Thursday, December 2, 2021

Industrial Internet of Things (IIoT) Market Size & Forecast 2021

The Industrial Internet of Things (IIoT) market is a growing subsector of the Internet of Things (IoT) that focuses on facilitating greater connectivity among equipment, software, and employees in an industrial environment. 

These smart, sensor-based technologies use ultra-low latency connectivity, usually via cloud computing or edge computing, to collect data and make automated decisions across an industrial network.

Although the Industrial Internet of Things market is mostly tied to production-based solutions where automation is key to success, IIoT is quickly growing in capabilities and use cases. 

Read on to learn about the technologies, applications, and companies in the growing IIoT market:

A Closer Look at Today’s IIoT Landscape

Also read: Internet of Things (IoT) Security Market

Industrial Internet of Things market

The IIoT market is one part of the greater IoT market, but because of its many use cases for industrial operations, the IIoT market alone is growing quickly. 

The global IIoT market was valued at about $216.13 billion in 2020 and is expected to grow to about $1.1 trillion by 2028, according to Grand View Research.

Swift digital transformations happening as a result of the pandemic are some of the leading factors for the aggressive growth rate. IIoT equipment manufacturers are increasingly finding more affordable and accessible ways to develop IIoT sensors and processors, meeting the demand for increased operational automation. As a growing number of enterprises lean into automated assembly lines and operations as well as other “unified digital-human workforce” strategies, IIoT is expected to grow in virtually every global industry.

Benefits of IIoT

IIoT connects different points of tools, data, and users across industrial environments, and it offers several key benefits once it’s implemented:

Automated production

Automation is one of the core benefits that IIoT technology offers its users. IIoT is designed to collect and manage data in such a way that it can be trained, or train other tools, to perform manual labor typically performed by human workers on an assembly line. Industrial IoT automation limits the space for user error and decreases manual taskwork for a skilled workforce.

Maintenance and safety

IIoT is often applied for automated predictive maintenance and safety monitoring in assembly lines. Through its low-latency, constant collection of performance data, IIoT sensors give companies the ability to analyze different aspects of performance and determine if equipment needs to be updated or replaced or if a worker is coming into contact with dangerous working conditions. IIoT sensors can also track certain environmental factors, such as temperature and air quality, to ensure the safety of equipment and manufactured products in transit.

Real-time efficiencies

Because IIoT focuses on collecting as many real-time data points and insights as possible, it’s often used as a precautionary tool that can prevent unnecessary downtime caused by equipment outages and other performance issues. Less downtime leads to greater workplace efficiency and overall productivity.

Workforce-equipment connectivity

In a more traditional factory or industrial environment, human workers operate equipment, and automated machines act on their own programming. IIoT is one of the few technical solutions that decreases silos between the workforce and their equipment. Users gain more direct insights from their tools and allow tools to learn from human intervention over time.

IoT innovations: 85 Top IoT Devices

IIoT use cases

Most IIoT use cases are currently found in the manufacturing and supply chain industries. companies are relying on top IIoT providers to improve their real-time data knowledge and operational visibility:

“Huawei and DHL will collaborate on innovation projects focusing on cellular-based Internet of Things technology, which can connect large volumes of devices across long distances with minimal power consumption. The greater connectivity will deliver a more integrated logistics value chain, by providing critical data and visibility into warehousing operations, freight transportation, and last-mile delivery.” -An SVP at DHL, a global delivery and logistics company, on Huawei IIoT

“We wanted to obtain quality data on a real-time basis and use the same data to analyze trends to help prevent defects before they occur. In addition, we want the person in charge to be notified immediately if any of the equipment malfunctions or if there is an outage, so that we might reduce the time the production line is down to a minimum.” -An engineer in vehicle manufacturing, on Cisco IIoT 

As connectivity innovations — such as multicloud environments, edge computing, and 5G networksbecome more widespread and accessible, expect to see more applications of IIoT across global industrial markets.

Industrial Internet of Things providers

The pool of tech companies in the IIoT market is growing steadily; these are some of the top vendors that have made the greatest advances in industrial IoT:

  • ABB
  • Cisco
  • Intel
  • Huawei
  • SAP
  • IBM
  • AWS
  • Bosch
  • Advantech
  • FogHorn
  • PTC
  • Hitachi Vantara

Selecting the right IoT platform for your business: Best IoT Platforms & Software for 2021

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