The growing demand for edge computing and related digital age technologies such as AI and ML contributed to the growth of the Industrial Internet of Things market
HYDERABAD, TELANGANA, INDIA, Aug. 26, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, forecasts that the Industrial Internet of Things market was valued at US$123.89 billion in 2020 and is expected to grow by around will grow CAGR 22.85% in the period 2021-2026. Increasing integration of digitalization into operational processes and industrial control systems, including human-machine interfaces (HMIs), supervisory control and data acquisition systems (SCADA), distributed control systems (DCS) and programmable logic controllers (PLCs), to optimize the processes using intelligent sensors, Remote access and control are contributing to the growth of the market. The report offers a complete analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.
The central theses:
This IndustryARC report on the Industrial Internet of Things Market highlights the following areas:
1. Due to the increasing convergence of digitization with the utilities sector, the utilities sector is expected to account for the largest market share of 18% by 2026.
2. North America is estimated to dominate the market between 2021 and 2026 owing to early internet penetration and heavy investment in upgrading advanced technologies.
3. Increasing penetration of smart manufacturing factories and rising investment in deployment of asset tracking sensors in logistics are analyzed to stimulate the market during forecast period 2021-2026.
4. Data security issues are one of the challenges hampering the growth of the Industrial Internet of Things (IIoT) market.
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1. Industrial automation dominated the market in 2020 with a 27% share and is projected to hold the largest Industrial Internet of Things (IIoT) market share of 29% by 2026, growing at a CAGR of 2021-2026 due to increasing deployments The Industrial Internet of Things (IIoT) network is growing by 20.45%, bridging the gap between connected consumers and connected infrastructure.
2. Smart Utility is analyzed as the fastest growing market with a CAGR of 23.78% over the period 2021-2026 due to the rapid growth of smart meter manufacturing. The increasing acceptance of the Industrial Internet of Things (IIoT) for large smart utility initiatives and smart city initiatives has simplified the deployment of smart meters and street lights by providing actionable insights for efficient management and control.
3. The utility sector dominated the market in 2020 with a share of 17% and is expected to hold the largest share through 2026 at a CAGR of 21.34% during the forecast period 2021-2026 as the utility sector increasingly converges with the digital intelligent digital grid management system .
4. The logistics and warehousing sector is analyzed as the fastest growing market with a CAGR of 25.67% over the period 2021-2026, driven by increasing penetration of smart warehousing and increasing adoption of cobots.
5. North America dominated the Industrial Internet of Things (IIoT) market in 2020, acquiring a 31% share, and it is estimated to hold the largest share with a CAGR of 19.56% in 2021-2026 becomes
6. APAC is estimated to be the fastest growing market due to the rapid urbanization and the shift towards digitalization with a CAGR of 24.67% during the forecast period 2021-2026.
The top 5 players in the Industrial Internet of Things industry are –
1. Cisco Systems Inc.
2. Hewlett Packard Enterprises
3. General Electric Company
4. Siemens AG
5. Semtech Corporation
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