LONDON--(BUSINESS WIRE)--The global industrial internet of things (IIoT) market is set to grow at a CAGR of over 7% by 2020, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global industrial internet of things market for 2016-2020. To calculate the market size, the report considers the revenue generated from sales of IIoT software and services.
Technavio’s research study segments the global IIoT market into the following regions:
- North America
- Rest of the world (ROW)
APAC: largest market for IIoT
The IIoT market in APAC was valued at close to USD 38 billion in 2015 and is expected to reach over USD 54 billion in 2020, growing at a CAGR of more than 7%. Many countries in Asia are heavily investing in IIoT implementation, which will drive the demand for IIoT during the forecast period.
For instance, in 2012, China started developing technology for device communication via infrared, machine to machine (M2M), and radio-frequency identification (RFID). The development of the Greenfield Electronic Manufacturing Cluster (EMC) and Brownfield EMC is expected to boost R&D activities in the IIoT market in India during the forecast period. South Korea plans to invest USD 3.66 billion in the IoT by 2020, as it is recognized as an inevitable factor for sustainable market growth. China is the major competitor of South Korea in major areas, including the semiconductor, manufacturing, and automobile industries.
One of Technavio’s lead machine to machine and connected devices industry analysts, Amrita Choudhury, says, “Japan has introduced initiatives such as the Industrial Value Chain Initiative forum in 2015 to boost the country's industrial Internet revolution, including the IIoT. Members of this forum include major Japanese companies in the electric, IT, machinery, and automobile sectors such as Mitsubishi Electric, Fujitsu, and Panasonic.”
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Increased adoption of the IoT in the US and Canada driving North America’s growth
The IIoT market in North America is likely to grow rapidly during the forecast period due to increased adoption of the IoT in countries such as the US and Canada. The US is the major revenue-contributing country in the market. The industrial Internet revolution in the US was fueled by the formation of an open membership organization called the Industrial Internet Consortium by Cisco, GE, IBM, AT&T, and Intel in March 2014.
As of 2015, the consortium had 212 members, including many major companies such as 3M, ABB, Accenture, Pitney Bowes, Oracle, Samsung, and Microsoft. There is a significant trend of IoT investments, consolidations, and partnerships among these organizations to gain competitive advantages.
“IIoT solutions are widely used by both small and large companies across Canada. Industries such as the pulp and paper and manufacturing are the major users of the IIoT. Subsidiaries of major multinational corporations work closely with major IIoT companies such as Cisco to adopt IIoT in various manufacturing processes,” says Amrita.
The IIoT market in Europe to grow at a CAGR of over 6% in 2020
The market in Europe is likely to grow steadily during the forecast period. The European Research Cluster (ERC) plays a major role in promoting the IIoT in Europe by assimilating various IoT research projects. However, factors such as security issues and resistance to shift from older technologies may restrain market growth in the region. The UK and Germany are the key leading countries in the European IIoT market.
The top vendors of the global IIoT market highlighted in the report are:
- General Electric (GE)
- Rockwell Automation
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