IndustryARC, in one of its latest reports, predicted that Industrial Internet of Things (IIoT) market size was valued at US$ 123.89 billion in 2020, and it is estimated to grow at around CAGR 22.85% during 2021-2026. Growing demand for edge computing and related digital age technologies such as Artificial Intelligence (AI), Machine Learning (ML) for industrial automation enabling convergence of IT and OT to provide unison among all associated systems and machines have contributed to the Industrial Internet of Things (IIoT) Market growth. The industrial internet of things market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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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1. Industrial automation dominated the market in 2020 acquiring a share of 27% and is estimated to hold the major Industrial Internet of Things (IIoT) Market share of 29% by 2026 growing at a CAGR 20.45% during 2021-2026 owing to increasing deployments of Industrial Internet of Things (IIoT) network bridging the gap between connected consumers and connected infrastructure.
2. Utility sector dominated the market in 2020 acquiring a share of 17% and is estimated to hold the major share by 2026 with a CAGR 21.34% during the forecast period 2021-2026 owing to the increasing convergence of utility sector with digitalization to deliver an intelligent digital grid management system.
3. North America dominated the Industrial Internet of Things (IIoT) market in 2020 acquiring a share of 31% and is estimated to hold the major share with a CAGR 19.56% during 2021-2026 owing to early penetration of internet, presence of higher number of smart cities and high investments towards up-gradation towards latest technology in this region.
4. APAC is estimated to be the fastest growing market with a CAGR 24.67% during the forecast period 2021-2026 owing to rapid urbanization and shift towards digitalization.
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Market Drivers and Challenges:
1. Increasing adoption of industrial IoTs for bridging IT and OT to optimize real time applications across various industry verticals is driving the Internet of Things Market.
2. Rising adoption of asset tracking sensors to ensure complete integrity and quality during transportation is bolstering the demand for industrial internet of things (IIoT) market in supply chain.
3. Alarming growth in number of cyber-attacks, data leakage, false data injection in various industry verticals is hampering the adoption. However, with significant investments on cyber security is set to offset this challenge and promote healthy growth during the later stages of the forecast period 2021-2026.
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