APAC held the largest share of the IIoT
market. Moreover, the IIoT
market in this region is projected to grow at the highest CAGR during the
forecast period. Rapid industrialization in emerging economies such as China
and India, as well as in the Southeast Asian countries is leading to the
increased adoption of IIoT solutions in APAC.
Which
verticals are expected to drive the growth of the market in the next 5 years?
The retail and agriculture vertical segments
of the IIoT market are expected to grow at a high CAGR during the forecast
period. The implementation of GPS-enabled precision farming technologies and analytics
is enabling agriculturists to extract optimum yields. The demand for smart
beacons and electronic shelf labels (ESL) is expected to increase from 2020 to
2025. Both these technologies are key enablers for carrying out store
automation in the retail sector.
Who
are the leading vendors operating in this market?
GE (US), ABB (Switzerland), Siemens
(Germany), Honeywell (US), Rockwell Automation (US), Cisco (US) and Huawei
Technologies (China), are some of the major vendors operating in this market
What
are the drivers and opporunities prevalent in this market?
Increasing use of cloud computing platforms,
support from governments of different countries for R&D activities related
to IIoT and decreased costs of automation are major driving factors. Predictive
maintenance of machinery, increased number of data centers, and requirement of
innovative cross-domain expertise and collaborations for the development of
comprehensive systems and solutions act as expected to create new oppurunities
IIoT market.
Which
are the major device and technologies for IIoT? How huge is the opportunity for
their growth in the next five years?
The major device and technology includes
networking technologies, industrial robotics, sensors, condition monitoring and
DCS. Decreasing cost of storing and processing of data and increasing
convergence of Internet and industrial networks are the prime factors driving
the growth of the IIoT market globally, Which will lead to market opportunity
of USD 110.6 billion by 2025.
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