Industrial Internet of Things (IIoT) Market Size, Share, Industry Analysis and Growth Drivers by 2023

IIoT is a network of multiple devices connected through communications technologies. The sub-systems are able to collect, monitor, analyze, and deliver insights for driving business decisions for the industrial companies. IIoT is an integration of advanced technologies such as Machine-to-Machine (M2M) communication.

The IIoT market size was valued at $115 billion in 2016, and is projected to reach at $197 billion by 2023, growing at a CAGR of 7.5% from 2017 to 2023. In 2016, the hardware components dominated the IIoT market in terms of revenue. Further, based on application, the manufacturing application led the market with 35% share in 2016.

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Increase in technological investments in the developing regions coupled with the emergence of big data analytics has widely driven the global market growth of IIoT. Further, rise in demand from the healthcare industry and the initiation of industry-specific platforms in the developed region is expected to fuel the growth of the market.

The market witnesses a continuous rise in adoption of Internet of Things (IoT) due to presence of factors such as high penetration of Wi-Fi connectivity, technological enhancements in wireless network technologies, and rise in adoption of cloud platform. Furthermore, growth in development of smart transportation and smart cities leads to increased adoption of IoT. This in turns propels the growth of the IIoT market.

Smart and connected products are critical components in the connected supply chain and smart manufacturing processes. Further, the advent of low cost connected devices has enabled manufacturers to adopt IoT technologies to lower resource consumption and increase the overall productivity. Moreover, due to low operational cost, several manufacturers prefer to implement IoT applications in machines to maximize the efficiency with reduced cost.

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The key players profiled in the report include Cisco Systems, Inc., General Electric, Intel Corporation, Rockwell Automation, Inc., ABB, Texas Instruments Inc., Dassault Systmes, Honeywell International Inc., Huawei Technology Co., Ltd., and International Business Machines Corporation (IBM). These market players focus on the development of new technology, launch of novel products with innovative variations, and adoption of partnership and collaboration as key strategies to establish their position in the market.

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