- The petrochemicals segment is anticipated to dominate the market in 2020 and is likely to remain the largest until the forecast period
- The Asia-Pacific is dominating the global IoT market in the chemical industry with a share of near about 40 per cent as per the report
The global IoT market in the chemical industry is estimated to reach $87.67 billion by 2028 from $50.25 billion in 2020 as per a report by Quince Market Insights. It said that in the chemical industry, artificial intelligence (AI) has applications in both the analysis and synthesis of complex compounds that are used in various applications. The most important impact of AI in the chemical industry will be in the control and operation of production plants. It can provide assistance to control room operators in their decision making and help in the control of complex systems.
As per the report, based on the chemical industry type, the petrochemicals segment is anticipated to dominate the market in 2020 and is likely to remain the largest till the forecast period. This is due to the growing demand for petrochemical products, establishments of new plants, capacity expansion of the refineries, and increasing adaptation of biobased petrochemical products.
Software and services technology segment to dominate
Based on technology, the software and services technology segment is anticipated to dominate the market in the year 2020 and is expected to remain the largest market throughout the forecast period. It is also anticipated to grow with the highest CAGR during the forecast period
The Asia-Pacific is dominating the global IoT market in the chemical industry with a share of near about 40 per cent as per the report. It is anticipated to take the largest share of the market until the forecast period. The report said that North America and Middle East & Africa capture a significant market share in the market. They have developed healthcare infrastructure, and favourable reimbursement policies leading to a significant share in the market.