Industrial Internet of Things Market to Expand with a CAGR of 24.30% due to Growing Adoption of Advanced Manufacturing Techniques – TMR

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The increasing number of strategic partnerships and collaborations is likely to encourage the growth of the global industrial Internet of Things Market in the next few years.

Albany, New York, Jan. 14, 2019 (GLOBE NEWSWIRE) — Transparency Market Research (TMR) witnesses the global industrial Internet of Things market has a highly fragmented vendor landscape. Some of the companies dominating the global industrial Internet of Things (IIoT) market are IBM Corporation, Schneider Electric SE, Intel Corporation, ABB Ltd., Tech Mahindra Ltd., and Accenture PLC. These key players are increasingly introducing advanced products, which are leading to drive the growth of the industrial Internet of Things (IIoT) market. These players are entering into collaborations or strategic partnerships for business expansion, which is increasing the level of consolidation.

According to TMR, the global industrial Internet of Things (IIoT) market is expected to attain a value of US$991,562.0 mn by the end of 2026. The market is anticipated to swell with a CAGR of 24.30% over the forecast period from 2018 and 2026.    

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Based on end-user, the manufacturing segment is expected to account for the leading share of about 35% in the industrial Internet of Things (IIoT) market. Based on region, North America dominates the industrial Internet of Things (IIoT) market followed by Europe and the Asia Pacific.

Rising usage of a cloud-computing platform in order to ensure the development of the industrial Internet of Things (IIoT) devices, which is expected to propel the growth of the global industrial Internet of Things (IIoT) market. Additionally, a growing number of data centers is supporting the growth of the industrial Internet of Things (IIoT) market globally.

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Lack of Skilled Workers to Hamper Growth of the Market

Despite these growth factors, major concerns related to IIoT over data loss or privacy is hampering its adoption and likely to restrain growth of the global industrial Internet of Things (IIoT) market. Additionally, lack of skilled workers and standardization in procedures are restraining growth of the industrial Internet of Things market. Nonetheless, the development of advanced and wide-ranging system solution for maintenance is expected to offer lucrative opportunities for growth.

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This information is encompassed in the report by TMR, titled “Industrial Internet of Things (IIoT) Market (Component – Hardware (Sensors, Connectivity Devices and Others (Data Acquisition Devices, etc.), Software, Services (System Integration, Consulting Services, Support and Maintenance Services); End use- Aviation, Oil and Gas, Transportation, Power Generation & Utility, Manufacturing, Healthcare, Others (Mining, Agriculture etc.)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”

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For the study, the industrial Internet of Things (IIoT) market has been segmented as follows:

By Component

  • Hardware
    • Sensors
    • Connectivity devices
    • Others (Data Acquisition Devices and other)
  • Software
  • Services
    • System Integration
    • Consulting Services
    • Support and Maintenance Services

By End-Use

  • Aviation
  • Oil & Gas
  • Transportation
  • Power Generation & Utility
  • Manufacturing
  • Healthcare (Medical Devices)
  • Others (Mining, Agriculture, and etc.)

By Geography:

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • Australia
    • India
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • Rest of Middle East & Africa

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