Global Industrial Internet Market Report (2022 to 2027) – Featuring Oracle, General Electric, and Honeywell, among others – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Industrial Internet Market – Forecast from 2022 to 2027” report has been added to from ResearchAndMarkets.com offer.

The Industrial Internet Market is expected to grow at a CAGR of 10.77% over the forecast period to reach US$485.717 billion by 2027, from US$237.419 billion in 2020.

The term “Industrial Internet”, coined by General Electric Company, refers to the application of meta-level networking functionality to distributed systems through the integration and combination of big data, analytical tools and wireless networking. thread with physical and industrial equipment.

The Industrial Internet, also known as the Industrial Internet of Things (IIoT), connects key assets, advanced predictive and prescriptive analytics, and modern industrial personnel. It is a network of a variety of industrial devices linked together by communications technology, resulting in systems capable of monitoring, collecting, exchanging, analyzing and giving innovative information to in a way never seen before.

This information can then be used to help industrial organizations make much better and faster business decisions. The IIoT enables unprecedented efficiency, performance and productivity, by merging machine-to-machine communication with industrial data analytics. As a result, industrial companies in manufacturing, aviation, power generation, oil and gas, utilities, and various other industries are seeing significant operational and financial improvements. These developments and the demand for IIoT are expected to drive the market forward over the forecast period.

With the emergence of Industry 4.0 and rapid digitalization, industrial IoT is gaining momentum, further increasing the market size.

Due to the rapid penetration of digitalization in almost every industry, organizations can now remotely monitor all their assets by leveraging Big Data while enabling holistic value chain analysis through Industry 4.0 and IoT . These processes made it easier to optimize production processes and also reduced downtime. The IoT has spurred automation like never before, allowing machines to make split-second decisions based on real-time data.

Moreover, Industry 4.0 has not only made the design of smart factories possible, but also facilitated decision-making in product management and engineering. According to the International Federation of Robotics, industrial robots, connected via the Internet, are mainly used in China, home to more than 140,000 units of said products, followed by Japan with around 50,000 units.

Additionally, a survey conducted by Honeywell in 2019 reveals that approximately 68% and 66% of medium and large enterprises in the United Arab Emirates and Saudi Arabia believe that IIoT technology is crucial for business operations and will become the heart of many operations. trade by the next. five years.

According to the survey, 72% and 64% of decision makers in the United Arab Emirates and Saudi Arabia, respectively, expressed the intention of their respective companies to invest heavily in IIoTs. Moreover, the initiatives taken by several governments across the globe are also expected to boost the market. Samarth Udyog 4.0, Digital India and the Make in India campaign are boosting the Indian market.

The fierce competitive landscape and several strategic developments deployed by major players are sure to increase the market share during the forecast period.

With the rapid advancements in technology, many companies are preparing and improving their core business with Industry 4.0. The partnership between KX, a global giant in real-time flow analytics, and Telix, a global IoT enabler, is the best example of this.

Insights COVID -19

The COVID -19 outbreak has negatively impacted the IoT industrial market and the country’s overall economy. Due to the economic recession, many companies are unable to invest more in IIoT, at least in the short term. Many projects have also been forced to be put on hold. Nevertheless, new developments were still seen in 2020 among the tech giants. The collaboration between Honeywell and Microsoft to launch a new solution is the best example of this. Moreover, the pandemic has also accelerated the need for automation, thus driving industrial automation.

Market segmentation :

By offering

  • Material

  • Software

  • Services

Per end user

  • Logistic transport

  • Health care

  • oil and gas

  • Energy and power

By geography

  • North America

  • UNITED STATES

  • Canada

  • Mexico

  • South America

  • Brazil

  • Argentina

  • Europe

  • Germany

  • France

  • UK

  • Middle East and Africa

  • Israel

  • South Africa

  • Asia Pacific

  • China

  • Japan

  • South Korea

  • India

  • Others

Companies cited

  • Oracle

  • General electricity company

  • Honeywell

  • Radius theta

  • Schneider-Electric

  • Bosch Rexroth AG

  • Siemens

  • KUKA S.A.

  • FANUC America Corporation

  • Hewlett Packard Enterprise Development LP

  • Avea

For more information on this report, visit https://www.researchandmarkets.com/r/jo6w5d

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