FREMONT, California, Dec. 10, 2019 /PRNewswire/ -- The global Industrial Internet of Things (IoT) market is expected to grow over $114.57 billion by 2024, according to a new market intelligence report by BIS Research titled "Global Industrial IoT Market− Analysis and Forecast, 2019-2024." The global Industrial IoT market is expected to be estimated at $75.60 billion in 2019 and is anticipated to grow at a CAGR of 8.67% during the forecast period, 2019-2024. The high demand for Industrial IoT applications in smart industries, utilization of cloud computing for large-scale Industrial IoT solutions, and low sensor costs along with innovative sensor technology have significantly acted as market drivers for the global Industrial IoT market.
With the rise in technological advancements in the digital industry, the worldwide adoption of IoT devices has increased significantly. The changing paradigm of the manufacturing industry, an essential requirement of advanced Industrial IoT solutions, and application of artificial intelligence in factory floors, are some of the key factors contributing to the growth of Industrial IoT market.
However, the integration of Industrial IoT into the existing technology and associated cybersecurity challenges are pressing issues that challenges the growth of the global Industrial IoT market. Owing to the rising popularity of Industrial IoT, major players including IBM, PTC Inc., Vodafone PLC, and Accenture, are competing to increase their respective share in the market.
Region-wise, Europe is likely to lead the global Industrial IoT market in 2019, followed by Asia-Pacific, and is expected to maintain its dominance during the forecast period. This unprecedented growth is primarily attributed to the awareness among manufacturing companies to level up, and form partnerships and collaborations to bridge the gap between demand and supply and optimize the operations to improve the return on investment.
Moreover, the region is known for being one of the fastest technology adopters and acts as a major hub to several key players, also the reasons that lead to major breakthroughs in the Europe market.
According to Paarijaat Sharma, Principal Analyst at BIS Research, "The Industrial IoT market is witnessing a high growth rate due to the constant effort of major organizations to produce connected business models. Moreover, the demand for connectivity is further going to increase in the coming years owing to the launch of 5G services which can help in reducing the latency and increasing the throughput of data. Further, the growth of Industrial IoT market in Europe is currently the highest, due to the region's strong inclination toward automotive and manufacturing sector, where greatest number of Industrial IoT solutions are deployed. The Industrial IoT market in this region is expected to grow at a CAGR of 8.41% during the forecast period (2019-2024)."
The BIS Research report provides a detailed analysis of the trends influencing the global Industrial IoT market, along with a comprehensive study of the future trends and developments. It also includes supply chain analysis, value chain analysis, market share analysis, opportunity matrix analysis, and country share analysis. The overall market has been segmented based on ecosystem and industry. The report also includes a comprehensive section on the geographical analysis which has been sub-segmented into five major regions, namely, North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
This report is a meticulous compilation of research on more than 500 major players in the industrial IoT space. Moreover, it draws upon insights and in-depth interviews of key industry leaders of more than 100 leading companies, market participants, and vendors.
Key Questions Answered in the Report:
What is the projected value of global Industrial IoT market by 2024, along with the estimated CAGR?
What are the major driving and restraining factors of the global Industrial IoT market?
Which are the key industries operating in the global Industrial IoT market?
How much revenue is expected to be generated by different segments of the market during the forecast period from 2019 to 2029, on the basis of:
Ecosystem, including hardware, platform, services, and connectivity
Industry, including energy and utilities, automotive, manufacturing, retail, agriculture, healthcare, metal and mining, and others
Region, including North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
What are the factors that are expected to affect the share of the key players in the Industrial IoT Market?
What are the key developmental strategies implemented by the key players to sustain in the competitive market?
What are the key regulatory implications in the across regions for Industrial IoT market?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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