Industrial Internet of Things (IIoT) Market Best Vendors Include ABB, ARM Ltd., Cisco Systems, Dassault Systèmes, General Electric, Honeywell International, Huawei Technology Co., Ltd., Intel Corporation, Rockwell Automation and Texas Instruments
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The managed service segment held the dominant position in 2016 and is projected to maintain its dominance throughout the forecast period. Increasing government initiatives towards digitalization and increasing government investments to boost the adoption of IOT technology in various industries such as utilities and manufacturing are expected to drive growth of the IOT market. The professional services segment is expected exhibit the highest CAGR over the forecast period.
The manufacturing segment held a dominant position in 2016. This segment is projected to maintain its dominance throughout the forecast period. The high adoption of wireless connectivity, sensors, and software solutions help create communication networks using IP connectivity. This in turn, helps reduce the production cost and time.
On the basis of geography, the global industrial internet of things market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America holds a dominant position in the global industrial internet of things market and is projected to retain its dominance throughout the forecast period. Growing digitalization and high adoption of IOT solutions by manufacturing and automation industries have contributed to growth of the market in North America.
Similarly, the Asia Pacific is projected to exhibit the highest CAGR over the forecast period. India, china, Japan, and South Korea are some of the major countries that help drive growth of the market for IOT in the Asia Pacific region. Dense population, increasing disposable income, and large scale industrialization in the region are boosting growth of the market. In addition to this, the increasing adoption of digitalization by various industries to reduce the production time and operating costs also create a conducive environment for growth of the industrial IOT market in Asia Pacific.
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Key Players in the Global Industrial Internet of Things Market
ABB, ARM Ltd., Cisco Systems, Inc., Dassault Systèmes, General Electric, Honeywell International Inc., Huawei Technology Co., Ltd., Intel Corporation, Rockwell Automation, Inc., and Texas Instruments Inc. are some of the major players in the global industrial internet of things market.
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