Investments in Information technologies by companies and increasing cloud adoption are expected to drive the global IIoT (industrial internet of things) technology market says Fortune Business insights in a report “IIoT (Industrial Internet of Things) Technology Market Size, Share and Global By Deployment Type (Hardware & Software), By Industry Vertical (Manufacturing, Oil &Gas, Metal & Mining), By Applications (Distribution Management System, Visualization Software, Transit Management System, and others) and Geography Forecast till 2026”. Innovations in transit management system, remote patient monitoring, and farm management system are some of the factors contributing to the growth of the global IIoT (industrial internet of things) technology market.
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Avnet to Obtain Softweb Solutions for IoT Development
Avnet Inc, a leading distributor of electronic and embedded solutions, announced with an aim to procure Softweb solutions for the development and deployment of IoT solutions. Softweb solutions, an artificial intelligence and machine learning company, centering on solutions for IoT applications and systems.
The integration of Avnet data services and Softweb’s artificial intelligence software is anticipated to enhance design, deployment, and development capabilities for end-to-end ecosystem which in turn is expected to foster growth opportunities for the global IIoT (industrial internet of things) technology market. The amalgamation is also projected to reduce costs and improve efficiency of solutions. This factor is likely to fuel demand among companies and enable growth in the market in the forthcoming year.
Top Players Overview:
- Intel Corporation
- Schneider Electric
- Accenture PLC
- Tech Mahindra
- Softweb Solutions Inc.
- Sasken Technologies Limited
- NEC Corporation (Thailand) Ltd.
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Key Market Driver – Growth in IT investment, adoption of AI and cloud technology and expansion of Fifth generation (5G) cellular technology
Key Market Restraint – Interoperability and configurability issues, complexity in connectivity
Rising Investments in Information Technology To Boost The Market
The industrial internet of things (IIoT) signifies to the extension of the internet of things (IoT) in manufacturing and industrial sectors. The industrial internet of things is an innovative combination of information technology (IT) and operational technology (OT). The integration offers industrial capabilities such as big data, machine-to-machine (M2M) communication, automation, machine learning, optimization services and enhanced visibility of the logistics operations and supply chain. The industrial internet of thingsis facilitated with progressive AI sensors that are utilized for uncovering changes in the logical and physical relationship of one object to another or with the environment. Physical changes may involve light, temperature, sound, pressure, motion, presence or absence of location and an electronically traceable entity.
Key Industry Developments
- December 2018: Avnet, Inc. acquired Softweb Solutions to strengthen its market presence in terms of market revenue in the Industrial-IoT market. Also, company’s industrial IoT solutions and services witnessed 15-18% overall customer addition and 30% revenue pipeline expansion during first month of fiscal 2019.
In a report mentioned by European Institute of Innovation & Technology, the Single
Market Strategy was applied by European government which comprises of elements such as, remote patient monitoring, transit management system, farm management system and others. These factors, in turn, are driving and accelerating growth for the global IIoT (industrial internet of things) technology market.
In addition, Increasing IT investment along with by growing cloud adoption is predicted to drive the IIoT technology market. The innovation for industrial IoT is predicted to boost the global IIoT (industrial internet of things) technology market during the forecast period. For instance, in 2018, GE launched the formation of a new industrial IoT (or IIoT) software firm referred to as GED2GE or Digital 2.0 based on the core architecture of cloud computing.
Key Segmental Overview:
1. By Deployment Type
2. By Industry Vertical
- Oil &Gas
- Metal & Mining
3. By Applications
- PLM (Product Lifecycle Management)
- MES (Manufacturing Execution Systems)
- SCADA (Supervisory Control and Data Acquisition)
- Outage Management System
- Distribution Management System
- Visualization Software
- Transit Management System
- Remote Patient Monitoring
- Farm Management System
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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Asia-Pacific to Dominate the Global Market
Geographically, the global IIoT technology market is segmented into North America, Europe, Asia-pacific, Latin America, and Middle East &Africa. In Asia-Pacific, China is predicted to dominate the global IIoT (industrial internet of things) technology market. for instance, in 2017 China was reported with 273 Mn IIoT devices connected and is now building network site density at an unprecedented rate in the manufacturing industry.
Furthermore, China Tower which owns approximately 96 percent of macro towers in China, has invested US$ 17.7 Bn in the capital and added more than 350,000 sites since 2015. In addition, Europe is also projected to grow considerably in the global industrial internet of things market, owing to investment by government for IT projects. For instance, in 2018, the European government invested more than US$ 45 Mn for the infrastructure development of IT projects in countries such as Germany, Spain, etc. This factor is likely to propel high growth in the region.
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