The global IIoT market is estimated to grow from USD 76.7 billion in 2021
to USD 106.1 billion by 2025, growing at a CAGR of 6.7% during the forecast
period. Technological advancements in semiconductor and electronics devices,
increased use of cloud computing platform, standardization of IPv6, support
from governments worldwide for the adoption of IIoT solutions, and decreased
cost of automation systems are the major factors responsible for the growth of
the IIoT market. However, lack of standardization, legacy equipment, and lack
of skilled workforce are the factors hindering the growth of this market.
Predictive maintenance, increased number of data
centers, innovations in cross-domain applications, and the development of
comprehensive solutions are major opportunity areas for the growth of the IIoT
market. The key challenges for this market include data security and privacy
and maintenance and updates.
The COVID-19 pandemic has notably impacted the
industrial IoT market. With the pandemic persisting in North America and developing
Asian countries, the manufacturing sector faced tremendous challenges. The US
automotive industry, which is one of the biggest industries in the world, has
stagnated since the third quarter of 2020. Several 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 automobiles production has resulted
in tremendous losses for the Mexican automotive sector.
IIoT is capable of generating large volumes of raw
data from sensors, which requires to be transmitted to computers for further
processing using wired or wireless networking technologies. In 2020, the
networking technology segment accounted for the largest share of the IIoT
market. This segment is projected to hold the largest market share in the
coming years as well. The sensors segment of the IIoT market is expected to
witness a significant growth rate between 2021 and 2026. With continuous
advancements in sensors, manufacturers are developing sensors that can be
deployed in extreme industrial environments to obtain highly reliable and
precise data.
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MES is expected to be the largest segment of the
IIoT market over the next few years. As the manufacturing vertical is the
largest adopter of IIoT solutions globally, the demand for MES is significantly
higher in this vertical as compared to other software solutions. PLM and MES
are two essential software solutions used in the manufacturing vertical for product
development and seamless monitoring of production processes.
The healthcare sector has been modernizing rapidly
over the years by utilizing new technologies in conducting medical procedures
with increased accuracy. Due to the outbreak of COVID-19 across the world,
technology has been advancing at a much faster pace to help the healthcare
sector. Healthcare centers across the globe are facing difficulties in
providing medical care and reducing the risk of exposure. Emphasis on
contactless medical care is driving the healthcare centers to look up to the
providers of IIoT solutions for an effective approach to combat chronic
diseases. Among all verticals, the IIoT market for this vertical is poised to
grow at the highest CAGR from 2021 to 2026.
The commercialization of IIoT-related applications
is in the introductory stages in the developing economies in APAC. However,
countries such as China, Japan, and India have undertaken numerous initiatives
to encourage the implementation of IIoT in the region. Among all the regions,
the APAC IIoT market is projected to grow at the highest CAGR in the coming
years.
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