Global Industrial Internet of Things Markets 2022-2027: Private Wireless Implementations to be a Major Driver for IIoT Adoption Within All Major Production-Oriented Industries

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May 05, 2022, 05:30 ET

DUBLIN, May 5, 2022 /PRNewswire/ -- The "Industrial Internet of Things Market by IIoT Technologies, Solutions and Services 2022 - 2027" report has been added to ResearchAndMarkets.com's offering.

This report evaluates IIoT technologies, companies, applications, services, and solutions. The report includes IIoT market sizing with forecasts covering the global and regional IIoT outlook as well as IIoT by industry vertical, software, hardware, and services for the period 2022 to 2027. The report also evaluates technologies supporting the IIoT market including 5G, AI, and advanced data analytics.

The world is now experiencing its fourth stage of industrial evolution, which involves a marriage of physical and cyber systems for even greater productivity as well as new business models that were heretofore incomprehensible. This 4th stage (also known as Industry 4.0) builds upon the evolution from the previous three stages.

The fourth stage, also referred to as Industry 4.0, depends upon the maturation of a few important technologies including adaptive manufacturing, AI, big data analytics, IoT, and advances in robotics. Industry 4.0 solutions will benefit many industries including traditional manufacturing as well as any other industry verticals which rely upon efficient and effective business automation.

However, the USA has been in an industrial depression since the year 2000, due largely to offshoring significant portions of the industrial base to China. The industrial sector represents a smaller share of the economy than most other developed nations. Other countries in a similar status are France and the UK. Accordingly, there is an ever-pressing need within developed countries for improvements in productive efficiency and effectiveness.

Industrial Internet of Things (IIoT) solutions are poised to transform many industry verticals including healthcare, retail, automotive, and transport. For many industries, IIoT will significantly improve reliability, production, and customer satisfaction. While IIoT will initially improve existing processes and augmented current infrastructure, the ultimate goal will be to realize entirely new, and dramatically improved products and services.

Successful companies will be those that understand how and where IoT technologies and solutions will drive opportunities for operational improvements, new and enhanced products, and services, as well as completely new business models.

IIoT will significantly improve reliability, production, and customer satisfaction. Initially focusing on improving existing processes and augmented current infrastructure, IIoT will rely upon as well as integrate with certain key technologies, devices, software, and applications.

IIoT involves a substantial breadth and depth of technologies, many of which require careful integration and orchestration. Leading managed service providers are looking beyond core Machine-to-Machine (M2M) communications towards more advanced services that involve IoT platform and device mediation, data management, and application coordination.

M2M messaging itself is evolving to a flatter hierarchical structure with edge computing networks, which will require managed privacy and security services to ensure data integrity and asset protection. M2M communications for IIoT will become increasingly necessary for enterprise and industrial organizations that wish to fully leverage IoT technologies.

Data analytics solutions provide the means to process vast amounts of machine-generated, unstructured data captured by M2M systems. As IIoT progresses, there will be an increasingly large amount of unstructured machine data. The growing amount of machine-generated industrial data will drive substantial opportunities for AI support of unstructured data analytics solutions.

The industrial sector is rapidly integrating IIoT solutions with many of the aforementioned technologies. This convergence will have a profound effect on industrial processes as well as create opportunities for product and service transformation. In some cases, entirely new business models will result from integration with broadband wireless and cloud technologies as the "as a service" model transforms many existing products into services. Also, IIoT solutions are evolving from transparency into operations to proactive maintenance and correction.

One clear area of improvement for industrial businesses will be teleoperation and telerobotics as various industries will leverage the ability to control real machines/equipment by virtual objects through master controlling interfaces. We see teleoperations being transformed by digital twin technologies, which refers to the mapping of the physical world to the digital world in which IoT platforms and software are leveraged to create a digital representation of physical objects or assets. The digital twin of a physical object can provide data about the asset such as its physical state and disposition.

The use of 5G for IIoT networks will be of great importance to certain industry verticals such as agriculture, logistics, and manufacturing. The combination of robotics, teleoperation, and cloud technologies is poised to transform enterprise operations, industrial processes, and consumer services across many industrial related industry verticals.

All of these industrial sectors will also require efficient and effective computing systems. There is a substantial opportunity for both a centralized cloud `as a service` model for software, platforms, and infrastructure as well as edge computing cloud solutions for industry. The combination of robotics, teleoperation, and cloud technologies is poised to transform industrial processes across many industry verticals.

The industrial sector is rapidly integrating IIoT solutions with many of the aforementioned technologies. This convergence will have a profound effect on industrial processes as well as create opportunities for product and service transformation. In some cases, entirely new business models will result from integration with broadband wireless and cloud technologies as the `as a service` model transforms many existing products into services. In addition, IIoT solutions are evolving from transparency into operations to proactive maintenance and correction.

Select Report Findings:

Total global IIoT market will reach $988B by 2027, driven by manufacturing and healthcare
IIoT in manufacturing alone will reach $178.2 billion globally by 2027, growing at 17.9% CAGR
IIoT DaaS market for enterprise and industrial segments will reach $11.5 billion globally by 2027
IIoT data storage will reach $103.4 billion globally by 2027, led by manufacturing and healthcare verticals
Private wireless implementations to be a major driver for IIoT adoption within all major production-oriented industries
North America will be the leading region followed by Europe, led by Germany, and Asia Pac, led by Japan and South Korea
Combining AI with digital twins, cloud robotics, and teleoperation to drive substantial market opportunities for systems integration