DUBLIN, August 22, 2022 (GLOBE NEWSWIRE) — The Industrial Internet Market – Forecasts from 2022 to 2027 report has been added ResearchAndMarkets.com Offer.
The Industrial Internet market is projected to grow at a CAGR of 10.77% during the forecast period, reaching US$485.717 billion by 2027, compared to US$237.419 billion in 2020.
The term “Industrial Internet” coined by the General Electric Company refers to the application of meta-level networking capabilities to distributed systems through the integration and combination of big data, analytics tools, and wireless networks with physical and industrial devices.
The Industrial Internet, also known as the Industrial Internet of Things (IIoT), connects critical resources, advanced predictive and prescriptive analytics, and modern industrial workforces. It is a network of a multitude of industrial devices linked by communication technology, resulting in systems that can monitor, collect, share, analyze and deliver innovative insights in ways never before possible.
These insights can then be used to help industrial companies make much better and faster business decisions. The IIoT enables unprecedented efficiency, performance and productivity by merging machine-to-machine communication with industrial data analytics. As a result, industrial companies across manufacturing, aerospace, power generation, oil and gas, utilities, and a host of other industries are seeing significant operational and financial improvements. Such developments and the demand for IIoT are expected to propel the market in the forecast period.
With the advent of Industry 4.0 and rapid digitization, Industrial IoT is gaining momentum and further driving the market size.
Due to the rapid penetration of digitalization in almost all industries, companies can now monitor all their assets remotely by leveraging big data while enabling holistic analysis of the value chain through Industry 4.0 and IoT. These processes have enabled the optimization of production processes and also reduced downtimes. The IoT has driven automation like never before, enabling machines to make split-second decisions based on real-time data.
In addition, Industry 4.0 has not only enabled the design of intelligent factories, but also facilitated decision-making in product management and product development. According to the International Federation of Robotics, internet-connected industrial robots are predominantly used in China, which houses over 140,000 units of these products, followed by Japan with about 50,000 units.
Additionally, a survey conducted by Honeywell in 2019 shows that approximately 68% and 66% of medium to large enterprises in the UAE and Saudi Arabia believe that IIoT technology is critical to business operations and in the next time will become the core of many business transactions will be 5 years.
According to the survey, 72% and 64% of decision-makers from the UAE and Saudi Arabia, respectively, indicated that their respective companies intend to invest heavily in IIoTs. Additionally, the initiatives of multiple governments around the world are expected to boost the market. Samarth Udyog 4.0, Digital India and Make in India campaign are driving the market in India with more momentum.
The tough competitive landscape and various strategic developments by the major players will increase the market share in the forecast period.
With the rapid advances in technology, many companies are equipping and modernizing their core operations with Industry 4.0. The partnership between KX, a global giant in real-time stream analytics, and Telix, a global pioneer of IoT, is the best example of this.
In September 2021, the two companies combined to launch an enterprise-class, end-to-end industrial analytics platform. The new platform is a product of KX’s real-time streaming analytics attributes and Telit’s award-winning industrial IoT platform deviceWISE. This allows users to enjoy the simplicity of deviceWise and unrivaled connectivity in just one integrated solution, along with the power of KX’s unparalleled analytics technology. This integrated solution has already been made available in one of the largest production facilities in Europe.
The IIoT has also been able to improve human-machine collaboration through the Human Machine Interface (HMI), which has the ability to rapidly increase efficiency through optimized monitoring of industrial processes and manufacturing units. The diverse developments in the HMI segment should also give impetus to the market. For example, Incari, a Berlin start-up company, raised funds for the development of HMI in June 2021. The start-up offers a simple, user-friendly and convenient user interface for designing complicated interfaces without any programming knowledge. With this new round of financing of €15 million from investors, the company is to receive a new boost in expansion.
At the same time, many companies are strategically merging in order to expand their market presence. For example, Eurotech, an IoT service and solution provider, partnered with Exosite in April 2021 to simplify and enable IIoT adoption from edge to cloud. The aim of the collaboration is to combine the former’s industrial IoT Edge with the latter’s condition monitoring application Exosense to provide consumers with an integrated IoT solution that can be started immediately and production with many connectivity functions at the edge and several advanced applications in the Cloud scaled .
Also in October 2020, Honeywell and Microsoft, the two technology giants, announced their collaboration, where Honeywell showcased its latest domain-specific applications built on Microsoft Azure. With this collaborative integrated solution, customers can access operational data, including workflow management support, to optimize performance and energy efficiency within the enterprise environment, thanks to the AI-driven autonomous control of Honeywell Forge Enterprise Performance Management software integrated with Microsoft Dynamics 365 field service.
Real-time access to critical data will benefit field workers as they can prioritize, assess, and address issues faster. Similar strategic developments including product launches, collaborations, acquisitions and investments among the major players and emerging startups are expected to boost the market in the forecast period.
The outbreak of COVID-19 has negatively impacted the industrial IoT market and the country’s overall economy. Due to the economic recession, many companies cannot continue to invest in IIoT, at least in the short term. Many projects also had to pause. Nevertheless, there were new developments in 2020 among the tech giants. The collaboration between Honeywell and Microsoft to introduce a new solution is the best example of this. In addition, the pandemic has also accelerated the need for automation, driving industrial automation forward.
Main topics covered:
2. RESEARCH METHOD
4. MARKET DYNAMICS
4.1. market segmentation
4.2. market leader
4.3. Market Restrictions
4.4. market opportunities
4.5. Porter’s Five Forces Analysis
4.5.1. bargaining power of suppliers
4.5.2. bargaining power of buyers
4.5.3. Threat by proxy
4.5.4. Threat of newcomers
4.5.5. competitive rivalry in the industry
4.6. Life Cycle Analysis – Regional Snapshot
4.7. market attractiveness
5. Industrial Internet Market Analysis by Supply
6. Industrial Internet Market Analysis by End User
6.2. Transportation & Logistics
6.4. Oil Gasoline
6.5. Energy & Power
7. Industrial Internet Market Analysis, Geography
7.2. North America
7.2.1. United States of America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.2. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Market positioning matrix and ranking
8.2. Strategies of the key players
8.3. Recent investments and deals
9. COMPANY PROFILES
9.2. General Electric Company
9.5. Schneider Electric
9.6. Bosch Rexroth AG
9.8. FANUC America Corporation
9.9. Hewlett Packard Enterprise Development LP
For more information about this report, visit https://www.researchandmarkets.com/r/4axghw
Global Industrial Internet Market