- The use of industrial IoT for predictive maintenance and rising number of data centers provides significant opportunities for the industrial IoT providers
- Based on application, the smart robotics segment is expected to witness rapid growth during the forecast period
Global industrial IoT (IIoT) market is expected to reach $263.4 billion by 2027, growing at a CAGR of 16.7 per cent during the forecast period of 2019 to 2027 as per a report by ResearchAndMarkets. This market is majorly driven by the factors such as extensive government support in encouraging digitalization across the industrial sector, rise in adoption of industrial IoT devices, and growing incorporation of cloud computing platforms. The use of industrial IoT for predictive maintenance and rising number of data centers provides significant opportunities for the industrial IoT providers.
Based on component, the IIoT solutions segment is estimated to emerge as the largest shareholder during the forecast period in the overall industrial IoT market in 2020.This is mainly attributed to the increasing adoption of IoT enabled industrial automation and control systems.
The report added, “The growing need for real-time communication, following compliance with cybersecurity standards, and engaging IoT devices to the cloud-based platforms for performing operational analysis among the organisations is driving the growth of the segment. Further, this segment is also attributed to register fast growth during the forecast period owing to the growing investments and demands for customised IIoT solutions by the industries.”
Based on application, the smart robotics segment is expected to witness rapid growth during the forecast period. This is due to the rapid proliferation of industrial automation under the fourth industrial revolution ‘Industry 4.0’.
It said, “Besides, lack of skilled and reduction in the number of employees due to pandemic COVID-19 forced industries and organisation to change their existing strategy and reduce dependency. As a result, the significant investment for smart robotics and associated IoT is on the rise, which is expected to drive the smart robotics application with the fastest growth rate over the coming year.”
Manufacturing segment is estimated to account for the largest share of the overall industrial IoT market in 2020
Based on industry vertical, the manufacturing segment is estimated to account for the largest share of the overall industrial IoT market in 2020. The healthcare segment is expected to grow with fastest CAGR during forecast period. Increasing demand for value-based healthcare facilities and adoption of newer technologies across the healthcare industry is driving the market for industrial IoT in healthcare. The proliferation of smart devices for health monitoring and fitness-related issues is giving rise to increase in adoption of IoT technology in the industry.
Geographically, Asia Pacific region is estimated command the largest share of the overall industrial IoT market in 2020. , Asia-Pacific is also expected to witness rapid growth during the forecast period due to factors such as increasing adoption of automation and advanced technologies across a wide range of industries in China and Japan to counter the rising labor costs; favorable government initiatives across the region; and investments by major IIOT companies.
