Research Nester has released a report titled “Industrial IoT Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The global industrial IoT market is anticipated to record a CAGR of around 15.12%during the forecast period, i.e. 2019-2027. The market is segmented by vertical into manufacturing, utilities, oil and gas, metals and mining, retail, healthcare, transportation and agriculture. Among these segments, manufacturing segment is anticipated to hold the largest market share on account of rise in the deployment of industrial robots on the back of growing need for automation across industries. International Federation of Robotics (IFR), in one of its statistics, stated that in the year 2018, robot installations in the world increased by 6% to 422, 271 units with a value worth USD 16.5 billion. Additionally, among all the industries, automotive industry remained the largest customer for the year 2018 with a share of 30% of total robot installations.
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The statistics portray the growing concern for decreasing labour productivity and utilization along with increasing unit labour costs, which is raising the need amongst industry owners for the automation of industrial processes. Additionally, rising need for the visualization of the contextually rich data generated by the IoT networks and sensors in the automated machines of the industries into real-time streams among the business owners, coupled by various strategic initiatives taken by the governments of various nations, as well as growing need for industry collaboration and automation from private sectors, all of these factors together are anticipated to contribute significantly towards the growth of the global industrial IoT market.
Geographically, the global industrial IoT market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, Asia-Pacific is anticipated to hold largest market share owing to factors such as favorable policies supporting industrial automation, the region known to be an important hub for metals and mining as well as for being the major manufacturing hub, low cost of labor, along with various other infrastructural and industrial developments in nations across the region.
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However, concerns for lack of standardization of industrial IoT devices, which makes it vulnerable to cyber threats on the back of easy transfer of data between inter-connected system is estimated to act as a barrier to the growth of the global industrial IoT market.
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