INDUSTRIAL IOT MARKET ANALYSIS

Market Challenges And Opportunities

Global Industrial IoT Market Drivers:

Growing demand for IIoT applications in smart industries to boost market growth

Industrial IoT (IIoT) has offers various features such as production integration, asset optimization, remote diagnosis, and smart monitoring, which allows improved operational efficiency, utmost performance of equipment, and high productivity. Moreover, it potentially impacts manufacturing industry, which promotes modernized maintenance and asset monitoring. Smart manufacturing is a specific application of IIoT and operates using IIoT enabled machinery for keeping a check on the production. The use of IIoT in smart industries promotes automation in operations. Thus, the demand for IIoT applications continues to increase in smart industries, which is expected to augment growth of the global industrial IoT market over the forecast period.

Low cost of sensors and advanced sensor technology to propel market pace

The use of digital infrastructure is growing, which in turn has promoted IIoT in various industries. Designers are planning integration of IIoT into all the possible segments due to the scalability of the technology. With this technology, line managers can supervise all the individual components and machineries in their production lines to gain complete transparency. The use of sensors is growing across these industries for various purposes, as their cost is low and the advancements in sensor technologies are growing. Thus, the global Industrial IoT market is expected to gain major growth over the forecast future.

Global Industrial IoT Market Opportunities:

Growing integration of Machine Learning, AI, and Big Data to bring business opportunities in the global Industrial IoT market over the forecast period. As digital transformation has become a lucrative initiative across several industries, the demand for various technologies such as mobile robotics, Software-as-a-service, and virtual reality is increasing rapidly. Artificial Intelligence is one of the key technologies being used to accelerate digital transformation. This technology helps develop intelligent machines that can perform reasoning, learning, and problem solving among others. As a result, the adoption of Industrial IoT is expected to increase creating lucrative opportunities in the market.

Increasing use of IoT in healthcare sector to create growth opportunities in the global industrial IoT market over the forecast period. The implementation of IoT network can allow monitoring of patient health, which further allows healthcare institutes to track variances in order to offer rapid actions in case of the declining health of a patient. The use of blockchain technology is increasing in this industry for security of the patient data and to share real-time and trusted patient data to insurance companies. Thus, the global Industrial IoT market is expected to witness growth opportunities in the coming future.

Global Industrial IoT Market Restraints:

Integration of IIoT into existing technology to limit the market growth

Traditional industrial processes are time consuming as well as inconvenient, as a result, it fails to obtain desired efficiency level. With integration of industrial IoT, the current scenario of technology has made tasks more efficient and convenient. Integration of these technologies can cut down the time and efforts required for these processes. However, integration of novel IIoT into existing technology is an expensive, tedious, and time-consuming process. This factor in turn is expected to hinder adoption of industrial IoT technologies in the coming future.

Security concerns regarding IIoT to hamper the market growth

The amount of sensor data and connectivity between sensors and control equipment has increased with the advent of IIoT. Huge amounts of data from various sites, sensor, and customer information gets accumulated in internet-based and enterprise-level database. Due to IIoT, the digital advancement in industrial sites has increased significantly. However, the concerns regarding security of such large amount of data remains a challenges. With increasing amount of online data, the risk of data breaches and cyber-attacks are also increasing. This factor in turn is expected to hamper growth of the global industrial IoT market over the forecast period. However, with increasing technological advancements, solutions with better security are being introduced in the market. This in turn is expected to support the market growth in the near future.