Industrial Internet Of Things MarketSize and Trends

The adoption of sensors in industries have given the birth to industrial IOT market. Sensors help convert information from analog to digital. Data networking and computing power have increased the demand for sensors in the automation industry. Continuous development of sensors technology and adoption of data, computing, and connectivity technology, analytics and artificial intelligent, human machine interaction, and digitalization are major factors driving growth to the industrial IOT market.

Industrial Internet of Things Market Taxonomy

On the basis of service, the global industrial internet of things market is segmented into:

Professional services
Managed Services

The managed service segment held the dominant position in 2016 and is projected to maintain its dominance throughout the forecast period. Increasing government initiatives towards digitalization and increasing government investments to boost the adoption of IOT technology in various industries such as utilities and manufacturing are expected to drive growth of the IOT market. The professional services segment is expected exhibit the highest CAGR over the forecast period.

On the basis of solution, the global industrial internet of things market is segmented into:

Real-Time Streaming Analytics
Security
Data Management
Remote Monitoring
Network Bandwidth Management

On the basis of platform type, the global industrial internet of things market is segmented into:

Device Management
Application Management
Network Management

On the basis of verticals, the global industrial internet of things market is segmented into:

Agriculture
Manufacturing
Automotive& machinery
Food and Beverage
Chemicals and Materials
Electronics and Utilities
Healthcare and Pharmaceuticals
Metals and Mining
Oil and Gas
Retail
Transportation
Others

The manufacturing segment held a dominant position in 2016. This segment is projected to maintain its dominance throughout the forecast period. The high adoption of wireless connectivity, sensors, and software solutions help create communication networks using IP connectivity. This in turn, helps reduce the production cost and time.

Industrial Internet of Things Market Trends

Key Players in the Global Industrial Internet of Things Market

ABB, ARM Ltd., Cisco Systems, Inc., Dassault Systèmes, General Electric, Honeywell International Inc., Huawei Technology Co., Ltd., Intel Corporation, Rockwell Automation, Inc., and Texas Instruments Inc. are some of the major players in the global industrial internet of things market.