The global IIoT market size is expected to grow from USD 76.7 billion in 2021 to USD 106.1 billion by 2025, at a CAGR of 6.7% during the forecast period. The major factors driving the growth of the market include technological advancements in semiconductor and electronic devices, increased use of cloud computing platforms, standardization of IPv6, and support from governments of different countries for R&D activities related to IIoT.
The IIoT market is highly competitive, owing to the presence of a large number of regional and global players. The key players are focusing on enhancing their product portfolios and increasing market share through strategies, such as product launches, partnerships, agreements, and collaboration, and expansions. Many market players adopted partnership & collaboration, and agreements as their key business strategies.
Major Industrial IoT companies include:
- Huawei (China)
- Cisco (US)
- GE (US)
- Intel (US)
- Rockwell Automation (US)
- ABB (Switzerland)
- Texas Instruments (US)
- Honeywell (US)
- IBM (US)
- KUKA AG(Germany)
- NEC Corporation (Japan)
- IO (Germany)
- Siemens AG (Germany)
- SAP (Germany)
Huawei (China) was established in 1987 and has its headquarters in Guangdong, China. The company provides three IoT connection management platforms: EC-IoT, eLTE Broadband, and Narrowband IoT. The platforms provide full connections among people and things, support rapid integration of multiple vertical industry applications, and offer APIs to meet diversified device access needs. This helps carriers, enterprises, and industries build end-to-end IoT solutions and quickly integrate multiple industry applications, and increase business revenues.
Cisco (US) is a global manufacturer and seller of IP-based IT and communications networking products. Cisco offers equipment, software, and services to enterprises, public institutions, telecom companies, and other service providers for effective communications management. From automated production to predictive analytics, Cisco’s industrial IoT solutions provide new opportunities to grow and expand the business of its clients.
The company provides securely connect production systems--including IACS devices, sensors, actuators, and controllers; key machines; and assets such as robots, CNC machines, tools, process skids, and RTUs to plants and enterprise networks for enhanced connectivity across production systems. The company has been continuously involved in growing its IIoT business through partnerships and acquisitions. For instance, in February 2021, Cisco partnered with Newark, an Avnet Company, to offer industrial IoT network solutions for harsh and non-carpeted environments to customers across North America. The company has been involved in various other partnerships in recent years to offer its IIoT solutions
