Industrial Internet of Things (IIOT) Market to Reach $123.89 Billion by 2021
Browse 51 Market Tables, 73 figures spread through 160 Pages and an in-depth TOC on “Industrial Internet of Things Market”
The Industrial Internet of Things (IIoT) is a new phase for global transformation powered by technology innovation to improve operational efficiency. This technology has aided in generating economic opportunities and reshaping several industries. This technology will transform companies and countries opening up a new era of economic growth and competitiveness. With this technology, the intersection of people, data and intelligent machines is expected to have a positive impact on productivity, efficiency and operations of industries. IIoT will enable companies to boost revenues by increasing production through creating new business models and will exploit intelligent technologies driving innovation.
According to a recent study by IndustryARC the global market for Industrial Internet of Things is estimated to reach $123.89 billion by 2021. The manufacturing industry will be the highest revenue generating segment for IIoT market in the forecast period. However, healthcare segment will have the highest growth rate through 2016 to 2021; this is estimated to grow at approximately 60% year on year.
Europe region was the market leader in Industrial Internet of Things market in 2015 with approximately 28% of the total market and is estimated to grow at a CAGR of 22.2%. This market will see a high demand from the IIoT revolution in manufacturing, transport and energy sectors.
The Manufacturing sector enabled by Industry 4.0 will lead the Industrial IoT market in the forecast period while Healthcare segment will witness the highest CAGR of 59.8%. This is followed by Energy sector complimented by Smart Grid penetration will observe the second highest CAGR of 39.7% in the forecast period.
The Major Companies implementing IIoT in their business include:
- Intel Corporation
- ARM Holding Plc.
- Atmel Corporation
- Synopsys Inc.
- Siemens AG
The major manufacturers in this market have utilized product launches, product developments, acquisitions, agreements and joint ventures to expand entry into interconnected markets and enhance core competencies through additions to product portfolio as well as improving the existing product line. The acquisitions help them to reduce competition and enter into new markets.
The report on IIoT market provides detailed analysis of different types of components used in IIoT market and its end user industries.
The Industrial Internet of Things Market incorporates the various end user industries in the report-
- Advanced Manufacturing
- Energy Production
- Oil & Gas
- Digital Oilfield
- Health care
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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