The global market for Industrial Internet of Things is competitive in nature and is projected to remain in the similar scenario throughout the forecast period, states a new research study by Transparency Market Research. Some of the leading players operating in the IIoT market across the globe are NEC Corporation, Sasken Technologies Ltd., Softweb Solutions Inc., Emerson Electric, General Electric Company, ZIH Corp., Accenture PLC, Intel Corporation, Siemens AG, ABB Ltd., Schneider Electric SE, Tech Mahindra Ltd., Robert Bosch GmbH, and IBM Corporation. The research and development activities and technological advancements in the field are projected to enhance the growth of the market and enhance the competitive environment of the market in the next few years. Mergers and acquisitions are further predicted to support the growth of the market in the near future.
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According to the market intelligence report by Transparency Market Research, the global market for Industrial Internet of Things is projected to reach a value of US$ 991,562.0 Mn by the end of 2026. The market is estimated to register a whopping 24.30% CAGR between 2018 and 2026.
The global market for Industrial Internet of Things has been categorized on the basis of geography into the Middle East and Africa, North America, Latin America, Europe, and Asia Pacific. In the last few years, North America led the market and is projected to remain in the leading position in the coming years. The strong growth of this region can be attributed to the rising adoption of advanced solutions for automation. This region is further expected to be followed by Asia Pacific and Europe. The rising contribution from China and India is projected to accelerate the growth of the Asia Pacific market in the coming few years. As per the research study, India is projected to register a healthy growth rate in the next few years.
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The global market for Industrial Internet of Things has been categorized on the basis of end use into healthcare (medical devices), transportation, manufacturing, oil and gas, aviation, power generation and utility, and others. The others segment is further sub-segmented into agriculture and mining. Among the mentioned segments, the manufacturing segment is projected to account for a large share of the global market in the next few years. The technological developments and advancements and innovations in the market are projected to enhance the growth of the manufacturing segment in the next few years.
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The rising use of cloud computing platform and the advancements in the semiconductor and electronics devices are some of the key factors that are projected to accelerate the growth of the global Industrial Internet of Things market in the next few years. In addition to this, the rising number of data centers is predicted to accelerate the growth of the market in the near future. On the flip side, the lack of skilled workforce and the lack of standardization are projected to hamper the growth of the overall market in the next few years. Nonetheless, the development of the comprehensive system solutions and the innovative cross domain applications are projected to accelerate the growth of the market and offer potential growth opportunities for the market players in the near future.
