According to the new market research
report, "Industrial IoT (IIoT) Market by Device
& Technology (Sensor, RFID, Industrial Robotics, DCS, Condition Monitoring,
Networking Technology), Connectivity (Wired, Wireless, Field Technology),
Software (PLM, MES, SCADA), Vertical, Region - Global Forecast to 2025" size is expected to grow from USD 77.3
billion in 2020 to USD 110.6 billion by 2025, at a CAGR of 7.4% during the
forecast period. The growth of the IIoT market is driven by factors such as
technological advancements in semiconductor and electronic devices, increased
use of cloud computing platforms, standardization of IPv6, and support from
governments of different countries for R&D activities related to IIoT.
IIoT market for smart beacons technology
to grow at a high rate from 2020 to 2025
The
IIoT industry for smart beacons is expected to grow at a significant rate
between 2020 and 2025. Smart beacons function as signal transmitters that are
majorly battery powered and can be configured with the help of a mobile app.
This makes them scalable and highly portable; when Bluetooth-enabled devices,
such as smartphones and tablets, come in a beacon’s vicinity, the signal turns
on the application in these devices and triggers activities associated with the
beacon signal. Further, the increasing demand for IoT solutions worldwide is expected
to propel the growth of the market for smart beacons.
Manufacturing vertical to hold the
largest share of the IIoT market in 2019
Over
the past few years, there has been an introduction of new approaches and
technologies, such as smart factories, cyber-physical systems, and intelligent
robotics. Governments in countries such as Germany, the UK, France, the US,
China, and India have taken several initiatives for encouraging manufacturers
to increase their investments for the adoption of IIoT solutions. The
manufacturing vertical is expected to hold the largest share of the IIoT
industry in 2018. However, the demand for agriculture vertical is expected to
grow at the highest CAGR during the forecast period.
IIoT market in APAC to grow at the
highest rate during the forecast period
The
IIoT industry in APAC is expected to grow at the highest CAGR during the
forecast period. APAC is the largest manufacturing hub globally; it is also
emerging as a large-scale hub for the metals and mining vertical. Infrastructural
and industrial developments in emerging economies such as China and India are
contributing to the growth of the IIoT market in this region. These factors are
contributing to the growth of the market in North America.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=129733727
ARM
(UK), Cisco (US), GE (US) Intel (US), Rockwell Automation (US), ABB
(Switzerland), Texas Instruments (US), Dassault Systèmes (France), Honeywell
(US), Huawei Technologies (China), IBM (US), KUKA AG(Germany), NEC Corporation
(Japan), Bosch.IO (Germany), Siemens AG (Germany), and PTC (US) are a few key
players in the IIoT market.
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