Industrial IoT is the use of internet-connected devices and sensors to collect data from industrial equipment and facilities. This data can be used to improve the efficiency and productivity of industrial operations. Industrial IoT can also be used to monitor the condition of equipment and facilities, and to predict maintenance needs.

Key Trends and Drivers

The growth of the industrial IoT market is driven by the increasing need for real-time data for effective decision making, the increasing adoption of cloud-based solutions and services, the increasing use of Big Data and analytics, and the growing need for predictive maintenance of industrial equipment.

Restraints & Challenges

Industrial IoT is an emerging technology with great potential to revolutionize many industries. However, there are several key restraints and challenges that need to be addressed before it can truly reach its potential.

One of the biggest challenges is the lack of standardization. There are many different protocols and technologies being used for Industrial IoT, which makes it difficult for devices and systems to interoperate. This lack of standardization also makes it difficult to develop and deploy Industrial IoT solutions at scale.

Another challenge is the lack of skilled personnel. There is a shortage of people with the necessary skills to develop and deploy Industrial IoT solutions. This is a chicken-and-egg problem, as companies are reluctant to invest in Industrial IoT until there are more skilled workers available, but there are few skilled workers available because companies have not invested in Industrial IoT.

Market Segments

By Component

• Solution
• Services
• Platform

By End-Use

• Manufacturing
• Energy & Power
• Oil & Gas
• Healthcare
• Logistics &Transport
• Agriculture
• Others

Key Players

• ABB
• General Electric Company (GE)
• IBM Corporation
• Intel Corporation
• Rockwell Automation Inc.
• Siemens AG
• Microsoft Corporation
• NEC Corporation
• Bosch
• Honeywell