- The hardware segment is holding a larger market share in 2020
- Asia-Pacific is anticipated to account for the largest market share in the global Industrial Internet of Things (IoT) market in 2020
The global Industrial Internet of Things (IoT) market is valued at $82.4 billion in 2020 and is anticipated to grow with a CAGR of 21.3 per cent during the forecast period from 2020 to 2028 as per a report by Quince Market Insights. It added that the major factors contributing to this growth are standardisation of the IPV6, advancement in the manufacturing industry, and advent of industry 4.0. It added that as these solutions are highly technical, the availability of high skilled personnel has become an issue which can hinder the market growth during the forecast period
Sensor segment
The report added that the major factors that are driving the growth of the Industrial Internet of Things (IoT) market are government support for the development and implementation of industrial IoT and growing use of cloud computing platforms across various industry verticals for data management. It said that the advent of Industry 4.0 has led to the higher adoption of Industrial IoT across the manufacturing sector. Governments in many countries are taking necessary initiatives for boosting the adoption of industrial IoT solutions and services across many industry verticals.
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In terms of component, the hardware segment is holding a larger market share in 2020. They provide real-time data from various devices and sensors, which are then used in the decision-making process.
Managed services
In terms of hardware, the sensor segment of the Industrial Internet of Things (IoT) market is leading the global market in 2020. This is due to the fact that sensors are the most important hardware components used along with machines in various industry verticals. demand for sensors is also growing for its integration with industrial machineries to make them IoT competent.
As per the report, “In terms of solution, the remote monitoring segment of the Industrial Internet of Things (IoT) market is expected to grow at the highest CAGR during the forecast period, as there is increasing adoption of remote monitoring solutions across various industry verticals such as pharmaceuticals, semiconductor electronics, and others.”
In terms of services, the managed services segment of the Industrial Internet of Things (IoT) market is expected to grow at the highest CAGR during the forecast period. This is due to increasing number of third-party managed services providers that offer low cost services compared to professional services
In terms of verticals, the semiconductor and electronics segment of the Industrial Internet of Things (IoT) market is expected to grow at the highest CAGR during the forecast period. This is due to increasing focus of manufacturers on the wireless connectivity of sensors and devices by taking into consideration the various connectivity protocols and data transfer across Industrial IoT platforms.
Asia-Pacific is anticipated to account for the largest market share in the global Industrial Internet of Things (IoT) market in 2020. The report said, ” This region has countries such as India, China, and Japan, which are a major hub for industrial manufacturing and have also become a global focus for significant investments. Rising population, growing investments for R&D activities, and increasing domestic and international IT companies in the region are expected to drive the growth of this market in the near future.”
