Industrial Internet of Things Market is driven by advanced cloud technology, North America leads Industrial Internet of Things Market, IIoT Market is growing due to need for perfect accuracy in industries
Transparency Market Research discusses the key factors that are currently - and are expected to over the future - influencing the global industrial internet of things market in terms of demand, research and development, and production rates, in "Industrial Internet of Things (IIoT) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023."
The key driver aiding the prolific growth rate of the global industrial internet of things market over the coming years is the massive rate of adoption of cloud computing. All advancements in cloud technologies are going to be extremely beneficial for the implementation of IoT in several industry verticals. The greater adoption of cloud platforms in the global industrial internet of things market will allow users to avail benefits such as ease of accessibility, faster processing speeds, massive storage capacities if not unlimited storage capacities, and a much lower cost than using in-house systems. Additionally, the global industrial internet of things market is also being augmented by the formation of and the decisions taken by the Industrial Internet Consortium, a group that include key players such as General Electric Company, Intel, and IBM.
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Other factors driving the global industrial internet of things market over the coming years include the growing availability of sensors that are low in cost and yet maintain a high level of efficiency, and the growing importance of IIoT in the industries of defense, transportation, and healthcare. However, the global industrial internet of things market is currently being held back by several key issues, such as the complications that arise due to the lack of standardization between products and vendors, and the difficulty of interoperability between products and services from different providers.
Based on technology types, the global industrial internet of things market is generally segmented into smart meters, robotics, GPS, yield monitors, automated haulage systems, 3D printed sensors, and RFID sensors. The key industry verticals associated with the global industrial internet of things market at the moment include transportation, agriculture, power, mining, healthcare, oil and gas, and manufacturing.
Geographically speaking, the global industrial internet of things market has found a massive number of users in North America. A lot of the key IIoT products have become a mainstay in the North America industries. This region has not only been an early adopter for the global industrial internet of things market, but has also shown large investments into research and development of the technology. At the same time, the prominent vendors in the global industrial internet of things market are currently looking towards Asia Pacific for future growth opportunities. This region is showing a booming growth in industrial infrastructure and is demanding a greater level of device and user connectivity.
The key companies operating in the global industrial internet of things market currently, include Cisco Systems Inc., General Electric Company, International Business Machine (IBM) Corporation, Intel Corporation, Huawei Technology Co. Ltd., AT&T Inc., Rockwell Automation Inc., Siemens AG, Accenture PLC, Robert Bosch GmbH, and Schneider Electric SE.