The industrial internet market is projected to reach the market size of US$686.395 billion by the year 2024 from US$114.180 billion in 2018 growing at a CAGR of 27.43%. According to General Electric, Industrial Internet, also known as Industrial Internet of Things (IIoT) is the integration and linking of big data, analytical tools and wireless networks with physical and industrial equipment, or otherwise applying meta-level networking functions, to distributed systems. For example, machines incorporated with machine intelligence (like M2M technology) is an industrial internet technology and can allow the machines to send data back and forth, or ‘talk among themselves’. Industrial internet also finds its application in transportation and railroad systems. The market for industrial internet is driven by the increasing industrialization and urbanization along with the growing penetration of internet and cloud-based storage technology. Moreover, a large amount of data and various technological innovations in the field will also support market growth. However, the high cost of the product is a concern for the market.
The “Industrial Internet Market – Forecasts from 2019 to 2024” is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by offering, end-user, and geography.
The industrial internet market has been segmented based on offering, end-user, and geography. By offering, the market is classified as hardware, software, and services. By the end-user, the market is classified as transportation & logistics, healthcare, oil and gas, energy & power, and others.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the industrial internet market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the industrial internet market.