Industrial IoT Market Nears $132 Billion in 2020: Technavio
Pedro Hernandez for Datamation: The Internet of Things (IoT) is expected to have a major, efficiency- and productivity-enhancing impact on how manufacturers and other companies in industrial settings conduct businesses. A new forecast from market research firm Technavio paints a rosy picture for IT vendors that specialize in industrial IoT.
According to the analyst group, the market for industrial IoT software and services will reach nearly $132 in 2020. Between now and then, the market will expand at a compound annual growth rate (CAGR) of 7 percent.
In terms of demand, Technavio has identified the Asia-Pacific (APAC) region as the largest market for industrial IoT.
Last year, the industrial IoT market generated $38 billion in sales in the region, a number that will reach $54 billion in 2020. APAC countries are investing heavily, including South Korea, which plans to pour over $3.6 billion into the IoT by 2020. Cont'd...
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