The key factors driving the global industrial internet of things market include technological developments, rising adoption of smart, connected devices, and increased demand for these devices from emerging markets.
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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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.
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.
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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.
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.
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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