Industrial IoT (IIoT) Market is expected to reach US$ XX Bn in 2026 at 7.39% CAGR
Technological advancements in semiconductor and electronic devices, availability of automation solutions, improved data rates, and coverage of communication technologies; increasing use of cloud computing platform; growing adoption of IPv6; and support from governments worldwide pertaining to the adoption of IIoT solutions are the major driving factors affecting the growth of the IoT market.
Among Device &Technology segments smart beacons is expected to grow at the highest CAGR
Increasing demand for automation technologies in the retail vertical to enable faster checkout and enhance overall customer experience is driving the growth of the smart beacons segment which is followed closely by sensors.
Manufacturing sector is the leading vertical during the forecast period
Amongst the industries, Healthcare, Manufacturing, Transportation, and Utilities are the torch-bearers in spending most on IoT solutions. IoT spending among manufacturers will be intensively targeted towards solutions supporting manufacturing operations and production asset management. Freight monitoring followed by fleet management occupies nearly two-thirds share of IoT spending in Transportation.
The Asia Pacific to dominate the Industrial IoT (IIoT) Market in 2018
The Asia Pacific, a dynamic group of rapidly developing economies is expected to grow at the highest rate for IoT market with presence of major IT industries is expected to hold the largest market share in forecast years. In 2018, Asia/Pacific Region will spend more than $300 Billion followed by North America at around $200 billion. North America. Europe and Asia Pacific (APAC) will form three key regions contributing to the global demand of Industrial IoT (IIoT) Market. Rapid digitization along with technological dependency and further advancements have acted as key drivers for growth of IoT market in North America.
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Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Industrial IoT(IIoT) Market by Device & Technology (Sensor, RFID, Industrial Robotics, DCS, Condition Monitoring, Smart Meter, Camera System, Networking Technology), Software (PLM, MES, SCADA), Vertical (Manufacturing, Energy, Oil &Gas, Metal & Mining, Healthcare, Retail, Transportation, Agriculture) and Region (North-America, Europe, Asia Pacific, Latin America, Middle East and Africa)”.
Industrial IoT Market – Industry Analysis and Forecast (2019-2026)
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