Global Industrial IoT Market To Grow At 28.2% CAGR To Reach USD 536 Bn By 2026 – Growth Drivers, Restraints, Company Landscape, Challenges, Opportunities And Future Outlook: Proficient Market
According to a new report published by Proficient Market, titled, “Global Industrial IoT Market– Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2014 – 2026″ The report has offered an all-inclusive analysis of the global Industrial IoT market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.
According to the report, global industrial IoT market in 2018 stood at USD 182 billion and is expected to reach USD XX billion by 2026 growing at a CAGR of 28.2% from 2019 to 2026.
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Industrial IoT is the combination of compound physical equipment with data analytics solutions and industrial networks it generally improves working efficiency and reducing costs. Data and intelligent machines are expected to be revolutionized due to the Industrial IoT technology thus having a positive impact on operations, productivity, as well as efficiency. Also, industrial IoT technology will allow companies to improve their revenues by improving and expanding manufacturing processes through forming new hybrid business models and exploiting intelligent technologies to transform their workforce and fuel innovations. Additionally, industrial mainly comprises innovative data analytics, machine-to-machine communication, machine learning algorithms, and sensor technologies to advance the companies executive abilities. Apart from that, industrial IoT network helps organizations to connect with their workers, improves worker safety, data, and enhances productivity. Development of industrial internet has allowed IT sector to further improve digitized systems. Industrial IoT applications are utilized in available data, cloud services, and business analytics to increase industrial processes.
Global Industrial IoT Market Key Players: The research study includes profiles of leading companies operating in the global industrial IoT market. Key players profiled in the report include:
Bosch and PTC.
Tata Consultancy Services
CGI Group Inc.
Freescale Semiconductor Inc.
Real Time Innovations
Robert Bosch GmbH
Datalogic Holding Inc.
Emerson Electric Co.
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Drivers for the Global Industrial IoT Market: According to current market condition, increasing adoption of industrial IoT across the globe, owing to rising affordability and availability of sensors, technologies, processors, etc. result in access to real-time information. This is a key factor expected to drive growth of the global market over the forecast period. In addition, increasing need to improve operational efficiency coupled with strong alliance between players operating in the target market is another factor expected to fuel growth of the target market. Moreover, growing cloud integration, big data analytics, smart sensors, and robotics and automation are other factors further expected to support growth of the global market over the forecast period.
Opportunities for the Global Industrial IoT Market: The IIoT is not just expected to improve operational efficiencies but also to create new economic opportunities and reshape various industries, thus leading to IoT-enabled digital transformation of companies across the several IIoT industries and even to the reforming of countries.
Restrains for the Global Industrial IoT Market: However, lack of defined standardization and utilization of old equipment are major factors expected to restrain growth of the global market over the forecast period. In addition, rising security concerns among individuals is another factor expected to hamper growth of the target market in the near future.
Region Wise, Global Industrial IoT Market Analysis: The market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The market in North America dominates the target market in terms of revenue over the forecast period, owing to increasing awareness regarding benefits of using industrial IoT, AI, and technological advancements in the various countries in the region. North America region is followed by Asia pacific and Europe.
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Global Industrial IoT Market: Product analysis
Software and Services
By component the global industrial IoT market is segmented into Hardware, Software and Service, Connectivity. Software is expected to be the fastest growing segment during the forecast periods. Software plays a major role in the development of industrial IoT systems. Every component which is integrated or deployed in the organization for various applications needs to relate to an information grid to exchange information. Software is a necessary and irreplaceable element of every industrial IoT system.
Global Industrial IoT Market: Application analysis
Energy & Power
Logistics & Transport
The manufacturing sector is currently the largest market holder for Industrial IoT. A change in the implementation of manufacturing processes is likely to benefit various organizations and businesses as it would enable effective collaboration, financial monitoring enhancement, high application of resources, smart decision-making skills, and opportunities to develop and test ground-breaking technologies in the industrial IoT market.
Global Industrial IoT Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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