This report provides detailed historical analysis of global market for Industrial IoT from 2014-2019, and provides extensive market forecasts from 2020-2027 by region/country and subsectors.
Vancouver, BC -- (SBWIRE) -- 01/29/2021 -- Market Size – USD 74.28 billion in 2019, Market Growth - CAGR of 7.5%, Market Trends – Increasing adoption of Industrial IoT in the transportation & logistics industry
Industry 4.0, or the fourth industrial revolution, puts together digital and physical technology to create sensitive, integrated activities. Businesses use AI, robotics, edge computing, and the cloud to make educated, timely decisions, from the supply chain to the smart factory. Industrial Internet of Things (IIoT) applications use connected sensors and edge devices to help increase the quality of goods and real-time operational performance of factories. The size of the global industrial IoT market was estimated at USD 74.28 Billion in 2019 and is expected to hit USD 128.09 Billion by 2027, at a CAGR of 7.5%, according to a current analysis by Emergen Research.
All of the segments studied in the research study are analyzed on the basis of BPS, market share, revenue, and other important factors. Our research study shows how different segments are contributing to the growth of the global Industrial IoT market. It also provides information on key trends related to the segments included in the report. This helps market players to concentrate on high-growth areas of the global Industrial IoT market. The research study also offers separate analysis on the segments on the basis of absolute dollar opportunity.
Key participants include GE, Intel, Cisco, IBM, Siemens, Honeywell, Rockwell Automation, Texas Instruments, ABB, and Kuka, among others.
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Market Drivers
The advent of advanced data analytics, robotics, machine learning, and artificial intelligence mainly drives the market growth. Over the forecast period, the growing adoption of cloud platforms in the industrial sector is expected to drive market growth. A major contributing factor to the rising demand for IoT technology in the industrial sector is rapid industrialization in emerging economies. In electronic devices and semiconductors, technological advances are most likely to propel the growth of the industry.
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Regional Analysis
In 2019, Asia Pacific accounted for the Industrial IoT market's largest market share and is expected to be the fastest-growing region over the forecast period. Growing government initiatives for R&D activities related to technological developments in Industrial IoT technologies are expected to drive growth in the area over the forecast period.
Over the forecast period, Europe is expected to register substantial growth. Government programmes such as 'Industry 4.0' in Germany, along with favourable FDI policies, are expected to drive the development of the market in the region.
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Component Outlook (Revenue, USD Billion; 2017-2027)
Services (Managed, Professional)
Solution (Analytics, Remote Monitoring, Security Solutions, Data Management)
Platform (Application Management, Connectivity Management, Device Management)
End-User Outlook (Revenue, USD Billion; 2017-2027)
Energy & Power
Healthcare
Agriculture
Manufacturing
Oil & Gas
Logistics & Transport
Others
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Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Industrial IoT Market Segmentation & Impact Analysis
4.1. Industrial IoT Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Emergence of advanced data analytics and machine learning
4.2.2.2. Increased adoption of cloud platforms
4.2.2.3. Development of wireless networking technologies
4.2.2.4. Support from government for R&D activities regarding IoT
4.2.2.5. Increasing need to reduce the risk of cyber and data breaches caused by human error
4.2.3. Market restraints analysis
4.2.3.1. Limited availability of skilled workforce
4.2.3.2. Security challenges for Industrial IoT technologies
4.2.3.3. Lack of connectivity
Continued…
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