The Industrial IoT (IIoT) Market 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 growth of the IIoT industry is driven by factors such as 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.
Networking
technology to dominate the IIoT Market
Networking
technologies accounted for the largest market share in 2019. Networking
technologies, especially wireless technology, are the backbone of IIoT.
Numerous machines and sensor nodes are connected to the Internet using these
technologies to facilitate machine-to-machine communication. These technologies
also enable the collection of large volumes of data for improved
decision-making. An extensive range of wireless communication technologies are
available based on connectivity range, power requirements, and data transfer
rates. The industrial sector is relying increasingly on cellular technologies
for machine-to-machine communication.
The IIoT market
of farm management systems to grow at the highest CAGR during the forecast
period
The demand for farm
management software is expected to grow at the highest CAGR during the forecast
period. Increasing adoption of precision farming globally is expected to drive
the growth of the farm management systems. Precision farming helps farmers make
decisions that were not possible to analyze and interpret due to the lack of
collected data without using effective tools. Software used by farm management
systems allows cultivators to use the data collected over the years to create
formula-based prescriptions, analyze the average yield data, create profit
maps, and import soil test results.
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Key Market
Players
The major players in
the global IIoT market are ARM holding (UK), Cisco (US), GE (US) Intel (US),
Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US), Dassault
Systèmes (France), Honeywell (US), Huawei Technologies (China), IBM (US), KUKA
AG(Germany), NEC Corporation (Japan), Bosch.IO (Germany), Siemens AG (Germany),
and PTC (US).
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