New York, NY, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Industrial Internet of Things (IIoT) Market by Component (Sensors, Industrial Robotics, Distributed Control System (DCS), Condition Monitoring, Camera Systems, Smart Meters, and Others), by Software (Product Lifecycle Management (PLM) Systems, Manufacturing Execution System (MES), SCADA Systems, Distribution Management System, and Others), for Verticals (Manufacturing, Utilities, Oil & Gas, Metals & Mining, Retail, Healthcare, Transportation & Logistics, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023” .
According to the analysts at Zion Market Research, the global industrial internet of things (IIoT) market stood at US$ 145.81 Billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2023, the revenue in this industrial internet of things (IIoT) market is expected to reach US$ 232.15 Billion by the end of the forecast period.
Browse through 42 Tables & 37 Figures spread over 110 Pages and in-depth TOC on “Industrial Internet of Things (IIoT) Market by Component (Sensors, Industrial Robotics, Distributed Control System (DCS), Condition Monitoring, Camera Systems, Smart Meters, and Others), by Software (Product Lifecycle Management (PLM) Systems, Manufacturing Execution System (MES), SCADA Systems, Distribution Management System, and Others), for Verticals (Manufacturing, Utilities, Oil & Gas, Metals & Mining, Retail, Healthcare, Transportation & Logistics, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023”.
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With the presence of a large pool of participants, the global industrial internet of things (IIoT) market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). ARM Ltd., Cisco Systems Inc., General Electric, Intel Corporation, and Rockwell Automation Incorporation are some of the key vendors of industrial internet of things (IIoT) across the world. These players across industrial internet of things (IIoT) market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the industrial internet of things (IIoT) market study.
In a major breakthrough that can create ripples across the Industrial internet of things (IIoT) market, on September 3, 2018, NetComm Wireless, a telecommunications equipment firm, announced the launching of innovative IIoT equipment that enables 4G LTE connectivity for both low powered & low bandwidth things.
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The main components available in this industrial internet of things (IIoT) market are sensors, industrial robotics, distributed control system (DCS), condition monitoring, camera systems, and smart meters. Among them, the demand for camera system is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Escalating Need For Improving Operational Efficiency To Spur Market Growth
“Massive requirement for plummeting distribution & production costs along with escalating demand for enhancing operational efficiency will expand the scope of the internet of things (IIoT) market in the next few years,” says the author of this study. Apart from this, large-scale funding to develop smart technologies and humungous demand for new technologies such robotics, big data, and cloud computing across myriad sectors will further prompt the expansion of internet of things (IIoT) market in the near future.
Lack of defined rules and use of outdated equipment, however, will restrain the growth of industrial internet of things (IIoT) market in the years to come. Furthermore, security-related issues pertaining to the application of big data analytics and artificial intelligence can plunge down the industrial internet of things (IIoT) market value. Nevertheless, the emergence of real-time supply chain activities in transportation & logistics sector will enhance the expansion of business space, thereby normalizing the impact of hindrances on the industrial internet of things (IIoT) market, reports the study.
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Wide Application Of IoT Across Myriad Sectors To Aid Regional Dominance
Regionally, North America has been leading the worldwide industrial internet of things (IIoT) market and is anticipated to continue on the dominant position in the years to come, states the industrial internet of things (IIoT) market study. High awareness pertaining to advantages of IIoT applications along with early acceptance of IoT in myriad sectors is the main factor behind the dominance of the North America industrial internet of things (IIoT) market. The majority of industry players being based in North America is yet another significant factor that is supporting the growth of this regional industrial internet of things (IIoT) market.
North America is expected to have the largest market share in the industrial internet of things (IIoT) market during the forecast period. This can be attributed to the presence of many IIoT companies, such as Cisco Systems, Inc., General Electric, Intel Corporation, in North America. The region is anticipated to maintain its dominance in global industrial internet of things (IIoT) market and has been increasingly witnessing higher awareness regarding the benefits of using IIoT. The region witnesses numerous R&D exercises in the field of robotics, conveying advancements to cloud computing, AI, robotics, and machine learning.
Browse the full " Industrial Internet of Things (IIoT) Market by Component (Sensors, Industrial Robotics, Distributed Control System (DCS), Condition Monitoring, Camera Systems, Smart Meters, and Others), by Software (Product Lifecycle Management (PLM) Systems, Manufacturing Execution System (MES), SCADA Systems, Distribution Management System, and Others), for Verticals (Manufacturing, Utilities, Oil & Gas, Metals & Mining, Retail, Healthcare, Transportation & Logistics, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023 " report at http://www.zionmarketresearch.com/report/indu...ngs-market
Asia Pacific is expected to witness the highest CAGR in the global industrial internet of things (IIoT) market during the forecast period. This is primarily due to large-scale industrialization in Asian countries such as China, India, and Japan. With enhanced geographic zones and a high client base, the Asia Pacific region is expected to exhibit a strong growth in the industrial internet of things (IIoT) market. The development in this region is further driven by the presence of numerous manufacturing units that are progressively grasping the adoption of advanced technologies, such as cloud robotics.
Europe region is expected to witness moderate growth in industrial internet of things (IIoT) market in forecasted period mainly due to the growing adoption of automation in the manufacturing industry. Towering prerequisite for automation across different businesses is evaluated to grow the market for industrial internet of things (IIoT). There has been a progressing and expanding necessity for enhanced effectiveness in a wide range of industrial processes which, accordingly, is driving the demand for automation in countries such as UK and Germany. Such increasing drive for automation is expected to boost the demand for industrial internet of things (IIoT) in Europe.
Latin America is expected to witness moderate growth in industrial internet of things (IIoT) market in the forecasted period. Increasing popularity of service-oriented architecture (SOA) is one of the primary factors that will have a positive impact on the growth of the industrial internet of things (IIoT) market in Latin America region. The constantly increasing competition to provide innovative products will induce SMBs to adopt cloud computing in industrial operations that provide faster time to manufacture products. The market in the developing regions, for example, the Middle East and Africa (MEA) is expected to grow, because of low expenses and more prominent dexterity offered by the IoT solutions, the increase in mobile and wireless penetration, and the development in infrastructures.
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The global industrial internet of things (IIoT) market is segmented as follows:
By Component
- Sensors
- Industrial Robotics
- Distributed Control System (DCS)
- Condition Monitoring
- Camera Systems
- Smart Meters
- Others
By Software
- Product Lifecycle Management (PLM) Systems
- Manufacturing Execution System (MES)
- SCADA Systems
- Distribution Management System
- Others
By Vertical
- Manufacturing
- Utilities
- Oil & Gas
- Metals & Mining
- Retail
- Healthcare
- Transportation & Logistics
- Others
By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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