Dublin, Aug. 22, 2022 (GLOBE NEWSWIRE) — 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.
In September 2021, the two companies teamed up to launch an end-to-end, enterprise-grade industrial analytics platform. The new platform is a product of KX’s real-time streaming analytics attributes and Telit’s award-winning industrial IoT platform, deviceWISE. With this, users will be able to enjoy the simplicity of deviceWise and unrivaled connectivity in just one integrated solution, along with the power of KX’s unparalleled analytics technology. This integrated solution has already been made available in Europe’s one of the large manufacturing facilities.
IIoT has also been able to enhance collaboration between humans and machines through the Human Machine Interface (HMI), which possesses the ability to enhance efficiency rapidly via optimized monitoring of industrial processes and manufacturing units. The multiple developments being made in the HMI segment are also expected to add an impetus to the market. For instance, in June 2021, Incari, a Berlin-based start-up company, raised funding for the development of HMI. The start-up is offering a simple, user-friendly, and convenient user interface for designing complicated interfaces without any prior programming knowledge. The company is said to have a fresh boost in expansion with this new round of financing of € 15 million from investors.
At the same time, many companies are also teaming up strategically to expand their presence in the market. For instance, in April 2021, Eurotech, a service and solution provider for the IoT, teamed up with Exosite to simplify and enable the IIoT’s adoption from edge to cloud. The collaboration’s goal is to combine the former’s industrial IoT Edge with the latter’s Exosense condition monitoring application to provide consumers with an integrated IoT solution that can be launched instantly and scaled-up production with many connectivity features at the edge and several advanced applications in the cloud.
Also in October 2020, Honeywell and Microsoft, the two tech giants, announced their collaboration, wherein Honeywell introduced its latest domain-specific applications built on Microsoft Azure. With this collaborative integrated solution, customers will be able to access operating data, including workflow management support, to optimize performance and energy efficiency within the firm environment, thanks to the Honeywell Forge enterprise performance management software’s AI-driven autonomous controls being integrated with Microsoft Dynamics 365 Field Service.
Real-time access to crucial data will benefit field workers by allowing them to prioritize, evaluate, and address problems more rapidly. Similar strategic developments, including product launches, collaborations, acquisitions, and investments among the key players and budding start-ups, are expected to boost the market in the forecasted period.
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.
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porters Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Powers of Buyers
4.5.3. Threat of Substitutes
4.5.4. Threat of New Entrants
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis – Regional Snapshot
4.7. Market Attractiveness
5. Industrial Internet Market Analysis, By Offering
6. Industrial Internet Market Analysis, By End-user
6.2. Transportation & Logistics
6.4. Oil & Gas
6.5. Energy & Power
7. Industrial Internet Market Analysis, Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.2. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Market Positioning Matrix and Ranking
8.2. Strategies of Key Players
8.3. Recent Investments and Deals
9. COMPANY PROFILES
9.2. General Electric Company
9.5. Schneider Electric
9.6. Bosch Rexroth AG
9.8. FANUC America Corporation
9.9. Hewlett Packard Enterprise Development LP
For more information about this report visit https://www.researchandmarkets.com/r/4axghw
- Global Industrial Internet Market