IIoT (Industrial Internet of Things) Technology Market Size, Share and Global By Deployment Type (Hardware & Software), By Industry Vertical (Manufacturing, Oil &Gas, Metal & Mining), By Applications (Distribution Management System, Visualization Software, Transit Management System, and others) and Regional Forecast, 2024-2032

The industrial internet of things (IIoT) refers to the extension of the internet of things (IoT) in industries and manufacturing sectors. IIoT is an advanced integration of information technology (IT) and operational technology (OT). This integration provides industrial capabilities such as machine-to-machine (M2M) communication, big data, machine learning, automation and optimization services and better visibility of the supply chain and logistics operations.

IIoT technology is enabled with advanced AI sensors that are used for the detection of changes in the physical and logical relationship of one object to another or with the environment. Physical changes may include temperature, light, pressure, sound, motion, presence/absence of an electronically traceable entity, location, etc. According to the European Institute of Innovation & Technology., in 2017-18, the Single Market Strategy was implemented by Europe government that includes elements such as transit management system, remote patient monitoring, farm management system and others which drive Europe a step further in accelerating growths on the industrial internet of things.

Growth in IT investment backed by increased cloud adoption is expected to drive the IIoT technology market. For instance, in 2018, GE announced the formation of a new industrial IoT (or IIoT) software firm known as GE Digital 2.0 or GED2 based on the core architecture of cloud computing. GED2 can focus on developing and delivering integrated solutions of Predix, GE industrial IoT software platform.

KEY PLAYERS COVERED

Some of the leading players operating in IIoT technology market across the globe include: IBM Corporation, Intel Corporation, Schneider Electric SE, General Electric Company, Emerson Electric, ABB Ltd., Accenture PLC, Tech Mahindra Ltd., Softweb Solutions Inc., Sasken Technologies Ltd., ZIH Corp., Siemens AG, Robert Bosch GmbH, and NEC Corporation.

SEGMENTATION

REGIONAL ANALYSIS

In the Asia Pacific region, China is expected to witness high IIoT implementation. The country reported 273 Mn IIoT devices connected at the end of 2017 and is building network site density at an unprecedented rate in the manufacturing industry. Also, China Tower which owns approximately 96 percent of macro towers in China, has invested US$ 17.7 Bn in the capital and added more than 350,000 sites since 2015. Further, Europe is also expected to hold a strong position in the global industrial internet of things market. For instance, in October 2018, the government of Europe has invested more than US$ 45 Mn for infrastructure development of IT projects in countries such as Germany, Spain, etc.

KEY INDUSTRY DEVELOPMENTS

• December 2018: Avnet, Inc. acquired Softweb Solutions to strengthen its market presence in terms of market revenue in the Industrial-IoT market. Also, the company’s industrial IoT solutions and services witnessed 15-18% overall customer addition and 30% revenue pipeline expansion during the first month of fiscal 2019.