The major Internet of Things evolutions and investments are not in the consumer segment but in the industrial Internet market, also known as the Industrial Internet of Things (IIoT) segment.
Research confirms that the Industrial IoT market is also where the largest growth will be in the next years.
According to IndustryARC the Industrial Internet of Things market will reach 123.89 billion USD by 2021. The sector that will generate the most revenue, IndustryARC says, is manufacturing (and advanced manufacturing) but the highest growth is for the digital health or medical devices segment.
The Industrial IoT: reshaping industries, companies and even countries
IndustryARC further found that in 2015 the European region was leading the Industrial Internet of Things market in 2015 with approximately 28 percent of the total market.
Industrial IoT works at the intersection of people, data and intelligent machines, IndustryARC states.
The research company says that the Industrial Internet of Things is a new phase for global industrial transformation, powered by technological innovations to improve operational efficiencies.
The IIoT is not just expected to improve operational efficiencies but als to create novel economic opportunities and reshape various industries, thus leading to IoT-enabled digital transformation of companies across the several IIoT industries and even to the reshaping of countries .
Other research firms also say that the Industrial Internet of Things market will grow very fast with approximately similar predictions and driving benefits.
The same goes for industrial IoT services and for the various types of solutions that are typically used more in the Industrial IoT environment, such as Internet of Things platforms (let’s say the middleware that is increasingly needed for larger projects), which are expected to boom in the next few years with high double-digit Compound Annual Growth Rates (CAGR). According to MachNation, IoT platform revenue will even grow with 116 percent (!) in 2017.
IndustryARC mentions Intel, ARM, Atmel, Synopsys and Siemens as some of the biggest companies who are implementing Industrial Internet of Things in their business.
The new report distinguishes the various IIoT industries as follows: manufacturing, transportation, energy production, oil and gas, agriculture, healthcare and ‘others’.