1. Global Industrial Internet of Things Market: Snapshot
The focus of top players in the global industrial internet of things (IIoT) market is to
leverage innovative technologies so as to provide novel IIoT solutions. In order to
consolidate their position, top companies in the market are also considering
carefully crafted partnerships and acquisitions, leading to their expanded service
offerings and expanded geographical presence.
The revolutionary benefits in manufacturing processes on account of deployment of
industrial internet of things is the primary factor driving the industrial internet of
things market. This is because IIoT improves operational efficiency by means of
harnessing data and acting in response to the data collected from smart machines.
As per a report by Transparency Market Research, the global industrial internet of
things market is expected to expand at a whopping 23.7% CAGR between 2017 and
2025, for the market to reach a valuation of US$783,881.1 mn by 2025.
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Software Component Segment to Clock Maximum Growth Rate until 2025
In terms of component, the segments into which the industrial internet of things
market is divided are hardware, software, and service. Hardware can be further
segmented into sensors, robotic systems, and connected devices. The segment of
hardware led the market in 2016. However, the software segment is expected to
clock maximum growth rate over the forecast period on the back of high adoption of
software by large industries.
The segments of the market based upon end user are aviation, oil and gas,
transportation, power generation and utility, manufacturing, healthcare, and others.
Manufacturing is expected to lead the market with a share of close to 35% of the
overall market during the forecast period. This is mainly because of high adoption of
IIoT in the manufacturing sector. Healthcare is predicted to clock the leading CAGR
over the forecast period ending in 2025. The key growth drivers of the sector
include improved diagnosis due to data sharing between consultants and improved
healthcare services.
2. This 173-page report gives readers a comprehensive overview of the
Industrial Internet of Things (IIoT) Market. Browse to unlock the hidden
opportunities in this market
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Powered by China and India, Asia Pacific to Display Robust Growth
The segments of the global industrial internet of things market based upon
geography are North America, Europe, Asia Pacific, the Middle East and Africa, and
South America. Amongst all, in 2016, North America, driven by the U.S., led the
overall market in terms of revenue. The region is expected to hold on to its lead
position over the forecast period. The U.S. is a significant market for IIoT primarily
due to the consistently rising demand for improved diagnostic facilities pushed by
Big Data analytics. The increased spending on healthcare by the government is also
driving the IIoT market in North America.
Vis-à-vis revenue, Europe is expected to hold a significant position in the market
over the forecast period. Germany is expected to emerge as the most attractive
domestic market in the region over the forecast period. The growth in Germany is
fuelled by initiatives by the government to promote Industrie 4.0.
Powered by China and India, Asia Pacific is also expected to display healthy growth
rate over the forecast period. These countries are expected to be at the forefront of
IIoT adoption on account of increasing investments in technology. India is expected
to contribute substantially to the Asia Pacific IIoT market as the Indian government
is pushing the ‘Digital India’ initiative.
Some of the major players in the global IIoT market include IBM Corporation, Intel
Corporation, Schneider Electric SE, General Electric Company, Emerson Electric,
ABB Ltd., Accenture plc, Tech Mahindra Ltd., Softweb Solutions Inc., and Sasken
Technologies Ltd.
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