The Industrial Internet of Things (IIoT) market was valued at $93.99 Billion in 2014, to reach $151.01 Billion by 2020 and is expected to grow at a CAGR of 8.03% between 2015 and 2020.
IIoT is the integration of complex physical machinery with industrial networks and data analytics solutions to improve operational efficiency and reduce costs. It comprises advanced sensor technologies, machine-to machine communication, real-time data analytics, and machine learning algorithms to enhance the decision-making capabilities of the industries. The need to identify potential failures in machinery in advance to avoid unplanned outages by the use of predictive maintenance techniques is a key influencing factor for the adoption of IIoT solutions. Advancements in sensor technologies as well as improved reliability, coverage area, and bandwidth of cellular technologies are enabling IIoT in sectors such as manufacturing, energy & power, and healthcare among others. The implementation of IIoT is expected to give rise to new business models and provide opportunities to a wide range of new and established companies in the market.
The key players in the market include General Electric (U.S.), Cisco Inc. (U.S.), Intel Corporation (U.S.), Rockwell Automation (U.S.), ARM Holdings plc. (U.K.), ABB Ltd. (Switzerland), Siemens AG (Germany), Honeywell International Inc. (U.S.), Dassault Systèmes SA (France), Huawei Technology Co., Ltd. (China), Zebra Technologies (U.S.), IBM Corporation (U.S.), and Robert Bosch GmbH (Germany) among others.