(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for IoT in Liquid Production Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for IoT in Liquid Production Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
IBM Corporation is continuously spending a large share of revenue for the research and development of innovative and new software solutions.
Accenture PLC is providing services to their clients with practical innovations in connectivity and the Internet of Things (IoT) to transform business processes and enable new operating models along with focusing towards the evolving technologies to cater their business clients to run their business with efficiency and high end-connectivity.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Market Overview and Highlights
The growing need for connectivity in today's modern world is fostering the demand for connected devices. The technological advancement in IoT devices is one of the major factors which are driving the popularity of these devices among the industries. The businesses in U.S., Russia, China and India are adopting new business models and solutions to generate more revenue by focusing towards their core operations. The O & G and other companies are aggressively adopting IoT solutions to improve the company operations.
Growth Highlights based upon Regional Platform during 2016-2024
U.S. IoT in liquid production market reached USD 5,159.0 Million in 2016 and is expected to reach noteworthy revenue by the end of 2024, expanding at a CAGR of 16.3% over the forecast period i.e. 2017-2024. Factors such as positive growth of end use industries and advancements in IoT components are creating a conducive environment for the growth of U.S. IoT in liquid production market. Moreover, Russia is predicted to expand at a CAGR of 14.8% over the forecast period.
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China IoT in liquid production market is expected to reach noteworthy revenue by the end of 2024 as compared to USD 3,754.8 Million in 2016. Further, India IoT in liquid production market is expected to achieve absolute $ opportunity of USD 2,315.8 Million between 2017 and 2024.
Market Segmentation Synopsis
The IoT in liquid production market is segmented by applications, by component and by software and platform type.
By Application
The IoT in liquid production market is segmented by application into food & beverages industry, oil & gas industry, chemical industry and others.
Food & Beverages Industry: U.S. accounted for 20.5% market share in 2016 and is anticipated to contribute promising market share by 2024. With reference to previous year's growth rate, Russia is expected to achieve Y-o-Y growth rate of 17.5% in 2024 as compared to India, which is expected to achieve Y-o-Y growth rate of 25.3% in 2024. Further, China is expected to reach significant market valuation by the end of 2024 from USD 548.2 Million in 2016.
Oil & Gas Industry: Russia is projected to capture highest market share as compared to the U.S. by the end of 2024. The estimated growth rate of India is 3.6x as and 2.6x in China over the forecast period.
Chemical Industry: U.S. is expected to dominate chemical industry by holding highest market valuation in terms of revenue as compared to Russia by 2024. Further, China is expected to contribute a market share of 40.2%, closely followed by India by the end of 2024.
By Components
The IoT in liquid production market is segmented by type into component and software & platform. The component segment is further divided into sensors, networks, storage, devices etc. and the software & platform segment is divided into on-premises and cloud based segment.
The U.S. dominated the overall U.S., Russia, India and China IoT in liquid production market with the maximum market revenue of USD 5,159.0 Million in 2016 and is expected to hold its dominant stance by holding a significant market share over the forecast period i.e. 2017-2024. The second largest market to hold highest market share in 2016 was China, followed by Russia and India. India IoT in liquid production market in overall type segment is anticipated to grow with moderate CAGR of around 18.9% over the forecast period.
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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