The Industrial
IoT Market is expected to grow from USD 76.7 billion in 2021 to USD 106.1
billion by 2026, at a CAGR of 6.7% 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.
Impact of
COVID on IIoT Market
The COVID-19
pandemic has significantly impacted the industrial IoT market. With the
pandemic persisting in North America and developing Asian countries, the
manufacturing sector is facing tremendous challenges. The US automotive
industry, one of the biggest in the world, has stagnated since the third
quarter of 2020. Various automotive companies have downsized their
manufacturing activities across the region, rendering technologies such as IoT,
AI, and Blockchain employed in their manufacturing units useless. Mexico is a
big beneficiary of the automotive industry in North America. However, the
significantly reduced production of automobiles has resulted in tremendous
losses for the Mexican automotive sector.
Networking
technology to dominate the IIoT Market
Networking
technologies accounted for the largest market share in 2021. 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 transit management systems to grow at the highest CAGR during the
forecast period
Transit management
systems provide accurate information pertaining to the location and performance
of vehicles. Vehicles equipped with automatic vehicle location (AVL) technology
can be easily tracked. Transit management systems are also used for tracking,
controlling, and monitoring the location of in-transit goods. Users monitoring
the location of vehicles get this information through various technologies
implemented on the dashboards of vehicles. Bus rapid transit (BRT) systems are
used to provide information related to the transit time of buses. These systems
are useful for emergency management systems and travel assistant devices
(TADs), which have GPS-enabled mobile phones to assist passengers with special
needs.
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APAC to hold
the largest share of the IIoT market in 2021
APAC to hold the
largest share of the market, in terms of value, in 2021. Asia Pacific is a
major hub for industrial manufacturing and has become a global focal point for
significant investments and business expansions. The growing population, rising
investments for R&D activities, and the increasing focus of international
and domestic IT companies on the growth of big data analytics and cloud-based
services in the region are expected to drive the growth of this market.
Key Market
Players
The leading players
in the industrial IoT market are Huawei (China), Cisco (US), GE (US), Intel
(US), Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US),
Honeywell (US), IBM (US), KUKA AG(Germany), NEC Corporation (Japan), Bosch.IO
(Germany), Siemens AG (Germany), and SAP (Germany).
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