Industrial Internet of Things (IIoT) Market Set to Reach 196 Bil By 2023

According to a report by Allied Market Research, in 2017, the worldwide Industrial Internet of Things reached $127.7 billion in 2017. By 2023, the industry is expected to reach $196.8 billion, with a CAGR of 7.5% between 2017-2023.

A swell in adoption of IIoT, technological advancements, and low costs associated with IIoT intergration have all contributed to the growth of the market. Despite these factors driving growth, a lack of adequate IT infrastructure restricts the current possibilities of market growth. While remaining conscious of this limiting factor, it's important to note that increased predictive maintenance and growing adoption of the cloud-based development model is expected to create abundant opportunities in the future.

The global IIoT market is segmented by application, region, and component. Within the component segment, the market is divided by software, services, connectivity and hardware. Out of these segments, hardware comprised the largest market share in 2017, at more than a quarter of the market. The connectivity segment is projected to grow at a CAGR of 8.3% between 2017-2023.

By application, the IIoT market is segmented by energy & power, gas & oil, healthcare, manufacturing, logistics & transportation, and other. In 2017, manufacturing was the largest segment of the market at one third. Despite manufacturing's hold over the market, healthcare is projected to grow the fastest, at a CAGR of 9.0%.

By region, the IIoT market is divided into the following regions: Europe, Asia-Pacific, North America, LAMEA. North America held the largest market share at more than 1/3rd of the industry, though Asia-Pacific is expected to grow the most quickly, at a CAGR of 8.2% for the forecast period of 2017-2023.

Major market players include Huawei Technology Co., Ltd., International Business Machines Corporation (IBM), General Electric, Cisco Systems, Inc., Honeywell International Inc., Dassault Systems, Intel Corporation, Rockwell Automation, Inc., Texas Instruments Inc., and ABB. These key companies have followed strategies such as mergers & acquisitions, collaborations, partnerships, and new product launches to maintain their positions in the market.

Full report available from Allied Market Research:

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