SWOT Analysis

Strength:
The industrial IoT market is witnessing high adoption owing to its ability to optimize operations and enhance productivity. Industrial IoT offers real-time monitoring of industrial assets and processes, which helps reduce downtime. Integration of IoT, analytics, and machine learning enables predictive maintenance and anomaly detection.

Weakness:

Lack of common standards results in difficulty in integration of IoT solutions from multiple vendors. Cyber security threats associated with collecting and sharing large amount of industrial data can compromise critical infrastructure and business operations. High initial investment requirements for hardware, software, security, and connectivity pose challenges, especially for small and medium enterprises.

Opportunity:

Adoption of industrial IoT across process and discrete industries provides an opportunity to generate new revenue streams through advanced analytics and data monetization. IoT-enabled smart factories and remote asset management present an opportunity for improved coordination between humans and machines. Global focus on industrial automation and demand for operational excellence is expected to boost industrial IoT adoption going forward.

Threats:
Lack of skilled workforce capable of developing, deploying, and maintaining industrial IoT solutions poses challenges. Integration issues arising due to heterogeneity of assets from multiple vendors can impede seamless connectivity and information flow.

Key Takeaways

The Global Industrial Iot Market Size is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing demand for optimization of industrial processes and assets. The rapid pace of industrialization and manufacturing activities across developing economies present significant opportunities for Industrial IoT vendors.

Regional analysis Industrial IoT adoption is highest in North America owing to early technology adoption and presence of major Industrial IoT vendors in the region. However, Asia Pacific is expected to dominate the Industrial IoT market owing to country level initiatives for smart manufacturing such as ‘Make in India’ and presence of semiconductor foundries and automotive manufacturing clusters in the region.

Key players operating in the Industrial IoT market are ABB Ltd., GE Digital, PTC Inc., Robert Bosch GmbH, Siemens AG, Accenture plc., Capgemini, and HCL Technologies Limited. Key players are focusing on partnerships, collaborations, and mergers & acquisitions to strengthen their product and service portfolio and geographic footprint.

For more insights, read- https://www.articledistrict.com/industrial-iot-market-is-estimated-to-witness-high-growth/