Global Industrial Internet of Things (IIoT) Market to Reach $197 Billion by 2023 - Allied Market Research

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Mar 08, 2018, 09:30 ET

PORTLAND, Oregon and PUNE, India, March 8, 2018 /PRNewswire/ --

According to a recent report published by Allied Market Research, titled, Global Industrial Internet of Things (IIoT) Market by Component and Application: Opportunity Analysis and Industry Forecast, 2017-2023, the IIoT market size was valued at $115 billion in 2016, and is projected to reach at $197 billion by 2023, growing at a CAGR of 7.5% from 2017 to 2023.

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IIoT is a network of multiple devices connected through communications technologies. The sub-systems are able to collect, monitor, analyze, and deliver insights for driving business decisions for the industrial companies. IIoT is an integration of advanced technologies such as Machine-to-Machine (M2M) communication.
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In 2016, the hardware components dominated the IIoT market in terms of revenue. Further, based on application, the manufacturing application led the market with 35% share in 2016.

Key Findings of the Industrial Internet of Things (IIoT) Market:

Hardware components are projected to continue to maintain their leading position during the forecast period.
Manufacturing application is projected to continue to maintain its leading position till 2023.
Asia-Pacific is expected to exhibit promising growth rate during the forecast period.
IIoT industry participants is anticipated to focus on introducing new products with innovations and partnerships to improve their market share.

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The key players profiled in the report include Cisco Systems, Inc., General Electric, Intel Corporation, Rockwell Automation, Inc., ABB, Texas Instruments Inc., Dassault Systmes, Honeywell International Inc., Huawei Technology Co., Ltd., and International Business Machines Corporation (IBM). These market players focus on the development of new technology, launch of novel products with innovative variations, and adoption of partnership and collaboration as key strategies to establish their position in the market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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