Industrial internet of things (IIoT) is in a prime position to revamp the whole manufacturing industry by allowing it make the most of relevant data at a tremendous amount of speed. IIoT can be a considered a subset within a big concept like the Internet of Things (IoT). The Internet of Things companies have managed to cobble together a network of smart computers and devices that are linked to gather and share data. This data is put together in the cloud and then utilized for various industrial IoT applications. IoT technology is broadly expected to revolutionize industrial components like health of the machinery, intelligent commodities and tweaking things according to the data. Thus, the Industrial Internet of Things Market is well-positioned to register a significant amount of growth during the forecast period of 2016-2021.
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Scope & Regional Forecast of the Industrial Internet of Things Market
The Industrial Internet of Things Market revenue is expected to reach the $123.8 Billion mark, accompanied by a CAGR of 21%, by 2021. The primary growth factors behind it are as follows: rapid pace of advancement in cloud technology; willingness of industrial IoT companies to adopt latest technological innovations; falling costs of producing IoT devices; growing need for predictive maintenance and accuracy in performance; and the profound insights provided by big data analytics.
The industrial IoT market is currently dominated by demand emanating from Europe. The region is also expected to hold the highest market share till the end of the forecast period, which is 2021. Meanwhile, Asia-Pacific is expected to post the fastest growth rate during the next few years owing to the installation of several manufacturing and health-care facilities.
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Segmentations & Key Players Involved in the Industrial Internet of Things Market
The Industrial Internet of Things Market can be broken down into various segments as follows:
Components: Transmitters, Memory, Processor, Networking components, RFID, Power Supply and Others.
End-User Industries: Energy, Healthcare, Transportation, Manufacturing, Oil & Gas, Agriculture and Others.
Geographical Location: Americas, Europe, Asia-Pacific and Rest of the World.
Some of the key players involved in the Industrial Internet of Things Market are as follows:
- AT&T, INC.
- Microsoft Corporation
- IBM Global Services
- Blackberry Limited
- ARM Ltd.
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