Industrial IoT Market is expected to witness high growth during the forecast period. The market is expected was valued at USD 59.54 billion in 2017 and is expected to reach USD 91.40 billion by 2023, at a CAGR of 7.39% during the forecast period. The major factors driving the growth of the IIoT market include technological advancements in semiconductor and electronics 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.
Based on software, market for manufacturing execution system is expected to gain significant share of Industrial IoT market by 2025
The manufacturing excecution system (MES) software is expected to account for the largest share of the Industrial IoT market by 2025. The MES Industrial IoT software is used to monitor and manage work in factories, it helps manufacturing facilities with materials, orders and production functionalities to reduce costs and improve efficiency.
Based on device & technology, market for smart beacon to grow at higher CAGR from 2020 to 2025
The market for smart beacon is expected to grow at a higher CAGR from 2019 to 2025. Also known as Bluetooth low energy (BLE) beacon, is a type of proximity sensor. Usability in the retail, commercial/enterprise, connected home, and personal asset tracking are likely to be the major factors contributing to the growth of the market for smart beacon. These sensors find their applications in several industries, ranging from retail to industrial to consumer electronics.
Industrial IoT market for agriculture vertical to grow at highest CAGR from 2020 to 2025
Based on end-user vertical segment, the market for the agriculture vertical is expected to grow at the highest CAGR from 2019 to 2025. The growth of the Industrial IoT market for the agriculture vertical is driven by the growing adoption of Industrial IoT for precision farming. Industrial IoT can be used for application such as, GPS-enabled guiding system to remote monitoring and controlling of multiple in-field devices.
Industrial IoT market in APAC to grow at highest CAGR during forecast period
The Industrial IoT market in APAC is expected to grow at the highest CAGR during the forecast period. The APAC have huge population, increased R&D investments, and high manufacturing, which is also emerging hub for the metals and mining vertical. Infrastructural and industrial development in emerging economies like China, India, and South-East Asia is fueling the growth of industrial IoT in APAC. Cost-effective and highly efficient Industrial IoT have witnessed an increasing demand from manufacturing, energy, oil & gas, metals and mining, healthcare, retail, transportation and agriculture, which is likely to propel the growth of the Industrial IoT market in APAC in the next few years.
Key players in the market include Cisco (US), General Electronics (US), Honeywell (US), Intel (US), IBM (US), ABB (Switzerland), Rockwell Automation (US), Siemens (Germany), Huawei (China) and Bosch (Germany). These players are increasingly undertaking product launches, mergers, and acquisitions to increase their market shares.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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