According to
the new research report "Industrial
IoT Market by Device & Technology (Sensors, RFID, Industrial
Robotics, Condition Monitoring, Smart Meters, Camera System, Networking
Technologies), Software (PLM systems, MES, SCADA), Vertical, and Geography -
Global Forecast to 2025", is expected to grow from USD 64.0 billion in
2018 to USD 105.4 billion by 2025; it is estimated to grow at a CAGR of 7%
during 2019–2025. Technological advancements in semiconductor and electronics
devices, increasing use of cloud computing platform, standardization of IPv6,
support from governments worldwide, and decreasing cost of automation are the
key factors fueling the growth of this market.
Based on software, market for manufacturing execution system is expected
to gain significant share of Industrial IoT market by 2025
The manufacturing
excecution system (MES) software is expected to account for the largest share
of the Industrial IoT market by 2025. The MES Industrial IoT software is used
to monitor and manage work in factories, it helps manufacturing facilities with
materials, orders and production functionalities to reduce costs and improve
efficiency.
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Based on device & technology, market for smart beacon to grow
at higher CAGR from 2020 to 2025
The market
for smart beacon is expected to grow at a higher CAGR from 2019 to 2025. Also
known as Bluetooth low energy (BLE) beacon, is a type of proximity sensor.
Usability in the retail, commercial/enterprise, connected home, and personal
asset tracking are likely to be the major factors contributing to the growth of
the market for smart beacon. These sensors find their applications in several
industries, ranging from retail to industrial to consumer electronics.
Industrial IoT market for agriculture vertical to grow at highest CAGR
from 2020 to 2025
Based on
end-user vertical segment, the market for the agriculture vertical is expected
to grow at the highest CAGR from 2019 to 2025. The growth of the Industrial IoT
market for the agriculture vertical is driven by the growing adoption of
Industrial IoT for precision farming. Industrial IoT can be used for
application such as, GPS-enabled guiding system to remote monitoring and
controlling of multiple in-field devices.
Industrial IoT market in APAC to grow at highest CAGR during forecast
period
The
Industrial IoT market in APAC is expected to grow at the highest CAGR during
the forecast period. The APAC have huge population, increased R&D
investments, and high manufacturing, which is also emerging hub for the metals
and mining vertical. Infrastructural and industrial development in emerging
economies like China, India, and South-East Asia is fueling the growth of industrial
IoT in APAC. Cost-effective and highly efficient Industrial IoT have witnessed
an increasing demand from manufacturing, energy, oil & gas, metals and
mining, healthcare, retail, transportation and agriculture, which is likely to
propel the growth of the Industrial IoT market in APAC in the next few years.
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Key players
in the market include Cisco (US), General Electronics (US), Honeywell (US),
Intel (US), IBM (US), ABB (Switzerland), Rockwell Automation (US), Siemens
(Germany), Huawei (China) and Bosch (Germany). These players are increasingly
undertaking product launches, mergers, and acquisitions to increase their
market shares.
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