Global Industrial Internet of Things (IIoT) Market to reach USD 932.25 billion by 2025 | CAGR: 26.8%
New York 16 April 2018, Global Industrial Internet of Things (IIoT) industry is poised to raise USD 932.25 billion by 2025. The information and communication technology industry is evolving rapidly and hence there is a significant growth in demand for high-quality products from the end users. The global Industrial Internet of Things (IIoT) market is speculated to grow at a CAGR of 26.80% during 2017-2025. The market growth is primarily driven by the capability of IIoT to minimize the costs, development of cloud computing technologies and technological enhancements in electronics industry and semiconductor. Moreover, high demand from various end-user industries such as manufacturing, energy & power, oil & gas, healthcare, logistics & transports and agriculture are expected to create significant opportunities over the forecast period.
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Industrial Internet of Things (IoT) Market Size Study, by Platform (Network Management, Application Management), by Software Solution (Real-Time Streaming Analytics, Security Solution, Data Management, Remote Monitoring, and Network Bandwidth Management), by Service, By Application (Smart Energy, Connected Health, Building Automation) and Regional Forecasts, 2017-2025
The global Industrial Internet of Things (IIoT) market report is segmented by component, by end-use, and by region. On the basis of the component, the market is segmented into three categories, viz. Solutions, services, and platform. In 2016, services segment accounted the largest market share of the total market. On the basis of the end-user, the market is segmented into six categories, viz. Manufacturing, energy & power, oil & gas, agriculture, logistics & transports, and healthcare. Owing to high demand manufacturing segment is expected to witness the highest growth over the forecast period.
The geographical paradigm of global Industrial Internet of Things (IIoT) market is dominated by Asia Pacific region and it will overtake the North American region in terms of growth. With the presence of leading market players such as Siemens AG, General Electric, Intel Corporation, International Business Machines (IBM) Corporation, and Cisco Systems the region has witnessed significant technological innovations which are driving the market growth. China holds more than half of the revenue share in Asia Pacific Industrial Internet of Things (IIoT) market. Due to higher awareness level the region is expected to witness agile adoption for Industrial Internet of Things (IIoT)s over the forecast period.
The global Industrial Internet of Things (IIoT) industry seems to be fairly competitive. Some of the leading market players include Siemens AG, General Electric GE, Intel Corporation, International Business Machines (IBM) Corporation and so on. Other market players discussed in the report include Cisco Systems, Rockwell Automation, Microsoft Corporation, ABB Ltd., ARM Holdings, Plc., and Atmel Corporation. Fierce competitiveness can be visible in the industry as the entry of new companies is increasing the rivalry. The major manufacturers are focussing on new product launches and investing heavily in research and development. Other prime strategies that are noteworthy are acquisitions and mergers in order to dominate the market.
Key findings of the study:
- The Asia Pacific accounted for the largest market share, more than 35% of the total market in 2016.
- Solutions segment is estimated to hold the largest market share of about more than 50% in 2016.
- Services segment is speculated to grow the highest by a CAGR of approximately 28%.
- Manufacturing segment is estimated to hold the largest market share of about more than 25% in 2016.
- North America region is the highest revenue generating region which is likely to be overtaken by the Asia Pacific region over the forecast years.
- Key players are heavily investing in designing new designs in order to attract new customers in the market.
Bizwit Research & Consulting LLPhas considered following segments for the study:
Industrial Internet of Things (IIoT) Component outlook:
Industrial Internet of Things (IIoT) End-User outlook:
- Energy & Power
- Oil & Gas
- Logistics & Transports
- North America
- Asia Pacific
- Latin America
- Rest of the World