According to a new market research report of the "Industrial IoT Market by Technology (Wired, Wireless), Components (Sensors, Memory & Processors, Networking Components, RFID & others), Industry Verticals (Manufacturing, Transportation, Retail, Healthcare & others), & Geography - Global Forecast to 2020", published by MarketsandMarkets, the Industrial IoT Market size was worth $181.29 Billion in 2013 that is expected to reach $319.62 Billion at a CAGR of 8.15% from 2014 to 2020.
The term Industrial Internet of Things (IIoT), also known as Industrial Internet and Industry 4.0 as referred to by various industry leaders basically, refers to the integration of physical industrial machinery with software, Internet, along with network sensors, actuators, and other industrial components.
Over the next decade, IIoT is expected to revolutionize the industrial sector and lead to a new era of economic growth and competitiveness.
It has already begun to transform major industries such as manufacturing, transportation, and retail, among others. With new technological advancements every day and its seamless integration into different industries, the IIoT concept has immense growth potential. Various technology related trends are expected to be IoT enablers, which may also help in shaping the future of Industrial IoT. Some of these critical technology trends which are expected to have a huge impact on IoT evolution are IPV6, sensor proliferation, cloud computing, Big Data, and faster communication standards such as 4G-LTE and beyond.
This report covers the Industrial IoT Market on the basis of different technologies, industry verticals, and components. This report also segments the market on the basis of various applications such as power generation systems, security and access controls, temperature controls, pressure and leakage controls, vibration controls; and geographically into Americas, Europe, Asia-Pacific, and Rest of the World.
The Industrial Internet of Things market statistics pertain to technology, component, industry vertical and geography. The major industry verticals covered in the report include manufacturing, transportation, healthcare, retail, oil and gas along with, energy and power.
Apart from the market statistics, the report also includes qualitative analysis comprising the value chain with a detailed process flow diagram, market dynamics such as drivers, restraints, and opportunities, winning imperatives and industry trends for the overall Industrial IoT Market.
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