Lucintel Forecasts Industrial IoT Market to Reach $344.7 Billion by 2026

According to the recent study the industrial IoT market is projected to reach an estimated $344.7 billion by 2026 from $109.8 billion in 2020, at a CAGR of 21% from 2020 to 2026. Growth in this market is primarily driven by increasing demand for automation in manufacturing industry, increasing adoption for IoT and AI, rising awareness for safety and security, and standardization of IPv6.
Browse 86 figures / charts and 75 tables in this 160-page report to understand trends, opportunities and forecast in industrial IoT market by end use industry (manufacturing, transportation, energy, retail, healthcare, and others), connectivity (wired and wireless), component (solution and service), device and technology (sensors, RFID, industrial robotics, distributed control system, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Wireless market is expected to remain the largest segment during the forecast period.”
Based on connectivity, the industrial IoT market is segmented into wired and wireless. Lucintel forecasts that the wireless market is expected to remain the largest application segment over the forecast period due to increasing usage of Wi-Fi, Bluetooth, and cellular and satellite technologies.
“Within the industrial IoT market, the manufacturing segment is expected to remain the largest end use industry”
Based on end use industry, the manufacturing is expected to witness the largest segment due to predicative maintenance, demand for technology advancement and need for improved operation efficiency in various industries.
“Asia Pacific will dominate the industrial IoT market in near future”
Asia Pacific is expected to be the largest region over the forecast period supported by growing urbanization, increasing internet penetration, and growing adoption of IoT in various industries in the region.
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Major players of industrial IoT market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. PTC, SAP, Cisco, General Electric, and Siemens are among the major industrial IoT providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/industrial-iot-market.aspx or helpdesk@lucintel.com
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