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.
Paarijaat Sharma, Principal Analyst at BIS Research, says:
“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).”
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