The global Industrial internet of things market is growing due to technological advancements, reduced operating costs, and increasing acceptance of IoT. In 2017, the hardware category had the biggest market share, accounting for more than a third of the total. The market in the Asia-Pacific region, on the other hand, is expected to grow at the quickest rate of 8.2% over the projected period.
(GLOBE NEWSWIRE) — Portland, Ore., Aug. 07, 2019 (GLOBE NEWSWIRE) — According to the report, the worldwide industrial internet of things market was worth $127.7 billion in 2017 and is predicted to grow at a CAGR of 7.5 percent to $196.8 billion by 2023. The study includes a thorough examination of the major segments, major investment pockets, changing dynamics, market size and forecasts, and competitive scenarios.
A surge in the adoption of the Internet of things along with low operational costs for its integration has boosted the growth of the global industrial internet of things market. Furthermore, advancements in technology propel market growth. However, the inadequate IT infrastructure hampers the market growth. On the contrary, an increase in the predictive maintenance along with growth in the adoption of cloud-based development model is expected to create lucrative opportunities in the near future.
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The global industrial internet of things market is segmented on the basis of component, application, and region. Based on the component, the market is divided into hardware, software, services, and connectivity. The hardware segment held the largest share in 2017, accounting for more than one-fourth the market. However, the connectivity segment is projected to register 8.3% CAGR during the forecast period.
Manufacturing, energy & electricity, oil & gas, healthcare, logistics & transportation, and others are the application segments of the market. In 2017, the manufacturing sector owned the greatest portion of the market, accounting for over one-third of the total. During the projection period, however, the healthcare category is expected to grow at the quickest rate, with a CAGR of 9.0 percent.
Based on geography, the industrial internet of things market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2017, accounting for more than one-third of the market. However, the Asia-Pacific region is anticipated to register the fastest CAGR of 8.2% during the forecast period.
The market report provides an in-depth analysis of the major market players such as International Business Machines Corporation (IBM), Cisco Systems, Inc., Huawei Technology Co., Ltd., General Electric, Honeywell International Inc., Intel Corporation, Dassault Systems, Rockwell Automation, Inc., and ABB, Texas Instruments Inc. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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