Global industrial internet of things (IoT) market valuation is expected to reach $771.72 billion by the end of 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
As per the report, industries across the world are looking for new business models to build a connected enterprise for integrating their information and operational departments. This transformation is projected to improve the overall operational efficiency, productivity, and visibility as well as reduce the complications of diverse procedures in the business sphere. Industrial IoT’s capability to bring about significant cost reduction is the biggest factor responsible for its high acceptance by the industries. Other factors influencing technology adoption are improved productivity, process automation, and reduced time-to-market. Moreover, declining sensors prices have also facilitated the reduction of total costs associated with data collection and analytics, thereby increasing product demand.
Some of the key insights highlighted in the report include:
• IIoT has started gaining significance since it provides easy access to devices and machines.
• Adoption of IIoT technologies is anticipated to intensify globally owing to growing innovative efforts by key players along with increasing government-sponsored initiatives. For example, Industrie 4.0, the German government-sponsored multi-year strategic initiative to unite major public and private sector companies along with academia to design a strategy for implementing digital technologies in the country’s industrial sector.
• In the Asia Pacific market, initiatives by the Chinese government such as Made in China 2025 is supporting the integration and promotion of digital technologies within the country’s industrial sector.
In terms of regional growth, the Asia Pacific industrial IoT market is estimated to grow at the fastest CAGR due to increasing adoption of IIoT technologies in nations like China, Japan, and Taiwan. The growth can be attributed to the increasing recognition of the possible benefits from the integration of IIoT into production lines by manufacturing companies across these countries. Out of all the nations, China is the market leader within the Asia Pacific, due to the existence of numerous manufacturing companies in the region and considerable adoption of automation technologies, cites the report.
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The report also offers an in-depth analysis of the industrial IoT market drivers, restraints, and opportunities over the estimated timeline. A thorough analysis of the market with regards to technology and solutions, service, regional landscape, end-user spectrum, and competitive ranking analysis has also been elaborated in the report. In addition, company profile of key market contenders has been outlined in the report under the heads of business overview, financials, product benchmarking, and recent developments.
The competitive landscape of the global industrial IoT market comprises of key players like Corning Incorporated, Cisco Systems, Inc., ABB Ltd., General Electric Company, Rockwell Automation, Inc., Kuka AG, Siemens AG, IBM Corporation, ARM Ltd., Microsoft Corporation and Intel Corporation among others. The key strategies practiced by leading players in this business space include launching innovative digital products and partnering with other industry leaders to enhance offerings and fulfill the increasing end-user needs and requirements, thereby boosting the industrial IoT market growth over the forecast timeline.