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(Wireless-NewsWire.Com, November 19, 2018 ) According to the new market research “Industrial IoT (IIoT) Market [(By Technology & Solutions); By Service (Consulting, Managed Services); By End-Use Vertical (Manufacturing, Utilities, Oil & Gas, Transportation & Logistics, Retail, Energy & Power, Agriculture, Healthcare, Others); By Regions]: Market Size & Forecast to 2026", The Industrial IoT (IIoT) market is expected to reach USD 771.72 billion by 2026 from USD 114.2 billion in 2017, at a CAGR of 24.3%.
The global Industrial Internet of Things (IIoT) market is anticipated to reach USD 771.72 billion by 2026. Industries worldwide are looking for new business models to construct a connected enterprise for merging their operational and information departments. This transformation is expected to enhance the overall productivity, operational efficiency, and visibility as well as decrease the complexities of diverse procedures in the industry. The capability of IIoT to decrease costs is the major factor responsible for its high adoption by the industries. Other factors include increased productivity, time-to-market, and process automation. Moreover, decreasing sensors prices has also helped in the reduction of overall costs related to data collection and analytics.
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The role of IIoT is becoming more prominent in allowing easy access to machines and devices. The adoption of IIoT is further anticipated to escalate globally attributed to increasing innovative efforts by major players such as GE, Cisco and Huawei, as well as increasing initiatives sponsored by governments. For instance, the government of Germany is sponsoring a multi-year strategic initiative ‘Industrie 4.0’, focused on uniting the major participants from public and private sectors along with academia for the creation of an action plan and a broad vision to implement digital technologies in the country’s industrial sector. Furthermore, “Made in China 2025” initiative of the Chinese government is helping the promotion and integration of digital technologies in the industrial sector of China.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Siemens AG
Rockwell Automation, Inc.
IBM Corporation
Microsoft Corporation
Corning Incorporated
ABB Ltd.
Cisco Systems, Inc.
General Electric Company
ARM Ltd.
Intel Corporation
Kuka AG.
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The market in the Asia Pacific region is projected to grow at the fastest CAGR owing to considerable adoption of IIoT in the countries such as Japan, Taiwan and China. Manufacturing companies across these countries are recognizing the advantages offered by the implementation of IIoT in their production line. China is the dominating country in the Asia Pacific market due to the presence of several manufacturing companies in the region and high adoption of automation technologies.
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