The global industrial IoT market has been witnessing a huge growth over the last few years. The factors responsible for the growth of industrial IoT include increasing adoption of cloud computing in the industrial sector, growth in IoT and heavy automation and industrialization. However, security & privacy issues and data management are restraining the market for industrial IoT on a global scale.
The global industrial IoT market is expected to reach approximately USD 751.3 billion by 2023, growing at a CAGR of 23.88% from 2017 to 2023.
The market is divided into various segments based on component, deployment, connectivity, and end-user.
By component the global industrial IoT market is segmented into hardware, software and service. Software is expected to be the fastest growing segment during the forecast period with a CAGR of 25.65%. Software plays a major role in the development of industrial IoT systems. Every component which is integrated or deployed in the organization for various applications needs to relate to an information grid to exchange information. The software deployed at various levels of the information grid does the work of collecting, analyzing, and interpreting the raw data provided by different components of the system. Software is a necessary and irreplaceable element of every industrial IoT system. The hardware segment is expected to have the highest market share by component during the forecast period. Internet of things is a web of software and hardware devices in a connected environment where the exchange of information takes place to achieve the highest level of accuracy. Increasing number of connected devices, increasing capabilities of hardware components, and maximum utilization of available resources are some of the major factors fueling the hardware market segment
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Key Company Profiles :-
The key players of industrial IoT market include General Electric Company (US), Siemens AG (Germany), Cisco Systems (US), IBM Corporation (US), Rockwell Automation, Inc. (US), AT &T Inc. (US), Accenture Plc. (Ireland), Huawei Technologies Co. Ltd. (China), Robert Bosch GmbH (Germany), and Intel Corporation (US).
Drivers & Risks
Besides providing an understanding of the product/service, the dynamics that are molding the Industrial IOTmarket also offers an analysis of the volume trends and historical price data and figures of the product. The number of potential growth factors such as the risks, drivers, constraints, challenges, and opportunities is estimated to get a hold of the overall market. The growing innovations nowadays and the rise in the global users of the product/service and the numerous policies regulated by the government are also highlighted in the report.
The market forecast of the Industrial IOTmarket is analyzed not only on a global basis but also on a regional level. At the same time, a close study has been depending on the demographic changes for understanding the real-time market scenario. The market players have been explored for analyzing the potential of these market players in the present as well as in the forecast period. The report focuses on the regions wherein the market is concentrated such as the Middle East & Africa, Latin America, Asia-Pacific, Europe, North America, and South America.
Method of research
The main aim of the report is to provide an analysis of the Industrial IOTmarket during the periods as mentioned and the parameters of the report have been analyzed based on Porter’s Five Force Model. Furthermore, the data experts use the SWOT analysis, with the help of which the research experts are able to give exhibit details about the Industrial IOTmarket. All these research methodologies help to analyze the global market that helps to identify the main strengths, risks, opportunities and weaknesses of the product/service market.
Table of Contents – Major Key Points
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Industrial IOT Market, By Component
7 Global Industrial IOT Market, By Deployment
8 Global Industrial IOT Market, By Connectivity
9 Global Industrial IOT Market, By End-User
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