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According to the Markets and Markets report, the global industrial IoT market will grow from $64 billion in 2018 to $91.
4 billion by 2023, with a CAGR of 7.
39%
during the period.
The global IIoT market reached $64 billion in 2018
The growth of the IIoT market is influenced by many factors, such as the increasing adoption of automation systems
by small and medium-sized companies.
In addition, automation reduces production costs, which reduces expenses and increases the ROI of the entire process
.
The IIoT market for smart beacons is expected to grow
at a high rate between 2018 and 2023.
Smart beacons are used as signal transmitters that are primarily battery-powered and can be configured
with the help of a mobile app.
This makes them scalable and highly portable, and when Bluetooth enabled devices such as smartphones and tablets enter near beacons, the signal will open an application in those devices and trigger the activity
associated with the beacon signal.
In addition, the growing global demand for IoT solutions will drive the growth
of the smart beacons market.
Due to the introduction of new methods and technologies such as smart factories, cyber-physical systems, and smart robots, vertical manufacturing accounted for the largest share
of the IIoT market in 2018.
Governments in countries such as Germany, the United Kingdom, France, the United States, China, and India have taken several initiatives to encourage manufacturers to increase their investment
in adopting IIoT solutions.
However, the agricultural vertical market will grow
at the highest CAGR during the forecast period.
The Industrial IoT market in Asia Pacific is expected to grow
at the highest CAGR.
Asia Pacific is an important manufacturing hub and is emerging as an important hub
for the metals and mining vertical.
Infrastructure and industrial developments in emerging economies such as China and India are driving the industrial IoT market in the region
.
However, the North American market is expected to account for the largest share
of the IIoT market in 2018.
The local market is booming
with various initiatives to encourage the development and implementation of large corporations and governments in North America.
In addition, the North American market has also made significant investments
in the research and development of IoT solutions.
Key players in the global IIoT market include ARM (UK), CISCO (US), GENERAL ELECTRIC (US), Intel (us), Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US), Dassault Systèmes (France), Honeywell (US), Huawei Technologies (China), IBM (US), Kuka (Germany), NEC (Japan), Bosch (Germany), Siemens (Germany) and PTC (USA).
，
According to the Markets and Markets report, the global industrial IoT market will grow from $64 billion in 2018 to $91.
4 billion by 2023, with a CAGR of 7.
39%
during the period.
The global IIoT market reached $64 billion in 2018
The global IIoT market reached $64 billion in 2018The growth of the IIoT market is influenced by many factors, such as the increasing adoption of automation systems
by small and medium-sized companies.
In addition, automation reduces production costs, which reduces expenses and increases the ROI of the entire process
.
The IIoT market for smart beacons is expected to grow
at a high rate between 2018 and 2023.
Smart beacons are used as signal transmitters that are primarily battery-powered and can be configured
with the help of a mobile app.
This makes them scalable and highly portable, and when Bluetooth enabled devices such as smartphones and tablets enter near beacons, the signal will open an application in those devices and trigger the activity
associated with the beacon signal.
In addition, the growing global demand for IoT solutions will drive the growth
of the smart beacons market.
Due to the introduction of new methods and technologies such as smart factories, cyber-physical systems, and smart robots, vertical manufacturing accounted for the largest share
of the IIoT market in 2018.
Governments in countries such as Germany, the United Kingdom, France, the United States, China, and India have taken several initiatives to encourage manufacturers to increase their investment
in adopting IIoT solutions.
However, the agricultural vertical market will grow
at the highest CAGR during the forecast period.
The Industrial IoT market in Asia Pacific is expected to grow
at the highest CAGR.
Asia Pacific is an important manufacturing hub and is emerging as an important hub
for the metals and mining vertical.
Infrastructure and industrial developments in emerging economies such as China and India are driving the industrial IoT market in the region
.
However, the North American market is expected to account for the largest share
of the IIoT market in 2018.
The local market is booming
with various initiatives to encourage the development and implementation of large corporations and governments in North America.
In addition, the North American market has also made significant investments
in the research and development of IoT solutions.
Key players in the global IIoT market include ARM (UK), CISCO (US), GENERAL ELECTRIC (US), Intel (us), Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US), Dassault Systèmes (France), Honeywell (US), Huawei Technologies (China), IBM (US), Kuka (Germany), NEC (Japan), Bosch (Germany), Siemens (Germany) and PTC (USA).
，
