The worldwide industrial internet of things market is speculated to value $751.3 million, flourishing at a promising CAGR of 23.88% by the end of 2023. The advent of technologies like machine learning, robotics, artificial intelligence, and data analytics is estimated to be the most significant factor driving the global industrial internet of things market 2020.
The robust industrialization and deployment of automation to reduce the burden of production are estimated to offer opportunities for the market.
Besides, the increasing investment of the market players in IoT is likely to escalate the market in the forthcoming period.
However, privacy and security concerns are speculated to slow down the growth of the market in the forthcoming period.
A precise evaluation of factors augmenting and impeding the market in the post-COVID-19 environment has been analyzed. We will provide COVID-19 impact analysis with the report.
The most distinguished players of the global industrial internet of things market are Intel Corporation (U.S.), General Electric Company (U.S.), Rockwell Automation Inc. (U.S.), International Business Machine (IBM), Cisco Systems Inc. (U.S.), Corporation (U.S.), AT&T Inc. (U.S.), Accenture PLC (Ireland), Siemens AG (Munich), Huawei Technology Co. Ltd. (China), and Robert Bosch GmbH (Germany).
The worldwide industrial internet of things market can be segmented on the grounds of deployment, component, and region.
On the basis of deployment, the worldwide industrial internet of things can be classified into on-cloud, on-premise, and hybrid.
On the basis of component, the worldwide industrial internet of things can be classified into software, hardware, and services.
Hardware segment can further be segregated into smart meters, flow and application control devices, industrial robotics, camera systems, sensors & RFID, distributed control system, 3D printing, and others.
The software can further be sub-divided into supervisory control and data acquisition (SCADA) system, distribution management system (DMS), retail management software, manufacturing execution system (MES), product lifecycle management (PLM) and others. Services can be further classified into professional and managed.
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On the basis of region, the worldwide Industrial Internet of Things (IoT) Market can be classified into North America, Europe, The Middle East and Africa, and Asia Pacific (APAC), with respective country-level market sizing.
The geographical evaluation of North America, Europe, The Middle East and Africa, and Asia Pacific (APAC) has been performed.
The North American region is estimated to reign the market due to the robust technological progress and the fast adoption of IoT in North America.
The region consists of several established players which augment the regional market. On the other hand, the APAC region is projected to flourish at the most significant CAGR during the assessment period.
There has been a massive investment in the manufacturing sector which has resulted in the growth of the market. Besides, the government is taking several initiatives which are leading to market expansion.
The countries which make the maximum participation from the APAC region are China and India. Initiatives such as Make in India is likely to escalate the market.
Besides, the adoption of Industry 4.0 is likely to propel the regional market.
It is likely to pose several growth opportunities to the rising automation in manufacturing and energy sector.
The outbreak of COVID-19 is likely to change the market dynamics of several regions.
Several markets have been influenced significantly due to the observation of nationwide lockdown in various countries.