Initiatives that Influenced IoT in Liquid Production Market
- February, 2018: Cisco launched NB-IoT (narrowband Internet of Things) platform which is expected to enhance the company’s reputation in IoT market in future.
- September, 2017: The tech giant IBM partnered with Reliance Group to co-create IoT solutions for industry verticals, including automotive, insurance, utilities and industrial automation.
Mega Trends to Motivate IoT in Liquid Production Market
- IBM Corporation is continuously spending a large share of revenue for the research and development of innovative and new software solutions.
- Accenture PLC is providing services to their clients with practical innovations in connectivity and the Internet of Things (IoT) to transform business processes and enable new operating models along with focusing towards the evolving technologies to cater their business clients to run their business with efficiency and high end-connectivity.
Market Overview and Highlights
The growing need for connectivity in today’s modern world is fostering the demand for connected devices. The technological advancement in IoT devices is one of the major factors which are driving the popularity of these devices among the industries. The businesses in U.S., Russia, China and India are adopting new business models and solutions to generate more revenue by focusing towards their core operations. The O&G and other companies are aggressively adopting IoT solutions to improve the company operations.
Growth Highlights based upon Regional Platform during 2016-2024
U.S. IoT in liquid production market reached USD 5,159.0 Million in 2016 and is expected to reach noteworthy revenue by the end of 2024, expanding at a CAGR of 16.3% over the forecast period i.e. 2017-2024. Factors such as positive growth of end use industries and advancements in IoT components are creating a conducive environment for the growth of U.S. IoT in liquid production market. Moreover, Russia is predicted to expand at a CAGR of 14.8% over the forecast period.
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China IoT in liquid production market is expected to reach noteworthy revenue by the end of 2024 as compared to USD 3,754.8 Million in 2016. Further, India IoT in liquid production market is expected to achieve absolute $ opportunity of USD 2,315.8 Million between 2017 and 2024.
Market Segmentation Synopsis
The IoT in liquid production market is segmented by applications, by component and by software and platform type.
The IoT in liquid production market is segmented by application into food & beverages industry, oil & gas industry, chemical industry and others.
Food & Beverages Industry: U.S. accounted for 20.5% market share in 2016 and is anticipated to contribute promising market share by 2024. With reference to previous year’s growth rate, Russia is expected to achieve Y-o-Y growth rate of 17.5% in 2024 as compared to India, which is expected to achieve Y-o-Y growth rate of 25.3% in 2024. Further, China is expected to reach significant market valuation by the end of 2024 from USD 548.2 Million in 2016.
Oil & Gas Industry: Russia is projected to capture highest market share as compared to the U.S. by the end of 2024. The estimated growth rate of India is 3.6x as and 2.6x in China over the forecast period.
Chemical Industry: U.S. is expected to dominate chemical industry by holding highest market valuation in terms of revenue as compared to Russia by 2024. Further, China is expected to contribute a market share of 40.2%, closely followed by India by the end of 2024.
The IoT in liquid production market is segmented by type into component and software & platform. The component segment is further divided into sensors, networks, storage, devices etc. and the software & platform segment is divided into on-premises and cloud based segment.
The U.S. dominated the overall U.S., Russia, India and China IoT in liquid production market with the maximum market revenue of USD 5,159.0 Million in 2016 and is expected to hold its dominant stance by holding a significant market share over the forecast period i.e. 2017-2024. The second largest market to hold highest market share in 2016 was China, followed by Russia and India. India IoT in liquid production market in overall type segment is anticipated to grow with moderate CAGR of around 18.9% over the forecast period.
Market Drivers & Challenges
IoT in industries offer a number of advantages such as higher yields and improved energy efficiency to reduce complete operating costs over the long term. Adoption of IoT in Oil & Gas industries has allowed them to act strongly and quickly in real-time as safety and regulatory issues arise. Apart from this, IoT has also made predictive maintenance and reactive remediation more convenient at remote sites combined with other industrial advantages such as predictive & proactive maintenance, real-time monitoring, remote diagnosis and asset/resource optimization. Further, favorable government and FDI policies are expected to work totally in favor of the IoT evolution in liquid production industries in the near future.
Complexity and high cost related to the development of internet of things (IoT) platform is creating a major challenge for the industry. Further, growing rate of cyber-crimes and rising concerns regarding security are expected to limit the growth of the IoT in liquid production market over the forecast period.
Top Featured Companies Dominating The Market
Some of the affluent business leaders of IoT in Liquid Production Market are IBM Corporation, Accenture PLC, Amazon.com, Cisco Systems Inc., Hewlett-Packard, Intel Corporation, Alcatel-Lucent, Google LLC and Atmel Corporation.
Cisco Systems Inc. is focusing towards the expansion of its product portfolio by acquiring technology companies such as App Dynamics, Worklife, ContainerX, Inc., Cloud Lock Inc. and Acano Limited among many more. The company also pursues strategic alliance with technology companies such as Microsoft Corporation, Intel Corporation, IBM, Oracle Corporation, Tata Consultancy Services and others to enhance the growth of the industry.
As a whole, other key players are also focusing on the technological advancement in IoT to supplement the expansion of liquid production market in U.S., Russia, India and China.