Asia-Pacific is likely to account for the biggest share in the overall IIoT market due to the adoption of IoT across several industries in the region
The global Industrial Internet of Things (IIoT) market is expected to grow at a compound annual growth rate (CAGR) of 14.36% during the period 2018 to 2023, according to Worldwide Market Report.
In 2017, the IIoT market globally was valued at US$ 312.79 billion and is likely to cross US$ 700 billion by 2023, the report says.
It is forecast that the number of internet-connected devices will increase to tens of billions in the coming future. This massive growth is due to the reason that the combination of IIoT and big data analytics that promises to further push operational efficiencies, as well as more innovation and, in turn, new sources of revenue.
On the other hand, the reason for such growth is that there has been a considerable increase in the number of smart devices used in manufacturing plants. These smart devices allow supervisors and managers to review the performance of machines as well as employees, irrespective of their locations.
In addition, managers can access ERP information on their mobile device which allows them to put the data into context. They can address any issue related to production by coordinating with sales and customer service.
APAC to witness major demand
Region-wise, Asia-Pacific (APAC) is likely to account for the biggest share in the overall IIoT market. This is mainly due to the adoption of IoT across several industries such as manufacturing, automotive, healthcare, etc. There is a massive demand for IIoT in countries such as China, India, Japan and South Korea. The increased commercialisation of applications related to IoT in these developing economies is booming the IIoT market.
In addition, the government initiatives in these countries are leading to encouragement among end users to adopt the technology. The rising population and increasing disposable incomes in this region, along with urbanisation and large-scale industrialisation, are some of the factors pushing the growth of IIoT market in the region.