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(IT-NEWSWIRE.COM, May 08, 2019 ) The IIoT market is expected was valued at USD 59.54 billion in 2017 and is expected to reach USD 91.40 billion by 2023, at a CAGR of 7.39% during the forecast period. The major factors driving the growth of the IIoT market include technological advancements in semiconductor and electronics devices, availability of automation solutions, improved data rates, and coverage of communication technologies; increasing use of cloud computing platform; growing adoption of IPv6; and support from governments worldwide pertaining to the adoption of IIoT solutions.
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The IIoT market for smart beacons is expected to grow at the highest CAGR between 2018 and 2023. Increasing demand for automation technologies in the retail vertical to enable faster checkout and enhance overall customer experience is driving the growth of the market for smart beacons.
The agriculture vertical is also a major beneficiary of IIoT solutions, owing to the availability of precision farming solutions. Initial investments in precision farming are very high; however, when carried out on a large scale, precision farming enables farmers to produce greater yield and make efficient use of the available natural resources. The IIoT market for the agriculture vertical is likely to grow at the highest CAGR between 2018 and 2023.
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Governments in countries such as Germany, the UK, France, the US, China, and India have taken several initiatives for encouraging manufacturers to increase their investments for the adoption of IIoT solutions. The manufacturing vertical is expected to hold the largest share of the IIoT market in 2018.
North America is expected to hold the largest share of the IIoT market in 2018. The market is flourishing in this region owing to various initiatives undertaken to encourage its development and implementation by large enterprises and governments in this region; also, there has been significant investments in the R&D of IoT solutions. These factors are driving the growth of the market in North America. The IIoT market in APAC is expected to grow at the highest CAGR during the forecast period. Rapid industrialization in emerging economies of APAC, such as China and India, and in Southeast Asian countries is boosting the adoption of IIoT solutions in this region.
To implement M2M communication in the industrial sector, machines need to have built-in components facilitating communication. In case of older factories, machinery may not be equipped with such components for data transmission; hence, these components need to be fitted externally. Some older equipment may also need alterations to retrofit these components, resulting in extra expenses to companies. This acts as a major hindrance for organizations using older machinery.
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The IIoT market ecosystem comprises players such as GE (US), Cisco (US), Intel (US), ARM (Japan), and IBM (US).
GE is a leading provider of industrial equipment for sectors such as oil & gas, energy, aviation, transportation, and healthcare. The company has expanded its offerings from industrial equipment to data analytics with the development of the Predix platform. Its recent product launches are focused on this platform. Predix assists GE to remotely monitor most of its industrial systems, gather performance data, and predict their maintenance cycles and potential failures. These data will also be useful in understanding how the systems are being used in industries and in developing their improved versions. GE’s presence in a large number of industrial sectors and global markets enables the company to generate regular service revenue streams from its asset monitoring and predictive analytical tools. The company is taking several steps to project its Predix platform as an ideal industrial solution. It has acquired Wurldtech Security Technologies (Canada) to secure Predix and make it available on the cloud to encourage developers to create new applications for the platform.
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