IIoT Market to Reach USD 515.8 billion at a CAGR of 25.2% till 2026

The global IIoT market was valued at USD 85.4 billion in 2018 and is expected to reach USD 515.8 billion in 2026, growing at a CAGR of 25.2% during the forecast period. Rising demands for advanced computing and monitoring devices which is coupled with wide range of Industrial Internet of Things (IIoT) applications across multiple industry verticals are some of major factors contributing towards growth of Industrial Internet of Things (IIoT) market globally.

The Industrial Internet of Things (IIoT), also known as Industry 4.0, is developed in order to improve operational efficiencies of manufacturing processes. IIoT also aids in creating unique opportunities to progress in the economic sector. Furthermore, implementation of the industrial internet of things helps in modernizing industry structure by reshaping and improving several key operational segments, such as manufacturing and supply chain, among others. Hence the adoption of IIoT has led into business transformation for numerous OEMs, factories and supply chain providers.

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One of the application segments for the industrial internet of things is automotive and transportation sector wherein the growth trend is found to be positive in last few years owing to continuous investments in rail, road and smart transportation projects in urban areas. Emerging economies are following the footsteps of developed nations while adopting IIoT in the transportation sector which has impacted positively on overall industry growth. However, the IIoT industry faces a major challenge in the form of data management and storage that is produced in huge bulk owing to a tremendous amount of data mining.

Key Findings:

• Based on technology, the sensor segment expected to hold the 30% market share in the market in 2018
• Based on software, the PLM segment is expected to register for the highest CAGR of nearly 32% in the global IIoT market
• Based on end use industry, the manufacturing segment is expected to lead during the forecast period
• On the basis of region, North America accounted largest market share globally by accounting more than 40% share of the global IIoT market in 2018

Recent News:

• In August 2019, United Kingdom based Arm Limited introduced new IoT connectivity platform  which offers automation to manage devices and data
• In June 2019, Cisco Systems, Inc. announced acquisition of France based Sentryo SAS which deals in developing and providing industrial IoT tools.