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.
†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.
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.
