Investments in Information technologies by companies and increasing cloud adoption are expected to drive the global IIoT (industrial internet of things) technology market says Fortune Business insights in a report “IIoT (Industrial Internet of Things) Technology Market Size, Share and Global By Deployment Type (Hardware & Software), By Industry Vertical (Manufacturing, Oil &Gas, Metal & Mining), By Applications (Distribution Management System, Visualization Software, Transit Management System, and others) and Geography Forecast till 2027”. Innovations in transit management system, remote patient monitoring, and farm management system are some of the factors contributing to the growth of the global IIoT (industrial internet of things) technology market.
For more information in the analysis of this IIoT (Industrial Internet of Things) Technology Market https://www.fortunebusinessinsights.com/industry-reports/iiot-industrial-internet-of-things-technology-market-100383
Top Players Overview:
- Intel Corporation
- Schneider Electric
- Accenture PLC
- Tech Mahindra
- Softweb Solutions Inc.
- Sasken Technologies Limited
- NEC Corporation (Thailand) Ltd.
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Key Market Driver – Growth in IT investment, adoption of AI and cloud technology and expansion of Fifth generation (5G) cellular technology
Key Market Restraint – Interoperability and configurability issues, complexity in connectivity
Key Industry Developments
- December 2018: Avnet, Inc. acquired Softweb Solutions to strengthen its market presence in terms of market revenue in the Industrial-IoT market. Also, company’s industrial IoT solutions and services witnessed 15-18% overall customer addition and 30% revenue pipeline expansion during first month of fiscal 2019.
In a report mentioned by European Institute of Innovation & Technology, the Single
Market Strategy was applied by European government which comprises of elements such as, remote patient monitoring, transit management system, farm management system and others. These factors, in turn, are driving and accelerating growth for the global IIoT (industrial internet of things) technology market.
In addition, Increasing IT investment along with by growing cloud adoption is predicted to drive the IIoT technology market. The innovation for industrial IoT is predicted to boost the global IIoT (industrial internet of things) technology market during the forecast period. For instance, in 2018, GE launched the formation of a new industrial IoT (or IIoT) software firm referred to as GED2GE or Digital 2.0 based on the core architecture of cloud computing.
Key Segmental Overview:
1. By Deployment Type
2. By Industry Vertical
- Oil &Gas
- Metal & Mining
3. By Applications
- PLM (Product Lifecycle Management)
- MES (Manufacturing Execution Systems)
- SCADA (Supervisory Control and Data Acquisition)
- Outage Management System
- Distribution Management System
- Visualization Software
- Transit Management System
- Remote Patient Monitoring
- Farm Management System
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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