Cloud computing infrastructure renders benefits such as scalability, enhanced performance, and pay-as-you-go (PAYG) service to the IIoT market. Additionally, the demand for low-cost data storage, backup, and data protection are monumental challenges for small & medium enterprises (SMEs). Cloud computing also offers self-service provisioning and automatic deprovisioning, application program interfaces (APIs), billing and metering of service usage in a pay-as-you-go model, and performance monitoring and assessing.
Integration of AI in IoT with Security Element (SE) Microprocessor to Preclude Cyber Risks
Integration of AI in IoT allows connected devices to learn about each other, resulting in enhanced adaptability to situations in real-time within automated systems. Besides, predictive maintenance integrated with AI help to prevision the depreciation of a machine before it breaks down, by analyzing its configuration and detecting any dysfunction. However, the lack of IoT standards and security measures might hamper the market growth during the forecast period as IoT devices communicate automatically, which needs a secure and encrypted network. Therefore, the standalone security element is necessary to prevent hacking or data leaks.
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Miscellaneous IoT Hardware Equipment Have Beneficial Applications in the IIoT Market
The hardware segment, among other type segments, is expected to grow at the highest CAGR during the forecast period, followed by Connectivity and Software & Services segment, respectively. IoT hardware equipment ranges from low-power boards (single-board processors such as Arduino Uno) to specific function-oriented hardware (GPS, light and heat sensors, or interactive displays).
The Transportation and Logistics Segment to Streamline their Operations on Account of Automated IIoT Solutions
The logistics and transport segment, among other industry vertical segments, to hold the highest share in the base year. The scope of IIoT is proliferating in the logistics and transport sector, enhancing features like asset tracking, fleet management, traffic management, and many more.
R&D and Implementation of IIoT Solutions to Bolster the Market in North America and Europe
North American market is flourishing by dint of various initiatives undertaken to encourage the implementation and development of IIoT by large enterprises and governments in the region; also, there have been significant investments in the R&D of IIoT solutions. Manufacturers in the European Union, particularly in Germany, are eager to implement advanced IoT systems in their domestic operations.
The Increasing Presence and Potential of IIoT Vendors to Amplify the Market in APAC and LAMEA
Asia-Pacific has sundry of powerful organizations engaged in IIoT. The magnitude and potential of local and national markets in the region are appealing international organizations to envisage their IIoT initiatives in the region. In LAMEA, IIoT vendors are expanding their footprints in the Middle East region. For instance, in November 2018, Honeywell opened a technology experience center in Dubai, providing IoT-based solutions to address industry-specific needs from sectors such as oil and gas, petrochemicals and manufacturing, to smart buildings and cities, transportation, aviation, supply chain, and logistics.
Some of the key players of the industrial IoT market are Atmel, ABB Group, ARM Holding plc., Cisco Systems, Inc., Dassault Systems, General Electric, Honeywell International Inc., Huawei Technology Co., Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, Rockwell Automation, Inc., Siemens AG, and Texas Instruments Inc.
IIoT Market Segmentation
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* Customer Behaviour Analysis
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