The industrial IoT market is of great interest to software developers and investors as it is growing quickly and beginning to mature. The route to market is through Connected Applications that often leverage AI (Artificial Intelligence), ML (Machine Learning) and Analytic capabilities, and the applications drive digital transformation. Yet the industrial IoT market is still in the formative stage with approximately 20 large, global ‘enterprise’ software providers taking the majority of the revenue: although ‘pure’ IoT technology providers are growing quickly, their market size is much smaller than the OT or IT providers.
Whatever happened to the IoT?
The answer is that the industrial IoT software market is alive and well – but operating under a different name: ‘Connected Applications’ now provide the foundation for most industrial IoT implementations and many Digital Transformation projects, often integrated with various enterprise systems.
At one time, most IoT market projections were based on huge numbers of sensors and connections but, with the emergence of edge processing that ‘concentrates’ data from many sensors, this is not the best indicator; it is more useful to analyze revenues from applications by Provider, Use Case and Market Area, and to use econometric reports to forecast growth. Using these measures, Cambashi’s report shows an $11bn market growing at 19.8% CAGR from 2020-24, and the graphic shows the leading players by revenue and growth.
Because so many companies are interested in this market, and it has applications in so many industries, measuring it is a real challenge. However, using quantitative research Cambashi has identified trends in the industrial IoT/Connected Applications market, and made forecasts based on econometric sources and proven methods. We present these observations, forecasts and trends in the report.
February 2021, By Alan Griffiths and Joe Brooker
Introduction and Objectives
- Emerging market – but Connected Applications are beginning to take off
- Still a great deal of confusion among buyers & sellers
- Who has exceeded expectations and who has disappointed?
The role of IoT and Connected Applications in Digital Transformation
Understanding the ‘ecosystem’
Industrial IoT market economics
Challenges and trends
Forecast for the industrial IoT market and ecosystem
Questions and issues for business, investment & marketing planning
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