Multiple industries including logistics, oil and gas, transportation, energy/utilities, and healthcare have been increasingly leveraging Industrial Internet of Things (IIoT) for optimizing operational efficiency and automating processes for ensuring better business decision making. IoT applications in smart supply management have strikingly grown, generating substantial revenues in the Industrial Internet of Things (IIoT) market. The global valuation of the Industrial Internet of Things (IIoT) market is projected to surpass US$ 2.1 Trn by 2031.
Advancements in sensors and other hardware components in IoT framework have enabled the development of new-age IIoT platforms. Cutting-edge IoT solutions have opened up massive revenue streams for stakeholders in the Industrial Internet of Things (IIoT) market. Several benefits in boosting operational management in organizations are catalyzing adoption in multiple industrial sectors, observed the analysts in a detailed scrutiny of the dynamics of the Industrial Internet of Things (IIoT) market.
The use cases of IoT in transportation and oil and gas sectors has been growing remarkably, which is expected to expand the revenue possibilities in the Industrial Internet of Things (IIoT) market. The drive for connected logistics systems and prospects of smart manufacturing are extending the canvas for creating new opportunities in the Industrial Internet of Things (IIoT) market.
Asia Pacific is projected to offer long-term revenue growth prospects for various players in the market. Taiwan, Thailand, South Korea, and China are expected to witness rapid deployment of solutions, thus creating massive revenue potential in the Asia Pacific Industrial Internet of Things (IIoT) market.
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Key Findings of Industrial Internet of Things (IIoT) Market Study
- Need for Innovative IIoT Platforms for Improving Operational Efficiency to Drive Incredible Avenue: Manufacturing industries are increasingly harnessing the potential of IIoT for gaining real-time analytics and using them for optimizing business processes. State-of-the-art IIoT platforms are opening up new opportunities in Industry 4.0, finds an in-depth study on the Industrial Internet of Things (IIoT) market. Of note, the analysts at TMR have found that businesses in multiple end-use industries view IIoT solutions increasingly useful in bringing new operational gains in various business processes. Furthermore, the application of IIoT solutions in supply chain and logistics will expand the revenue potential considerably during the forecast period.
- Spending on Collaborative Robots to Catalyze Lucrative Growth Opportunities: The past few years have witnessed enormous adoption of collaborative robots or cobots with aim to augment business productivity. Integration of cobots with IIoT has unlocked a vast lucrative avenue for companies in the Industrial Internet of Things (IIoT) market. Robotic companies are offering smaller and cost-effective cobots, which has been catalyzing the growth prospects of the market.
- Several Benefits in Enriching Healthcare Delivery to Propel Constant Revenue Gains: IIoT solutions are expanding the horizon of network and data infrastructure, notably for the management of critical assets including equipment. Strides made by telehealth have opened up substantial revenue streams, find the TMR study on the Industrial Internet of Things (IIoT) market. IIoT platforms have accelerated the healthcare delivery in remote management of assets.
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Industrial Internet of Things (IIoT) Market: Key Drivers
- The drive for integration of IoT with industrial operations stems from the growing use of sensors and actuators for improving efficiencies and enable faster and accurate decision making for businesses. End-use industries are thus leveraging the IIoT solutions and platforms to improve asset tracking, energy management, and predictive maintenance.
- IIoT has generated enormous interest among manufacturing businesses for promoting sustainable and green practices, thus bolstering revenue possibilities in the Industrial Internet of Things (IIoT) market. The proliferation of IoT devices has boosted the market.
Industrial Internet of Things (IIoT) Market: Key Players
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Some of the key players in the Industrial Internet of Things (IIoT) market are NEC Corporation, Robert Bosch GmbH, Siemens AG, Softweb Solutions Inc., Tech Mahindra Limited, Accenture plc., Emerson Electric, General Electric Company, Schneider Electric SE, Intel Corporation, and IBM Corporation.
