Lack of defined rules and utlilisation of outdated equipment will restrict the growth of IIoT market in the coming years, the report said
The global industrial internet of things (IIoT) market revenue is expected to reach US$ 232.15 billion by 2023, according to a latest report by Zion Market Research. In 2017, the global IIoT market was stood at US$ 145.81 billion.
During the period from 2017 to 2023, the IIoT market would witness a tremendous increase, the report said.
Due to the presence of a huge pool of participants, the global IIoT market is showing a highly competitive business landscape, stated the report.
The major vendors of IIoT across the world include ARM Ltd, Intel Corporation, General Electric, Cisco Systems Inc and Rockwell Automation Incorporation. These major players across IIoT market are aggressively focusing on innovation, besides working on including advanced technologies in their prevailing products.
In the next few years, these players are also likely to take up mergers and acquisitions and partnerships as their main strategy for business development, the report said.
The major components available in IIoT market are sensors, distributed control system (DCS), industrial robotics, camera systems, condition monitoring and smart meters. The demand for camera system is comparatively higher and the trend is likely to remain so over the coming few years, the report noted.
However, the report mentioned that lack of defined rules and utlilisation of outdated equipment will restrict the growth of IIoT market in the coming years. In addition, security-related issues relating to application of artificial intelligence (AI) and big data analytics can plunge down the market value.
On the other hand, the emergence of real-time supply chain activities in the transportation and logistics sector will augment the expansion of business space, thereby normalising the impact of hurdles on the IIoT market.