NEWSBYTE The Industrial Internet of Things (IIoT) market is forecast to surpass $176 billon by 2022, according to a new report by analysts at Market Research Engine.
Their latest study looks into the market share and company profiles of key participants in the global IIoT sector, such as General Electric, Cisco, Intel, Rockwell Automation, ARM, ABB, Siemens AG, Honeywell, Dassault Systemes, Huawei, Zebra Technologies, IBM, Bosch, and others.
Market Research Engine suggests that the IIoT market will grow at a compound annual growth rate (CAGR) of more than eight percent over the next four years, with key driving factors being technical developments in semiconductors and electronic devices, the standardisation of IPv6, the growth of cloud computing, and support from governments.
Restraining factors remain the need for standardisation and the scarcity of a skilled workforce, says the report, echoing other recent analyses of the space.
Meanwhile, a rival study by Zion Market Research agrees that the IIoT sector will experience a CAGR of just over eight percent – albeit over a five-year timescale – but will hit a global valuation of $232.15 billion by 2023. Zion calculated the value of the IIoT space in 2017 as being $145.81 billion, significantly higher than Market Research Engine’s estimate.
The number of vendors aiming to get a slice of the IIoT market continues to grow, but several leaders have emerged from the field, says another study published this week.
According to Forrester Research’s report on IIoT software platforms, C3 IoT, Microsoft, PTC, SAP, and IBM are the industry leaders, with C3 IoT offering the strongest platform overall, and IBM far ahead of other vendors on strategy.
Amazon Web Services is only ranked as a ‘contender’ in the IIoT space, behind strong performers such as GE, Oracle, and Siemens. Forrester placed Cisco lowest out of 15 companies on product offering and strategy.
Vendors were assessed against 24 criteria, including analytics capabilities, utilisation of digital twin technologies, and enterprise integration.
Internet of Business says
The rapid emergence of digital twins as a key competitive differentiator in industrial IoT applications is significant.
Allied with other technologies, such as big data analytics, enterprise asset management, smart supply chains, augmented reality, and artificial intelligence, digital twins promise an emerging world of predictive maintenance and proactive operations.
This could help slash both operational costs and system downtime in factories and other industrial installations, while helping workers to learn on the job about how machines work and/or can be broken apart for maintenance and upgrade.