IIoT Gains Massive Attention from Number of Industries to Improve Operational Efficiency and Automate Processes

The global industrial internet of things (IIoT) market is expected to witness players concentrating on the development of novel solutions and forming tactical business partnerships for gaining a foothold in the industry. Companies such as Schneider Electric SE, Intel Corporation, and IBM Corporation have been among leading players of the market. Government initiatives to introduce forward-thinking systems in various industries, especially transportation and logistics, are predicted to offer lucrative prospects in the market.

In the ACHEMA 2018, SAP and Endress+Hauser made an announcement regarding their collaboration in the development of IIoT applications for the process industry. By the end of 2026, the global IIoT market could be valued at a US$991.5 bn while rising at a 24.3% CAGR during the completion of the forecast tenure 2018-2026.

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IIoT Earns High Demand in Automation of Processes in Various Industries

Companies are looking forward to come up with technologically sophisticated devices and solutions for making their presence known in the world IIoT market. Here are some leading factors anticipated to set the tone for valuable growth in the market.

High adoption in the transportation industry for reducing the occurrence of parking delays and accidents.
Need to avoid traffic congestions paving way for the development of advanced systems.
Increased acceptance by several industries for automating processes and improving operational efficiency.
Creation of new hybrid business models and demand for improved production increasing deployment of IIoT software and services.

Rising trend of deploying cloud-based solutions and collecting data using the right security tools.

Deployment of IIoT in Manufacturing and Healthcare Catapults Software Market

The world IIoT market could see a broad classification according to component and end-use industry. There are certain market segments forecasted to showcase their prominence on the basis of market share and growth.

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With respect to component, the software segment is prognosticated to collect a greater share of the world IIoT market while rising at a more than 26.0% CAGR.

Telling IIoT deployment in a range of industries including manufacturing, power generation and utility, and aviation could help with the growth of the software market.

Among various IIoT services, system integration is prophesied to bag a king’s share of the market.

IIoT may gain a whole lot of demand in top end-use industries such as manufacturing for process automation.

In the healthcare industry, IIoT could be mainly used to deploy advanced heath monitoring devices.

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North America Ranks Higher with Increasing Adoption of Advanced Solutions

The international IIoT market is foretold to find growth opportunities available in different regions owing to strong support gained from favorable market situations and trends. Take a look at the following predictions about future growth of IIoT regional markets.

A larger market share could be secured by North America for the next few years.
North America is expected to bank on rising deployment of advanced IIoT solutions for automation.
Europe could tread upon the heels of Asia Pacific in the near future.
Followed by Japan, China is foreseen to continue taking a lion’s share of the regional market in Asia Pacific.
The India market could exhibit a higher CAGR and grow handsomely in terms of revenue generation.

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