Increasing Adoption of Automated Systems Drives Growth of the IIoT Market
June 28, 2018 | PRNewswireEstimated reading time: 2 minutes
IIoT Market is expected to grow from $64.00 billion in 2018 to $91.40 billion by 2023, at a CAGR of 7.39% during the forecast period.
The growth of the IIoT market is driven by factors such as increasing adoption of automated systems by several small and midsized companies. Also, automation reduces production costs, thereby lessening expenses and increasing ROI of the overall process.
IIoT market for smart beacons technology to grow at a high rate between 2018 and 2023
The IIoT market for smart beacons is expected to grow at a significant rate between 2018 and 2023. Smart beacons function as signal transmitters that are majorly battery powered and can be configured with the help of a mobile app. This makes them scalable and highly portable; when Bluetooth-enabled devices, such as smartphones and tablets, come in a beacon's vicinity, the signal turns on the application in these devices and triggers activities associated with the beacon signal. Further, the increasing demand for IoT solutions worldwide is expected to propel the growth of the market for smart beacons.
Manufacturing vertical to hold largest share of IIoT market in 2018
Owing to the introduction of new approaches and technologies, such as smart factories, cyber-physical systems, and intelligent robotics. Governments in countries such as Germany, the UK, France, the US, China, and India have taken several initiatives for encouraging manufacturers to increase their investments for the adoption of IIoT solutions. The manufacturing vertical is expected to hold the largest share of the IIoT market in 2018. However, the market for the agriculture vertical is expected to grow at the highest CAGR during the forecast period.
IIoT market in APAC to grow at highest rate during forecast period
The IIoT market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is a major manufacturing hub; it is also emerging as an important hub for the metals and mining vertical. Infrastructural and industrial developments in emerging economies such as China and India are contributing to the growth of the IIoT market in this region. However, North America is expected to hold the largest share of the IIoT market in 2018. The IIoT market is flourishing owing to various initiatives undertaken to encourage its development and implementation by large enterprises and governments in this region. Also, there has been significant investments in the R&D of IoT solutions. These factors are contributing to the growth of the market in North America.
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
Suggested Items
IDTechEx Examines the Opportunities for Wearables in Digital Health
04/19/2024 | IDTechExIDTechEx’s report, “Digital Health and Artificial Intelligence 2024-2034: Trends, Opportunities, and Outlook”, covers this ongoing trend in the consumer health wearables market and includes analysis of the opportunities and roadmap for biometric monitoring.
Real Time with... IPC APEX EXPO 2024: Pluritec's Expansion and Growth in the North American Market
04/19/2024 | Real Time with...IPC APEX EXPONicola Doria, president of Pluritec, discusses the company's strategic focus on the North American market, their investment in a new sales organization, service expansion, and a new process integration line. The conversation also covers market response and future installations, as well as Pluritec's new partnership with IEC.
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Real Time with... IPC APEX EXPO 2024: Exploring Silicone Solutions with R&D Director of CHT
04/17/2024 | Real Time with...IPC APEX EXPOIn this interview, Gerry Ellis, the R&D director for CHT, discusses the product range offered by his company. He explains the challenges in creating base formulations, the drive to make products more user-friendly, and the various application techniques involved. Ellis also highlights the key market segments and the significance of providing efficient solutions to customers.
Gartner Forecasts Worldwide IT Spending to Grow 8% in 2024
04/17/2024 | Gartner, Inc.Worldwide IT spending is expected to total $5.06 trillion in 2024, an increase of 8% from 2023, according to the latest forecast by Gartner, Inc. This is an increase from the previous quarter’s forecast of 6.8% growth and puts worldwide IT spending on track to surpass $8 trillion well before the end of the decade.