Industrial IoT Market Nears $132 Billion in 2020: Technavio

02/17/16, 05:03 AM | Automation & IIoT, Engineering | Industry 4.0, IoT automation, Smart Factory

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...

More Automation & IIoT Stories | Articles | News

Comments (0)

This post does not have any comments. Be the first to leave a comment below.

Strain Wave Gearheads by maxon - Highly precise, compact, and efficient.

Strain wave gearheads are ideal for use in applications requiring precision motion control and high torque transmission in a compact design. maxon strain wave gearheads are a specialized type of gearhead where precision and compact design are crucial. This type of gearhead is often used in applications in a confined space. With their advanced gear tooth design, maxon's strain wave gearheads provide high efficiency and good back drivability. Typical applications include: Robotics, Aerospace, Medical technology and Optical systems .