Industrial Internet of Things (IIoT) Market to Reach 123.89 Billion USD by 2021 - IndustryARC Research
HYDERABAD, India and MINNEAPOLIS, June 29, 2016 /PRNewswire/ --
According to the report, "Industrial Internet of Things (IIoT) Market Analysis - By Components (Sensors, Memory, Processors, RFID); By End Use Industry (Manufacturing, Transportation, Energy, Retail, Healthcare, Agriculture) - Forecast (2016 - 2021)", published by IndustryARC, the Industrial IoT Market is estimated to reach $123.89 Billion by 2021 at a high CAGR.
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Browse - 31 Market Tables, 80 figures spread through 160 Pages and an in-depth TOC on "Industrial Internet of Things Market"
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The Industrial Internet of Things (IIoT) is a new phase for global industrial transformation powered by technological innovations to improve operational efficiencies. This technology is expected to generate economic opportunities and reshape several industries, as well as transform companies and countries with an era of renewed economic growth and competitiveness. With Industrial IoT, which works at the intersection of people, data and intelligent machines is expected to have a positive impact on productivity, efficiency and operations of industries. IIoT will enable companies to boost revenues by increasing production through creating new business models and will exploit intelligent technologies driving innovation.
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According to a recent study by IndustryARC the global market for industrial internet of things is estimated to reach $123.89 billion by 2021. The manufacturing industry will be the highest revenue generating segment for IIoT market in the forecast period. However, healthcare or medical devices segment will have the highest growth rate through 2016 to 2021; this is estimated to grow at approximately 60% year on year.
The European region was the market leader in industrial internet of things market in 2015 with approximately 28% of the Total Market and is estimated to grow at a CAGR of 22.2%. Industrial IoT market will see a high demand from the growing IIoT penetration in manufacturing, transport and energy sectors.
The manufacturing sector enabled by industry 4.0 will lead the industrial IoT market in the forecast period while healthcare segment will witness the highest CAGR of 59.8%. This is followed by the Energy sector which is complimented by Smart Grid penetration and will observe the second highest CAGR of 39.7% in the forecast period.
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The Major Companies implementing IIoT in their Business include:
- Intel Corporation
- ARM Holding Plc.
- Atmel Corporation
- Synopsys Inc.
- Siemens AG
The Major Manufacturers in this Market have utilized product launches, product developments, acquisitions, agreements and joint ventures to expand entry into interconnected markets and enhance core competencies through additions to product portfolio as well as improving the existing product line. The acquisitions help them to reduce competition and enter into new product segments.
The report on IIoT market provides detailed analysis of different types of components used in IIoT market and its end user industries.
The Industrial Internet of Things Market incorporates the various end User Industries in the Report -
- Manufacturing
- Advanced Manufacturing
- Transportation
- Energy Production
- Oil & Gas
- Digital Oilfield
- Agriculture
- Health care
- Others
Segmentation based on Geography
- Americas - U.S., Canada, Brazil, Mexico
- Europe - U.K., France, Germany
- APAC - China, South Korea, Japan
- Rest of the World
The Overall Market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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SOURCE IndustryARC
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