Research Nester released a report titled “Industrial IoT Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global industrial IoT market in terms of market segmentation by component, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Industrial Internet of Things (IoT) provides increased capabilities that allow the direct control of machines and devices used in industries and factories as well as the infrastructure which is responsible for creating a modern landscape. The industrial IoT market is projected to observe a healthy CAGR of around 9% over the forecast period, i.e., 2019-2026. Moreover, the market held a market value of about USD 280 billion in 2018 which is anticipated to reach a significantly high value by the end of 2026. The market is segmented by component, by end user and by region. On the basis of component, the industrial IoT market is segmented into solution, services and platform, out of which, the solution segment is anticipated to hold the leading share in the market. This can be attributed to the various new information systems for a number of industries introduced by the IIoT solution providers and is estimated to increase the market size of this segment in future.
The global industrial IoT (IIoT) market is segmented by region into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. The market in North America is anticipated to hold the largest share during the forecast period. The market in United States is predicted to account for the highest market revenue by 2026. The market in Asia Pacific is estimated to grow at the highest rate over the forecast period. This can be attributed to the favourable initiatives introduced by the governments in this region for promoting the use of Internet of Things in various industries.
The Rising Government Initiatives to Drive the Market Growth
According to statistics by the Organisation for Economic Co-operation and Development (OECD), labour productivity and utilization in the European Union decreased significantly from 3.06% in the year 2010 to 0.73% in the year 2018. Another statistics by the Federal Statistical Office of Germany stated that unit labour costs in Germany increased from (-)1.60% in the year 2014 to 2.40% in the year 2018.
The global industrial Internet of Things (IoT) market has been growing at a significantly high rate on account of growing concern for decreasing labour productivity and utilization along with increasing unit labour costs, which is raising the demand for automation of industrial processes. The growing number of initiatives taken by governments across the world for increasing the adoption of Internet of Things by various industries is anticipated to increase the market size in the next few years. However, the unavailability of skilled workers and increasing time and resources required to train them are major factors estimated to hamper the market growth in the next few years.
This report also provides the existing competitive scenario of some of the key players of the global industrial IoT market which includes company profiling of General Electric Company, Intel Corporation, IBM Corporation, Siemens AG, Cisco, Rockwell Automation, ABB Ltd., Microsoft Corporation, Honeywell International Inc. and Huawei. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global industrial IoT market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.