The global Industrial
IoT (IIoT) Market size is expected to grow from USD 77.3 billion in 2020 to USD 110.6
billion by 2025, at a CAGR of 7.4% during the forecast period. The major
factors driving the growth of the market include technological advancements in
semiconductor and electronic devices, increased use of cloud computing
platforms, standardization of IPv6, and support from governments of different
countries for R&D activities related to IIoT.
The IIoT
market is highly competitive, owing to the presence of a large number of
regional and global players. The key players are focusing on enhancing their
product portfolios and increasing market share through strategies, such as
product launches, partnerships, agreements, and collaboration, and expansions.
Many market players adopted partnership & collaboration, and agreements as
their key business strategies
Top 2
players in the IIoT market:
GE (US) is a leading
provider of industrial equipment used in sectors such as oil & gas, energy,
aviation, transportation, and healthcare. The company has expanded its
offerings from industrial equipment to data analytics with the development of
the Predix platform. Its recent product launches are focused on this platform.
Predix assists GE to monitor most of its industrial systems remotely, gather
performance data, and predict their maintenance cycles and potential failures.
This data will also be useful in understanding how the systems are being used
in industries and in developing their improved versions. GE’s presence in a
large number of industrial sectors and global markets enables the company to
generate regular service revenue streams from its asset monitoring and
predictive analytical tools. The company is taking several steps to project its
Predix platform as an ideal industrial solution. For instance, it acquired
Wurldtech Security Technologies (Canada) to secure Predix and make it available
on the cloud to encourage developers to create new applications for the
platform.
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Cisco (US) is a leader in the
global enterprise networking and communications market; it is, thus, a leading
player in the IIoT market. IoT is the center of Cisco’s business strategy.
Cisco’s IoT business strategy combines the company’s Cloud strategy with data
center analytics, mobile, collaboration endpoints, and connected security
solutions. The focus of its business is on sustaining and extending its
leadership position in routing and switching by investing more in ongoing
innovations and expanding in new markets such as smart grids, smart connected
communities, virtual healthcare, education, media solutions, and sports and
entertainment. The company focuses on investing in its flagship businesses and
compliments these businesses by making strategic acquisitions in
next-generation growth opportunities in niche technologies. For instance, in
2019, Cisco acquired privately-held Voicea (Mountain View, CA, US), the creator
of a market-leading real-time solution that provides meeting transcription,
voice search, and meeting highlights/action items, with robust data privacy.
With Voicea technology, Cisco plans to enhance its Webex portfolio of products
with a powerful transcription service that blends AI and Automated Speech
Recognition (ASR).
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