Which is the dominating and potential market for IIoT in terms of region?
APAC held the largest share of the IIoT market. Moreover, the IIoT market in this region is projected to grow at the highest CAGR during the forecast period. Rapid industrialization in emerging economies such as China and India, as well as in the Southeast Asian countries is leading to the increased adoption of IIoT solutions in APAC.
Which verticals are expected to drive the growth of the market in the next 5 years?
The retail and agriculture vertical segments of the IIoT market are expected to grow at a high CAGR during the forecast period. The implementation of GPS-enabled precision farming technologies and analytics is enabling agriculturists to extract optimum yields. The demand for smart beacons and electronic shelf labels (ESL) is expected to increase from 2020 to 2025. Both these technologies are key enablers for carrying out store automation in the retail sector.
Who are the leading vendors operating in this market?
GE (US), ABB (Switzerland), Siemens (Germany), Honeywell (US), Rockwell Automation (US), Cisco (US) and Huawei Technologies (China), are some of the major vendors operating in this market
What are the drivers and opporunities prevalent in this market?
Increasing use of cloud computing platforms, support from governments of different countries for R&D activities related to IIoT and decreased costs of automation are major driving factors. Predictive maintenance of machinery, increased number of data centers, and requirement of innovative cross-domain expertise and collaborations for the development of comprehensive systems and solutions act as expected to create new oppurunities IIoT market.
Which are the major device and technologies for IIoT? How huge is the opportunity for their growth in the next five years?
The major device and technology includes networking technologies, industrial robotics, sensors, condition monitoring and DCS. Decreasing cost of storing and processing of data and increasing convergence of Internet and industrial networks are the prime factors driving the growth of the IIoT market globally, Which will lead to market opportunity of USD 110.6 billion by 2025.
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