With gradual rise in the adoption of internet of things in different consumer services, the IoT market is aiming at greater business traction in the years to come. Apart from that, growth in the demand for these services from business world is also increasing the demand for the industrial internet of things or IIoT. IIoT is currently witnessing emergence of advanced technologies and services. This upsurge is mainly driven by the changing business models around the world and growing use of intelligent and connected devices. According to the experts, the global industrial IoT market is projected to witness impressive growth in the next few years to come. This growth is steadily driven by rising demand and advancing technologies in the global industry.
Segmentation in IIoT Market
Researchers segment the industrial internet of things market on the basis of the types of technologies, components, applications and demand patterns. The types of technologies in the market include wireless and wired technologies. Basic components in the market are categorized into networking components, sensors, actuators, valves, energy meters, memory and processors and RFIDs. The basic application segments in the market include security and access controls, power generation systems, pressure and leakage controls, temperature controls, and vibration controls. Based on the demand patterns, researchers segment the market into different industrial verticals and geographic regions. The business verticals include transportation, manufacturing, retail, healthcare, energy and power and oil and gas. Geographic regions in the market include North America, Asia Pacific, Europe and rest of world.
Major Market Drivers and Restraints
As per the researchers, the industrial IoT market is steadily driven by several vital driving factors. These factors include growth in demand and adoption of cloud computing and standardization of IPV6. Apart from that, rapid technological advancements in the hardware systems and growth in government funding and R&D activities are also expected to drive this market at an impressive growth rate. Major restraining factors for the market include use of old equipment and lack of protocol or standardization. Big data and security concerns are also expected to create major challenges for the market. However, growth in data centers, demand from emerging markets are predictive maintenance are some of the major factors creating business opportunities for the key players in the market for industrial internet of things.
As per the latest research reports, the industrial IoT market is projected to witness an impressive growth at a projected CAGR of over 8% by 2020. At the estimated growth rate, the market is set to reach past $319.62 billion by the end of the year 2020.north America is expected to dominate the global market during the next few years. However, emerging markets like Asia Pacific and rest of the world are also projected to witness growth at an impressive CAGR.