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Global Industrial IoT Market Projected to Grow Over $114.57 Billion by 2024
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.
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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.
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The BIS Research report provides a detailed analysis of the trends influencing the global Industrial IoT market, along with a comprehensive study of the future trends and developments. It also includes supply chain analysis, value chain analysis, market share analysis, opportunity matrix analysis, and country share analysis. The overall market has been segmented based on ecosystem and industry. The report also includes a comprehensive section on the geographical analysis which has been sub-segmented into five major regions, namely, North America , Europe , Asia-Pacific , Middle East and Africa , and South America .
This report is a meticulous compilation of research on more than 500 major players in the industrial IoT space. Moreover, it draws upon insights and in-depth interviews of key industry leaders of more than 100 leading companies, market participants, and vendors.
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