In a recent published report, Kenneth Research has updated the market report for Industrial IoT Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Industrial IoT Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Industrial IoT Market Analysis – 2020-2026
Industrial IoT has led to various advancements in technology such as cloud technologies, artificial intelligence, robotics, and others. This technology provides increased capabilities that allow the direct control of machines and devices used in industries and factories as well as the infrastructure which is responsible for creating a modern landscape. The industrial IoT market is projected to observe a healthy CAGR of around 9% over the forecast period, i.e., 2020-2026.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Moreover, the market held a market value of about USD 280 billion in 2018 which is anticipated to reach an estimated value of USD 525 billion by the end of 2026. The growth of the global industrial Internet of Things (IoT) market can be attributed to increased applications of IoT in the manufacturing and industrial sector.
The market is segmented by component, by end-user, and by region. Based on the component segment, the market is further sub-segmented into solution, services, and platform, out of which, the solution segment is anticipated to hold the leading share in the market. This can be attributed to the various new information systems for a number of industries introduced by the IIoT solution providers.
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The global industrial IoT (IIoT) market is segmented by region into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The market in North America held the leading share of about 33% in 2018 and is anticipated to hold the largest share during the forecast period. Further, the market in the United States is predicted to account for the highest market revenue in the coming years. The market in the Asia Pacific is estimated to grow at the highest rate over the forecast period. This can be attributed to the favorable initiatives introduced by the governments in this region for promoting the use of the Internet of Things in various industries.
Some of the key industry leaders in the industrial IoT market are General Electric Company, Intel Corporation, IBM Corporation, Siemens AG, Cisco, Rockwell Automation, ABB Ltd., Microsoft Corporation, Honeywell International Inc., and Huawei.
Business Questions answer by the report
- How will the market drivers, restraints and opportunities affect the market dynamics?
- What will be the market size in terms of value and volume and market statistics with detailed classification?
- Which segment dominates the market or region and one will be the fastest growing and why?
- A comprehensive survey of the competitive landscape and the market participant players
- Analysis of strategy adopted by the key player and their impact on other players.
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