14.36% CAGR growth by 2023 in Industrial Internet of Things (IIoT) Market| Major Vendors - GENERAL ELECTRIC COMPANY, ARM HOLDINGS PLC, PTC INC., ATMEL CORPORATION, ORACLE CORPORATION, IBM CORPORATION, HONEYWELL AUTOMATION, SIEMENS AG, SAP SE, amongst othe

Market Analysis:

Asia-Pacific is Expected to Dominate the Market
Asia-Pacific is expected to account for the largest share in the overall IIoT market. The growing population and disposable incomes of consumers in this region, coupled with urbanization and large-scale industrialization, are factors accelerating the growth IIoT market in the APAC region.

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It is expected that the number of internet-connected devices will multiply to tens of billions in the near future. One reason for this growth is the combination of IIoT and big data analytics, which promises to further drive operational efficiencies, along with more innovation and, ultimately, new sources of revenue. The market for IIoT is set for tremendous growth in 2018 as more businesses realize its potential uses and the impact it can have on the global economy. The major challenges in implementing a big data solution are the storage of the colossal amounts of data being produced, running of analytical queries, and to perform advanced data analysis involving data mining and machine learning technologies to gain insights. There has been an increase in the number of smart devices used in plants which is expected to drive the market. Transportation Industry is expected to accelerate the market landscape.

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Market Segments:
Industrial Internet of Things (IIoT) market is segmented by:
1. Type: Hardware, Software, Services
2. Industry Type: Transportation, Manufacturing, Oil & Gas, Utilities, Others
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• November 2017 - Siemens AG collaborated with Software AG to strengthen its IoT operating system, MindSphere, across industries.
• October 2017 - General Electric Company launched Brilliant Factories, a combination of software, hardware assets, and consultation services that enable upgrading of factories into IIoT powerhouses.

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