Research Nester has released a report titled “Industrial IoT Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the industrial internet of things (IoT) market in terms of market segmentation by component, by technology and devices, by connectivity, by software, by vertical and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global industrial IoT market is segmented by vertical into manufacturing, utilities, oil and gas, metals and mining, retail, healthcare, transportation and agriculture, out of which, manufacturing segment is anticipated to hold the largest market share on account of rising application of robots across industries. Increasing need for automation of processes in industries is raising the demand for greater deployment of robots. In the statistics by International Federation of Robotics (IFR), in the year 2018, global robot installations recorded to 422, 271 units which was an increase by 6% than the previous year. Moreover, the valuation of the deployed robots was worth USD 16.5 billion, and automotive industry recorded to have the largest share of 30% for the total robot installations been made.
The global industrial IoT market is anticipated to record a CAGR of around 15.12% during the forecast period, i.e. 2019-2027. Rising concern for decreasing labor productivity and increasing labor costs, coupled with the need amongst industry owners to visualize and process the contextually rich data into real-time streams are some of the factors anticipated to contribute towards the growth of the global industrial IoT market throughout the forecast period. In the statistics by Organisation for Economic Co-operation and Development (OECD), labour productivity and utilization in the European Union shrunk to 0.73% from 3.06% in-between 2010-18. Moreover, in the statistics by Federal Statistical Office of Germany, unit labour costs in Germany peaked to 2.40% from (-)1.60% in-between 2014-18.
Regionally, the global industrial IoT market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific is expected to have largest market share on account of various favorable policies of the governments of the region that promotes automation in industries, coupled with factors such as the region being the major manufacturing hub, low cost of labor, important hub for mining and metals, and other infrastructural and industrial developments in nations across the region.
Growing Momentum Amongst Industries For the Adoption of Industrial Automation
Governments of nations across the globe are taking various steps towards automation of industries. Formulation of various strategic initiatives, for instance, Plattform Industrie 4.0 (Germany), Made in China 2025 (China), Make in India (India), and others by the governments, coupled with other private sector held consortiums, such as, Industrial Internet Consortium (IIC), AllSeen Alliance, Open Interconnect Consortium (OIC), IoT World Forum (hosted by Cisco) and others, all of these promote towards the industrial automation ecosystem, which is anticipated to act as a key growth driver for the global industrial IoT market over the forecast period.
However, concern regarding data security of the data collected from the sensors, and lack of standardization for transfer of data across inter-connected devices, which is vulnerable to cyberthreats is considered to operate as key restraints to the growth of the global industrial IoT market.
This report also provides the existing competitive scenario of some of the key players of the global industrial IoT market, which includes company profiling of Cisco Systems, Inc. (NASDAQ: CSCO), General Electric Company (NYSE: GE), Arm Limited, Rockwell Automation, Inc. (NYSE: ROK), Intel Corporation (NASDAQ: INTC), Honeywell (NYSE: HON), IBM (NYSE: IBM), ABB (NYSE: ABB), Siemens (ETR: SIE), and Huawei Technologies Co., Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global industrial IoT market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.