According to a recent publication by Transparency Market Research (TMR), despite a fragmented and competitive vendor landscape of the global industrial internet of things (IIoT) market, a handful of companies such as General Electric Company and IBM Corporation have established themselves as leaders herein. The focus of leading companies, in order to maintain their foothold, is to leverage innovative technologies to provide IIoT solutions. These players are also considering carefully crafted partnerships and acquisitions to expand their service offerings and to expand their geographical outreach.
Some other key participants in the global IIoT market include:
- Intel Corporation
- Schneider Electric SE
- Emerson Electric
- ABB Ltd.
- Accenture plc.
A report, also by TMR, forecasts the global IIoT market to expand at a jaw-dropping 23.7% CAGR between 2017 and 2025, for the market to become worth US$783,881.1 mn by 2025.
- High Adoption by Industries to Catapult Software Component Segment
- Reduction of Machine Downtime and Improved Productivity Boosts Growth
Key factors driving the global industrial internet of things market include technological developments, rising adoption of smart, connected devices, and increased demand for these devices from emerging markets. The expanding applications of smart, connected devices across industries in order to improve process efficiency is leading to a surging demand for connected devices, particularly in Europe and Asia Pacific. Furthermore, increased investments in technology by industries to improve operational efficiency and asset performance is expected to work in favor of the global industrial internet of things market.
One drawback of IIoT is interoperability glitches between machines and connected devices that have different architecture and protocols. Nevertheless, data collected by means of IIoT can be useful in terms of generating savings and increasing productivity.