According to a new market report pertaining to Industrial Internet of Things (IIoT), published by Transparency Market Research, the global IIoT market is expected to reach US$ 991,562.0 Mn by 2026, expanding at a CAGR of 24.3% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. Industrial internet of things hardware connectivity devices is anticipated to grow in the coming years.
Increasing demand for IIoT from the transportation sector is driving the global Industrial Internet of Things (IIoT) market
In the global Industrial Internet of Things (IIoT) market, increasing adoption of IIoT solutions and services in transportation to reduce the number of accidents and parking delays is the major factor driving the market. IIoT is playing a major role to overcome challenges in every industry. The transportation industry is facing challenges such as increasing congestion and traffic issues in metropolitan areas.
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To help the transportation sector, many companies have started developing advanced systems for collecting tolls to reduce time on highways and avoid congestions. There are many other systems developed to deal with traffic issues, emergency systems, tracking devices (for tracking vehicles and sending location information in an emergency scenario), and driving behavior solutions to keep track of the driving skills and avoid rash driving and accidents. Further, governments are also taking initiatives to deploy advanced systems for the transportation & logistics industry.
Industrial Internet of Things (IIoT) Market Analysis:
The global Industrial Internet of Things (IIoT) market is broadly segmented by component and end-use. According to the research study, the software segment of the market held the maximum share and is anticipated to expand at a CAGR of above 26% through 2026. The software segment’s revenue contribution is primarily due to significant deployment of IIoT solutions across industries such as aviation, power generation & utility, manufacturing and others.
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The software segment is anticipated to remain dominant over the forecast period. In the current Industrial Internet of Things (IIoT) market, services include systems integration, consulting services, and support & maintenance services. System integration services are likely to grow in the coming years. Further, the report predicts that the hardware segment is anticipated to witness remarkable growth over the forecast period 2018 – 2026.
Within hardware, connectivity devices segment is anticipated to contribute significant market revenue share and is anticipated to remain dominant throughout the forecast period. As per TMR analysis, the manufacturing end-use segment of the Industrial Internet of Things (IIoT) market is anticipated to grab maximum market share in 2018 and a similar trend is expected to be seen over the forecast period. There is increasing deployment of IIoT solutions and services in the manufacturing and healthcare sector for automation of processes (manufacturing) and advanced heath monitoring devices (health care).
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North America held the largest market revenue share of the Industrial Internet of Things (IIoT) market in 2017. Increasing adoption of advanced solutions for automation in the industry is expected to drive the market across North America. APAC followed by Europe is anticipated to grow in the IIoT market during the forecast period. Analyzing the Asia Pacific IIoT market at the country level, in 2017, China held majority of revenue share of the Asia Pacific market followed by Japan. However, in terms of revenue generation, India is anticipated to grow with healthy and significant CAGR over the forecast period.