Industrial IoT Market Size is set to Grow at a Remarkable Pace in the Coming Years

The global Industrial IoT market is expected to grow at a CAGR of 27.9% during the forecast period, 2019–2026.

A considerable degree of intelligent automation, reducing operational cost, and the growing implementation of 5G powered infrastructure for industrial IoT are the two-pronged drivers boosting the market growth. On September 26, 2018, the Federal Communications Commission (FCC) proclaimed to accelerate the deployment of cell sites necessary for 5G wireless networks in the U.S. However, inadequate IT Infrastructure might impede the market growth.

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The Major Players Covered in this Report: Atmel, ABB Group, ARM Holding plc., Cisco Systems, Inc., Dassault Systems, General Electric, Honeywell International Inc., Huawei Technology Co., Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, Rockwell Automation, Inc., Siemens AG, and Texas Instruments Inc., & More...

By Type, Hardware, Software & Services, Connectivity
By Application, Manufacturing, Agriculture, Healthcare, Energy & Utilities, Logistics & Transport, Others

The logistics & transport segment, among other industry vertical segments, held the largest market share of 22.45% in the year 2018. The agriculture segment is expected to grow at the highest CAGR of 29.52% during the forecast period, 2019–2026. The fourth industrial revolution, also known as industry 4.0, is foreseen as a transforming force that will deeply impact the agriculture industry.

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Industrial IoT in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Industrial IoT market during the forecast period 2019-2026. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Industrial IoT and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Industrial IoT. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

Miscellaneous IoT Hardware Equipment Have Beneficial Applications in the IIoT Market, The hardware segment, among other type segments, is expected to grow at the highest CAGR during the forecast period, followed by Connectivity and Software & Services segment, respectively. IoT hardware equipment ranges from low-power boards (single-board processors such as Arduino Uno) to specific function-oriented hardware (GPS, light and heat sensors, or interactive displays).

The Transportation and Logistics Segment to Streamline their Operations on Account of Automated IIoT Solutions, The logistics and transport segment, among other industry vertical segments, to hold the highest share in the base year. The scope of IIoT is proliferating in the logistics and transport sector, enhancing features like asset tracking, fleet management, traffic management, and many more.

R&D and Implementation of IIoT Solutions to Bolster the Market in North America and Europe, North American market is flourishing by dint of various initiatives undertaken to encourage the implementation and development of IIoT by large enterprises and governments in the region; also, there have been significant investments in the R&D of IIoT solutions. Manufacturers in the European Union, particularly in Germany, are eager to implement advanced IoT systems in their domestic operations.

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