthcare. Of these segments, Logistics and transport has the highest market share in Global Industrial IOT market. As this segment has increasingly demands seamless connectivity and monitoring. Manufacturing segment is expected to grow fastest at rate of around 25% in our forecasted period of 2020-2027 as many manufacturers are moving towards automation and AI.
By Software, the global industrial IOT market is segmented into SCADA, PAM, DCS, ERP, PLC, HMI. Of these segments PLM is expected to dominate the market due to increasing demand for PLM solutions across various industry verticals such as Power, Energy, Infrastructure and consumer goods etc., The rise in manufacturing activities in emerging market such as China, India and South Korea also an important reason for the growth. MES is the next fastest growing Industrial IOT due to the increasing need of centralized business data in enterprises and track multi plant operations with the help of real time data analysis. MES (Manufacturing Execution System) are computerized system which allows tracking and documenting the transformation of raw materials to finished goods. Also manufacturing companies are adopting MES technology to reduce cost and provide opportunities in the operation and deliverance of high-performance production assets across the supply chain.
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Key players in Global Industrial IOT market are IBM, Accenture, Vodafone PLC, PTC Inc., Intel corporation, Cisco systems, Uber, ABB, Microsoft corporation, Siemens, General electric company, Rockwell automation, Toyota Motor corporation, ARM holdings plc, Atmel corporation., Huawei. Many of these players have followed aggressive market expansion strategies and technological innovation to stay ahead in the competition.
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