Allied Market Research, titled, Global Industrial Internet of Things (IIoT) Market by Component and Application: Opportunity Analysis and Industry Forecast, 2017-2023, the IIoT market size was valued at $115 billion in 2016, and is projected to reach at $197 billion by 2023, growing at a CAGR of 7.5% from 2017 to 2023.
IIoT is a network of multiple devices connected through communications technologies. The sub-systems are able to collect, monitor, analyze, and deliver insights for driving business decisions for the industrial companies. IIoT is an integration of advanced technologies such as Machine-to-Machine (M2M) communication
In 2016, the hardware components dominated the IIoT market in terms of revenue.
Further, based on application, the manufacturing application led the market
with 35% share in 2016.
%20Market.jpeg "Industrial Internet of Things (IIoT) Market")
Key Findings of the Industrial Internet of Things (IIoT)
Market:
- Hardware
components are projected to continue to maintain their leading position
during the forecast period.
- Manufacturing
application is projected to continue to maintain its leading position till
2023.
- Asia-Pacific
is expected to exhibit promising growth rate during the forecast period.
- IIoT
industry participants is anticipated to focus on introducing new products
with innovations and partnerships to improve their market share.
The key players profiled in the report include Cisco Systems, Inc., General Electric, Intel Corporation, Rockwell Automation, Inc., ABB, Texas Instruments Inc., Dassault Systmes, Honeywell International Inc., Huawei Technology Co., Ltd., and International Business Machines Corporation (IBM). These market players focus on the development of new technology, launch of novel products with innovative variations, and adoption of partnership and collaboration as key strategies to establish their position in the market.
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