Increasing digitization, governmental efforts for achieving a green economy, increased sustainable use of resources, zest of industrial players for reduced operational costs, better return of investment, minimized electrical usage, and optimum level of asset utilization are some of the factors that will be the driving forces for the global industrial internet of things market in the near future, according to a business intelligence report published by IndustryARC.
The report is titled ‘Industrial Internet of Things (IIoT) Market: By Component (Transmitters, Memory, Processors, Networking Components, Battery Management, Others); By Connectivity (Wired, Wireless, Others); By Software (Middleware & APIs, Data Analytics, Others); By Solution (Component, Network Connectivity, Others); By Industry Vertical (Oil & Gas, Energy, Healthcare, Others); & By Geography Forecast (2018-2023).’ Automation analyst at IndustryARC has spent a considerable amount of time analyzing the market in order to statistically present important aspects of this market including growth drivers, trends, market opportunities, and segmentation.
Global IIoT Market: Regional Analysis
The global industrial internet of things market is geographically led by the Americas due to several propelling factors. According to the report, both North and South America collectively held 41.3% of the total demand share of the market in the year 2017, and experienced growth with a compound annual growth rate of 23.8%. Usability of IIoT in the healthcare sector has majorly driven the market. According to a survey conducted by Becker’s hospitals, around 85% of the entire hospital base in US makes use of IoT. In South America, Argentina has made plans to invest in corporate pipelines for oil and gas which will use sensor technology to detect failures and leakages. These pipelines will link Vaca Muerta to Buenos Aires and is proposed to be constructed in $1.8 billion. Investments of these sizes are set to boost the global IIoT market.
IIoT Market - Growth Drivers and Disruptive Trends
Governments of nearly countries are consistently making efforts to achieve a green economy and sustainable goals in accordance with climate change. This is serving as an important growth driver for the market. For instance, Chicago government has introduced the Smart Green Infrastructure Monitoring Project to reduce urban flooding and prevent damage of constructional property. This could not have been possible without the Internet of Things technology. IoT also helps in reducing operational costs, thereby leading to considerable financial savings. Industries and manufacturing units are impotent without the presence of energy. Sensors and smart technologies can help cut back on bills in a significant amount. Enlighted, a Silicon valley-based company has used the Internet of Things technology to reduce clients’ lighting bills by 60%-70%, and air conditioning bills by 20%-30%.
Global IIoT market is getting disrupted by the rising need for smart products across major industry vehicles. Connected devices are getting increasingly popular in healthcare industry as they are being used in hospitals for tracking patient activity in all the floors without manual intervention. Critical hardware is also prevented from breaking using IoT and causing loss to patients’ lives.
Another disruptive technology is the replacement of wired networks with wireless technology. Wireless HART, one of the most widely used IoT based industrial products uses self-organizing and self-healing mesh architecture for process automation in industries.
Global IIoT Market: Competitive Landscape
Key market players that have made recent developments in the market and been ahead of the curve are ABB Group, Rockwell Automation, Huawei Technologies Co. Ltd., ARM, Cisco, General Electric, Honeywell International, Inc., Intel, Melexis, and Siemens.
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