(MENAFN- Credence Research Inc) According to a new market research report published by Credence Research “Global Industrial IoT Market (Component (Solution [Analytics, Data Management, Remote Monitoring, Security Solutions, Others] Service [Managed, Professional] Platform [Application Management, Connectivity Management, Device Management]); Application (Automotive, Aerospace & Defense, Food & Beverages, Energy & Utility, Oil & Gas, Healthcare, Transportation & Logistics, Others)) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the Industrial IoT market was valued at US$ 160.0 Bn in 2018 and is set to grow with a CAGR of 29% during the forecast period.
Browse the full report at https://www.credenceresearch.com/report/industrial-iot-market
Market Insights
The Industrial IoT market is propelled by the government policies for the endorsement of the Industry 4.0 revolution. In 2011, Germany first launched the model of the Industry 4.0 under its High Tech Strategy 2020 with the objective to create a digitally connected decentralized network, where connected device, equipments and machineries that can communicate with each other. Under the program the Germany’s government plans to invest billions to develop latest technologies in the manufacturing industry.
Similarly, in 2011, U.S. president Barack Obama launched a series of initiatives and policies for the development of next generation manufacturing facilities. The U.S. government launched an “Advance Manufacturing Partnership” initiative to derive digitalization among industrial sector. These initiatives are injecting the funds in the market to accelerate the adoption of the advance technologies among the manufacturers.
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Food & beverages industry is also embracing the industrial IoT solutions due to the increasing demand for high quality products, lower price and traceability on large scale. The advance manufactories facility can assist organizations increase the productivity, reduce the cost of production and manage the complex supply chain. Similarly, aerospace and defense sector is shifting toward the advance manufacturing technologies to reduce the overall cost of production and increase profit margins.
As the customers in the aerospace & defense are becoming more demanding in terms of customization and delivery timeline, the companies are moving towards digital solutions to create a more agile and predictive production process to meet the customer’s requirement.
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Asia Pacific is projected to grow considerably during the forecast period. This is driven by the growing digitalization among the industrial sector. For instance, in 2015, the Chinese government also launched “Made in China 2025” and “Internet Plus” strategies to boost the adoption of technology among industrial sector. The key players in the Industrial IoT market space are ABB Ltd, General Electric Company, ARM Holding PLC, Cisco Systems Inc., Atmel Corporation, Bosch, Intel Corporation, Honeywell International, IBM Corporation, Huawei Technologies, NEC Corporation, Siemens AG, Microsoft Corporation, Texas Instruments, and Rockwell Automation Inc.
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