Industrial IoT (IIoT) Market is expected to reach US$ 92.40 Bn in 2024 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.
About Maximize Market Research
Maximize market research, a global market research firm with dedicated team of specialists and data has carries out extensive research about the key technologies and key market trends. Research Report encompasses the comprehensive segmentation, providing the in-depth analysis of overall industry ecosystem with accurate regional analysis, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the concerned market. The driving forces, as well as considerable restraints and probable market opportunities, have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain the market positioning of competitors.
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 (2018-2024)
Early buyers will receive 10% customization on reports.
Ms. Dharati Raut
Office No.– 228, 2nd Floor,
B-Wing, Jai Ganesh Vision, Akurdi,
Pune – 411035,
+91 20 6630 3320