DUBLIN--(BUSINESS WIRE)--The "Industrial Internet Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The Industrial Internet market is projected to grow at a CAGR of 10.77% during the forecast period to reach US$485.717 billion by 2027, from US$237.419 billion in 2020.
The term "Industrial Internet," coined by General Electric Company, refers to the application of meta-level networking functionalities to distributed systems through the integration and combination of big data, analytical tools, and wireless networks with physical and industrial equipment.
The Industrial Internet, also known as the Industrial Internet of Things (IIoT), connects key assets, advanced predictive, and prescriptive analytics, and modern industrial personnel. It's a network of a variety of industrial devices linked together by communications technology, resulting in systems that can monitor, collect, exchange, analyze, and give innovative insights in ways never seen before.
These insights can then be used to assist industrial organizations in making much better and swifter business decisions. The IIoT is enabling unprecedented efficiency, performance, and productivity, by merging machine-to-machine communication with industrial data analytics. As a result, industrial businesses in manufacturing, aviation, power generation, oil and gas, utilities, and a variety of other industries are seeing significant operational and financial improvements. Such developments and demand for IIoT are expected to drive the market onward in the forecasted period.
With the emergence of Industry 4.0 and rapid digitalization, Industrial IoT is gaining momentum, further driving the market size.
Due to the rapid digitalization penetration in almost all industries, organizations can now remotely monitor all of their assets by exploiting big data while enabling a holistic value chain analysis through Industry 4.0 and IoT. These processes have enabled the optimization of the production processes to be easier and have also reduced downtime. The IoT has boosted automation like never before, allowing machines to make split-second decisions based on real-time data.
Furthermore, Industry 4.0 hasn't just made designing smart factories possible but also facilitated decision-making in product management and product engineering. According to the International Federation of Robotics, industrial robots, connected via the internet, are predominantly used in China, housing over 140,000 units of said products, followed by Japan with about 50,000 units.
Additionally, a survey conducted by Honeywell in 2019 reveals that about 68% and 66% of medium-to-large organizations in the UAE and Suadi Arabia believe IIoT technology is crucial for business operations and will become the core of many business operations by the next five years.
According to the survey, 72% and 64% of the decision-makers from the UAE and Saudi Arabia, respectively, expressed their respective companies' intention to invest heavily in IIoTs. Additionally, the initiatives taken by several governments across the globe are also expected to boost the market. Samarth Udyog 4.0, Digital India, and the Make in India campaign are driving the market in India with more momentum.
The fierce competitive landscape and the several strategic developments deployed by the key players are bound to boost the market share in the forecasted period.
With the rapid advancements in technology, many firms are gearing up and upgrading their core operations with Industry 4.0. The partnership between KX, a global giant in real-time stream analytics, and Telix, a worldwide enabler of IoT, is the best example of this.
COVID -19 Insights
The outbreak of COVID -19 has negatively affected the industrial IoT market and the country's overall economy. Due to the recession in the economy, many companies are unable to invest further in IIoT, at least in the short term. Many projects were also forced to be put on pause. Nonetheless, new developments were still seen during 2020 among tech giants. Honeywell and Microsoft's collaboration to launch a new solution is the best example of this. Furthermore, the pandemic has also accelerated the need for automation, thereby driving industrial automation.
Market Segmentation:
By Offering
- Hardware
- Software
- Services
By End-User
- Transportation & Logistics
- Healthcare
- Oil and Gas
- Energy & Power
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- Germany
- France
- United Kingdom
- Middle East and Africa
- Israel
- South Africa
- Asia Pacific
- China
- Japan
- South Korea
- India
- Others
Companies Mentioned
- Oracle
- General Electric Company
- Honeywell
- ThetaRay
- Schneider Electric
- Bosch Rexroth AG
- Siemens
- KUKA AG
- FANUC America Corporation
- Hewlett Packard Enterprise Development LP
- Avea
For more information about this report visit https://www.researchandmarkets.com/r/jo6w5d
