Industrial Internet of Things (IIoT) Market: Overview
Industrial Internet of Things (IIoT) is a system that integrates complex machines with high-end software programs and sensors for analyzing data to increase productivity and reduce operational time and costs. IIoT systems differs from Internet of Things (IoT) systems. Failure in IIoT systems would lead to disastrous situations where as in IoT systems the failure would barely lead to emergency situations.
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IoT systems are designed at consumer level device such as smart home appliances, automatic pet feeders and wearable fitness devices. IIoT systems comprises of industrial machines such as health monitors and manufacturing machines deployed at industrial and manufacturing sites. IIoT incorporates machine learning, big data technology and Machine to Machine Communication (M2M).
Machine learning is a type of artificial intelligence that enables computers with self-learning without being programmed. Big data technology is an emerging technology that incorporates any volume of data which can be converted into useful information. M2M Communication can be defined as direct communication between machines using any communication channel such as wired and wireless. The industrial machines in IIoT are connected through a communication software to collect, analyze, monitor and exchange information amongst themselves without any human intervention.
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Industrial Internet of Things (IIoT) Market: High-impact Drivers
The major factor that would drive the growth of IIoT market would be advancements in cloud technology. The growth in cloud technology would enable easy accessibility, unlimited storage and low-priced efficient processing for IIoT systems. Furthermore, formation of Industrial Internet Consortium (IIC) by key players such as AT&T Inc., Cisco Systems Inc., International Business Machine (IBM) Corporation, Intel Corporation and General Electric Company would also accelerate the development and adoption rate for IIoT systems.
Availability of low cost and highly efficient sensors would also drive the growth of market. The increasing need for optimum accuracy in industries such as aerospace, defense, energy, healthcare, manufacturing and transportation is likely to provide immense opportunities for IIoT market. Furthermore, Innovation in big data analytics could create immense opportunities for the IIoT market. However, the major challenge that IIoT markets likely to face is the interoperability issues and lack of standardization in IIoT products. The security and privacy issues with usage of cloud technology is likely to hinder the anticipated growth of IIoT market.
Industrial Internet of Things (IIoT) Market: Segmentation
IIoT market could be segmented on the basis of technology, industry vertical and geography. On the basis of type, the IIoT market could further be segmented into Radio Frequency Identification (RFID), sensors, 3D printed sensors, automated haulage systems, yield monitors, GPS, smart meter and robotics. On the basis of industry vertical, the global IIoT market could be segmented in manufacturing, aviation, oil and gas, healthcare, mining, power, agriculture and transportation.
Furthermore, in terms of geography, global IIoT market could be segmented into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America regions. IIoT products have significant presence in North America market due to presence of huge numbers of early adopters. Highest adoption rate for IIoT systems is led by APAC region due to growing technological advancements in sectors such as manufacturing and healthcare.
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