Industrial Internet of Things (IIoT) Market to Garner $196.8 Billion by 2023 at 7.5% CAGR

Press Release

A surge in the adoption of the Internet of things along with low operational costs for its integration has boosted the growth of the global industrial internet of things market. Furthermore, advancements in technology propel market growth. However, the inadequate IT infrastructure hampers the market growth. On the contrary, an increase in the predictive maintenance along with growth in the adoption of cloud-based development model is expected to create lucrative opportunities in the near future.

According to the report, the global industrial internet of things market accounted for $127.7 billion in 2017 and is expected to reach $196.8 billion by 2023, registering a CAGR of 7.5% from 2017 to 2023. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.

Download Sample Report:

The global industrial internet of things market is segmented on the basis of component, application, and region. Based on the component, the market is divided into hardware, software, services, and connectivity. The hardware segment held the largest share in 2017, accounting for more than one-fourth the market. However, the connectivity segment is projected to register 8.3% CAGR during the forecast period.

On the basis of application, the market is segmented into manufacturing, energy & power, oil & gas, healthcare, logistics & transportation, and others. The manufacturing segment held the largest share in 2017, accounting for around one-third of the market. However, the healthcare segment is projected to register the fastest CAGR of 9.0% during the forecast period.

Have Any Query? Ask our Research Experts:

Based on geography, the industrial internet of things market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2017, accounting for more than one-third of the market. However, the Asia-Pacific region is anticipated to register the fastest CAGR of 8.2% during the forecast period.

The market report provides an in-depth analysis of the major market players such as International Business Machines Corporation (IBM), Cisco Systems, Inc., Huawei Technology Co., Ltd., General Electric, Honeywell International Inc., Intel Corporation, Dassault Systems, Rockwell Automation, Inc., and ABB, Texas Instruments Inc. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.

About Us:

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides a one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies the client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada): 
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1?855?550-5975
[email protected]

This post was originally published on Technology Trend