Revenue set to reach $933.62 billion by 2025
According to the research firm, manufacturers will continue to leverage Industrial IoT solutions to enhance analytics functionality and anticipates the largest growth to occur in the Asia Pacific region, with China 'spearheading' the growth.
Managed Industrial IoT services are further predicted to grow over the next eight years, as implementation of IoT technology requires integration of managed Industrial IoT services at every layer of the Industrial IoT (IIoT) ecosystem.
Businesses globally are seeking new operating models to create a connected enterprise for merging operational and information departments of the industry. The ability of IoT to reduce costs has been the prime factor for its adoption in the industrial sector. However, increased productivity, process automation, and time-to-market have also boosted this adoption. The falling prices of sensors have reduced the overall cost associated with data collection and analytics.
An emerging trend among enterprises worldwide is the transformation of technical focus to improving connectivity in order to undertake data collection with the right security measures in place and with improved connections to the cloud. The emergence of low-power hardware devices, cloud integration, big data analytics, robotics & automation, and smart sensors are also driving IIoT market growth.
However, there are a few factors that are anticipated to limit the global IIoT growth. The major factors challenging the market growth are the lack of a defined protocol or standardisation and use of old equipment. Security-related concerns, associated with big data, are also expected to limit the market growth.