The global Industrial IoT Market
size is expected to grow from USD 76.7 billion in 2021 to USD 106.1 billion by
2025, at a CAGR of 6.7% 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:
Huawei (China) was
established in 1987 and has its headquarters in Guangdong, China. The company
provides three IoT connection management platforms: EC-IoT, eLTE Broadband, and
Narrowband IoT. The platforms provide full connections among people and things,
support rapid integration of multiple vertical industry applications, and offer
APIs to meet diversified device access needs. This helps carriers, enterprises,
and industries build end-to-end IoT solutions and quickly integrate multiple
industry applications, and increase business revenues.
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Cisco (US) is a
global manufacturer and seller of IP-based IT and communications networking
products. Cisco offers equipment, software, and services to enterprises, public
institutions, telecom companies, and other service providers for effective
communications management. From automated production to predictive analytics,
Cisco’s industrial IoT solutions provide new opportunities to grow and expand
the business of its clients. The company provides securely connect production
systems--including IACS devices, sensors, actuators, and controllers; key
machines; and assets such as robots, CNC machines, tools, process skids, and
RTUs to plants and enterprise networks for enhanced connectivity across
production systems. The company has been continuously involved in growing its
IIoT business through partnerships and acquisitions. For instance, in February
2021, Cisco partnered with Newark, an Avnet Company, to offer industrial IoT
network solutions for harsh and non-carpeted environments to customers across
North America. The company has been involved in various other partnerships in recent
years to offer its IIoT solutions
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