According
to the new research report "Industrial IoT Market by Device
& Technology (Sensors, RFID, Industrial Robotics, Condition Monitoring,
Smart Meters, Camera System, Networking Technologies), Software (PLM systems,
MES, SCADA), Vertical, and Geography - Global Forecast to 2025", is expected to grow from USD 64.0
billion in 2018 to USD 105.4 billion by 2025; it is estimated to grow at a CAGR
of 7% during 2019–2025. Technological advancements in semiconductor and
electronics devices, increasing use of cloud computing platform,
standardization of IPv6, support from governments worldwide, and decreasing
cost of automation are the key factors fueling the growth of this market.
Based on software, market for
manufacturing execution system is expected to gain significant share of
Industrial IoT market by 2025
The
manufacturing excecution system (MES) software is expected to account for the
largest share of the Industrial IoT market by 2025. The MES Industrial IoT
software is used to monitor and manage work in factories, it helps
manufacturing facilities with materials, orders and production functionalities
to reduce costs and improve efficiency.
Based on device & technology, market for
smart beacon to grow at higher CAGR from 2020 to 2025
The
market for smart beacon is expected to grow at a higher CAGR from 2019 to 2025.
Also known as Bluetooth low energy (BLE) beacon, is a type of proximity sensor.
Usability in the retail, commercial/enterprise, connected home, and personal
asset tracking are likely to be the major factors contributing to the growth of
the market for smart beacon. These sensors find their applications in several
industries, ranging from retail to industrial to consumer electronics.
Industrial IoT market for agriculture
vertical to grow at highest CAGR from 2020 to 2025
Based
on end-user vertical segment, the market for the agriculture vertical is
expected to grow at the highest CAGR from 2019 to 2025. The growth of the
Industrial IoT market for the agriculture vertical is driven by the growing
adoption of Industrial IoT for precision farming. Industrial IoT can be used
for application such as, GPS-enabled guiding system to remote monitoring and
controlling of multiple in-field devices.
https://www.marketsandmarkets.com/Market-Reports/industrial-internet-of-things-market-129733727.html
Industrial IoT market in APAC to grow at
highest CAGR during forecast period
The
Industrial IoT market in APAC is expected to grow at the highest CAGR during
the forecast period. The APAC have huge population, increased R&D
investments, and high manufacturing, which is also emerging hub for the metals
and mining vertical. Infrastructural and industrial development in emerging
economies like China, India, and South-East Asia is fueling the growth of
industrial IoT in APAC. Cost-effective and highly efficient Industrial IoT have
witnessed an increasing demand from manufacturing, energy, oil & gas,
metals and mining, healthcare, retail, transportation and agriculture, which is
likely to propel the growth of the Industrial IoT market in APAC in the next
few years.
Key
players in the market include Cisco (US), General Electronics (US), Honeywell
(US), Intel (US), IBM (US), ABB (Switzerland), Rockwell Automation (US),
Siemens (Germany), Huawei (China) and Bosch (Germany). These players are
increasingly undertaking product launches, mergers, and acquisitions to
increase their market shares.
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