New York 16 April 2019: The report “Industrial IoT (IIoT) Market [(By Technology & Solutions); By Service (Consulting, Managed Services); By End-Use Vertical (Manufacturing, Utilities, Oil & Gas, Transportation & Logistics, Retail, Energy & Power, Agriculture, Healthcare, Others); By Regions]: Market Size & Forecast to 2026” According to a new study published by Polaris Market, the global Industrial Internet of Things (IIoT) market is anticipated to reach USD 771.72 billion by 2026.
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Industries worldwide are looking for new business models to construct a connected enterprise for merging their operational and information departments. This transformation is expected to enhance the overall productivity, operational efficiency, and visibility as well as decrease the complexities of diverse procedures in the industry. The capability of IIoT to decrease costs is the major factor responsible for its high adoption by the industries. Other factors include increased productivity, time-to-market, and process automation. Moreover, decreasing sensors prices has also helped in the reduction of overall costs related to data collection and analytics.
The role of IIoT is becoming more prominent in allowing easy access to machines and devices. The adoption of IIoT is further anticipated to escalate globally attributed to increasing innovative efforts by major players such as GE, Cisco and Huawei, as well as increasing initiatives sponsored by governments. For instance, the government of Germany is sponsoring a multi-year strategic initiative ‘Industrie 4.0’, focused on uniting the major participants from public and private sectors along with academia for the creation of an action plan and a broad vision to implement digital technologies in the country’s industrial sector. Furthermore, “Made in China 2025” initiative of the Chinese government is helping the promotion and integration of digital technologies in the industrial sector of China.
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The market in the Asia Pacific region is projected to grow at the fastest CAGR owing to considerable adoption of IIoT in the countries such as Japan, Taiwan and China. Manufacturing companies across these countries are recognizing the advantages offered by the implementation of IIoT in their production line. China is the dominating country in the Asia Pacific market due to the presence of several manufacturing companies in the region and high adoption of automation technologies.
Some of the major players operating in the Industrial IoT include Corning Incorporated, ABB Ltd., Cisco Systems, Inc., General Electric Company, Siemens AG, Rockwell Automation, Inc., IBM Corporation, Microsoft Corporation, ARM Ltd., Intel Corporation, and Kuka AG among others.
Industrial IoT Market Size and Forecast by Technology & Solutions
- Key findings
- Technology & Solutions
- Networking Technology
- Security Solutions
- Industrial Robotics
- Device Management
- Remote Monitoring
- Data Management
- Application Management
- Connectivity Management
Industrial IoT Market Size and Forecast by Service
- Key Findings
- Consulting Services
- Managed Services
Industrial IoT Market Size and Forecast by End-Use Vertical
- Key findings
- Oil & Gas
- Transportation & Logistics
- Energy & Power
Industrial IoT Market Size and Forecast by Regions
- North America [U.S., Canada]
- Europe [Germany, UK, France, Italy, Spain, Belgium, Netherlands, Rest of Europe]
- Asia-Pacific [China, India, Japan, South Korea, Singapore, Malaysia, Rest of Asia-Pacific]
- Latin America [ Brazil, Mexico, Argentina, Rest of Latin America]
- Middle East and Africa [Israel, South Africa, Saudi Arabia, UAE, Rest of MEA]
About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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