Industrial Internet of Things (IIoT) Market

Market Overview:

The IoT or Internet of Things is the latest technology that builds a worldwide network of devices and machines that are capable of exchanging and communicating information with each other via the internet. The IoT can create data about various connected objects, can analyze the objects, and can take necessary decisions. Emerging technologies like robotics, machine learning, artificial intelligence, and analytics are expected to boost the industrial IOT market demand over the forecast period, i.e., 2017-2023. 

The increasing investments by various industry leaders in the industrial IOT market would galvanize the growth of the market in the future years. The increasing speed of industrialization and the emergence of automation to decrease the pressure on various production assemblies would likely offer newer industrial IOT market opportunities. This market report also provides information on industry dynamics, market share, growth prospects, challenges, industrial IOT market share, size, SWOT analysis, trends & forecast.

According to the assumption of MRFR or Market Research Future, the industrial IOT market size would reach 751.3 million USD at a rate of 23.88% CAGR in the course of the forecast period. 

Market Segmentation:

The global IoT market industry that faces various industrial IOT market challenges can be segmented depending on organization size, components, region, vertical, and connectivity. Despite the industrial IOT market challenges, the worldwide IoT market is expected to witness a decent amount of growth in the course of the forecast period, i.e., 2017 to 2013.

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 By Organization Size/ Deployment:

 Based on organization size, the worldwide IoT market can be divided into: 

  • Cloud 
  • On-premises

By Components:

 On the basis of components, the IoT industry can be classified into:

  • Services
  • Software
  • Hardware

By Region:

 Depending on the region, the IoT market can be classified into: 

  • North America
  • The U.S.
  • Mexico 
  • Canada
  • Europe
  • UK 
  • Germany
  • France 
  • Rest of Europe

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Asia Pacific:

  • India
  • Japan
  • China
  • Rest of the Asia-Pacific

Rest of the world:

  • Middle East 
  • Africa 
  • Latin America 

By Vertical/End-Users:

 On the basis of vertical, the IoT market industry can be classified into:

  • Public sector
  • BFSI
  • Healthcare
  • Manufacturing 
  • Government
  • Others 

By Connectivity/ Application:

 Depending on connectivity, the global IoT market can be divided into:

  • Wi-Fi
  • LAN
  • Li-Fi
  • ZigBee
  • LaRa
  • BLE
  • Z-Wave
  • RF
  • Others

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Industrial IoT Market Regional Analysis:

 On the basis of the latest research findings, the North American region is expected to hold the highest share of the worldwide agile IoT market in the course of the forecast period because of the presence of strongly established economies in this particular region. This feature permits them to spend hugely in the R and D. 

In addition, the increasing adoption of various smart connected devices and rapid digitalization throughout the verticals of the IoT industry, and also the improvement in the technological fields, have further enhanced the increasing demand of the IoT industry in the North American region. Also, the European regions and the Asia Pacific region are assumed to experience prominent growth because of the speedy advancements of IOTs in these regions. 

Industry News:

In April 2020, the International Energy Agency declared that the oil demand had dropped by 29 billion barrels on a daily basis. The decrease was further projected to become 23.1 million barrels on a daily basis by the end of 2020. Therefore, these changes in the industry are likely to affect the ongoing, existing, and potential growth of industrial IOT market size as in this scenario, IoT could be considered as not necessary. Moreover, it could have been canceled or delayed in the coming future.
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