Industrial Internet of Things Market: Asia Pacific expected to witness high growth due to rise in industrialization.
Industrial Internet of Things (IIoT) can be defined as the potential application of Internet of Things technology in any Industry, thus, turning conventional industrial functions into smart industrial functions during 2015-2020. The Industrial Internet of Things Market deals with the demand and supply of the components for IIoT, production and scope of innovation and internet of things applications in the upcoming years.
Scope and Regional Forecast of the Industrial Internet of Things Market:
The Industrial Internet of Things Market is expected to have high scope in various industrial functions. Currently, the industries are highly automated, but still require human assistance now and then. With merger of IoT technology, industries are expected to perform more efficiently and produce good results.
North America is the leading region for the applications of Industrial Internet of Things Market. The USA invested heavily in this market for innovations and has high demand due to presence of many industries in the region, similar to the case of Europe region. It is estimated to grow at a CAGR of 8.15% from 2014-2020.
The APAC is the largest region for the development of Industrial Internet of Things Market during 2015-2020. APAC is expected to have high demand for this technology due to the rise in industrialization in the region. Japan and China are the prominent countries in Asia Pacific region for innovation and manufacture of this technology.
Segmentation and key players of the Industrial Internet of Things Market:
According to the market research studies by IndustryARC, the Industrial Internet of Things Market is segmented into various categories by components, by end user industries and by geography.
By component: transmitters, memory, processor, networking components, RFID, power supply and others
By end user industries: manufacturing (advanced manufacturing), transportation, energy production, oil & gas (digital oilfield), agriculture, retail and healthcare
By geography: North America, South America, Europe, Asia Pacific and ROW
Some of the key players in the Industrial Internet of Things Market according to the IndustryARC market research report are as follows:
- GE (U.S.)
- Freescale (U.S.)
- Intel Corporation (U.S.)
- Cisco Inc. (U.S.)
- Rockwell Automation Inc. (U.S.)
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The Industrial Internet of Things Market is a rapidly growing market with high scope in upcoming period during 2015-2020. Wide scope of applications in different industries is pushing the market forward with high possibilities of revenue gains and profits in upcoming years.
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