Industrial Internet of Things (IIoT) Market by Component (Sensors, Industrial Robotics, Distributed Control System (DCS), Condition Monitoring, Camera Systems, Smart Meters, and Others), by Software (Product Lifecycle Management (PLM) Systems, Manufacturing Execution System (MES), SCADA Systems, Distribution Management System, and Others), for Verticals (Manufacturing, Utilities, Oil & Gas, Metals & Mining, Retail, Healthcare, Transportation & Logistics, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023

Sarasota, FL -- (SBWire) -- 02/28/2019 --Industrial Internet of Things (IIoT) Market by Component (Sensors, Industrial Robotics, Distributed Control System (DCS), Condition Monitoring, Camera Systems, Smart Meters, and Others), by Software (Product Lifecycle Management (PLM) Systems, Manufacturing Execution System (MES), SCADA Systems, Distribution Management System, and Others), for Verticals (Manufacturing, Utilities, Oil & Gas, Metals & Mining, Retail, Healthcare, Transportation & Logistics, and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023

Global industrial internet of things (IIoT) market expected to reach approximately USD 232.15 Billion by 2023, growing at a CAGR of around 8.06% between 2018 and 2023. The IoT alludes to the system or systems encompassing the utilization of standard Internet Protocol (IP) technologies to connect people, processes, and things to empower new cyber-physical systems.

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The report covers forecast and analysis for the industrial internet of things (IIoT) market on a global and regional level. The study provides historic data for 2015, 2016, and 2017 along with a forecast from 2018 to 2023 based on revenue (USD Billion). The study includes drivers and restraints for the industrial internet of things (IIoT) market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the industrial internet of things (IIoT) market on a global level.

In order to give the users of this report a comprehensive view on the industrial internet of things (IIoT) market, we have included a detailed competitive scenario and product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter's five forces model for the industrial internet of things (IIoT) market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness.

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Industrial internet of things (IIoT) market is segmented based on component, software, vertical, and region. The component segment included in this market are sensors, industrial robotics, a distributed control system (DCS), condition monitoring, camera systems, smart meters, and others. Software segment includes product lifecycle management (PLM) systems, manufacturing execution system (MES), SCADA systems, distribution management system, and others. The vertical segment includes manufacturing, utilities, oil & gas, metals & mining, retail, healthcare, transportation & logistics, and others. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S., France, UK, Germany, China, India, Japan, and Brazil.

The report covers detailed competitive outlook including company profiles of the key participants operating in the global industrial internet of things (IIoT) market. Key players profiled in this report include ARM Ltd., Cisco Systems, Inc., General Electric, Intel Corporation, Rockwell Automation, Inc., ABB, Texas Instruments Inc., Dassault Systems, Honeywell International Inc., and Huawei Technology Co., Ltd.

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The report segments industrial internet of things (IIoT) into:

Global Industrial Internet of Things (IIoT) Market: Component Segment Analysis

Sensors
Industrial Robotics
Distributed Control System (DCS)
Condition Monitoring
Camera Systems
Smart Meters
Others

Global Industrial Internet of Things (IIoT) Market: Software Segment Analysis

Product Lifecycle Management (PLM) Systems
Manufacturing Execution System (MES)
SCADA Systems
Distribution Management System
Others

Global Industrial Internet of Things (IIoT) Market: Vertical Segment Analysis

Manufacturing
Utilities
Oil & Gas
Metals & Mining
Retail
Healthcare
Transportation & Logistics
Others

Global Industrial Internet of Things (IIoT) Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
Middle East and Africa

Escalating Need For Improving Operational Efficiency To Spur Market Growth

"Massive requirement for plummeting distribution & production costs along with escalating demand for enhancing operational efficiency will expand the scope of internet of things (IIoT) market in the next few years," says the author of this study. Apart from this, large-scale funding to develop smart technologies and humungous demand for new technologies such robotics, big data, and cloud computing across myriad sectors will further prompt the expansion of internet of things (IIoT) market in the near future.

Lack of defined rules and use of outdated equipment, however, will restraint the growth of industrial internet of things (IIoT) market in the years to come. Furthermore, security related issues pertaining to application of big data analytics and artificial intelligence can plunge down the industrial internet of things (IIoT) market value. Nevertheless, emergence of real-time supply chain activities in transportation & logistics sector will enhance the expansion of business space, thereby normalizing the impact of hindrances on the industrial internet of things (IIoT) market, reports the study.

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Wide Application Of IoT Across Myriad Sectors To Aid Regional Dominance

Regionally, North America has been leading the worldwide industrial internet of things (IIoT) market and is anticipated to continue on the dominant position in the years to come, states the industrial internet of things (IIoT) market study. High awareness pertaining to advantages of IIoT applications along with early acceptance of IoT in myriad sectors is the main factor behind the dominance of the North America industrial internet of things (IIoT) market. The majority of industry players being based in North America is yet another significant factor that is supporting the growth of this regional industrial internet of things (IIoT) market.