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June 28, 2018 | PRNewswireEstimated reading time: 2 minutes
IIoT Market is expected to grow from $64.00 billion in 2018 to $91.40 billion by 2023, at a CAGR of 7.39% during the forecast period.
The growth of the IIoT market is driven by factors such as increasing adoption of automated systems by several small and midsized companies. Also, automation reduces production costs, thereby lessening expenses and increasing ROI of the overall process.
IIoT market for smart beacons technology to grow at a high rate between 2018 and 2023
The IIoT market for smart beacons is expected to grow at a significant rate between 2018 and 2023. Smart beacons function as signal transmitters that are majorly battery powered and can be configured with the help of a mobile app. This makes them scalable and highly portable; when Bluetooth-enabled devices, such as smartphones and tablets, come in a beacon's vicinity, the signal turns on the application in these devices and triggers activities associated with the beacon signal. Further, the increasing demand for IoT solutions worldwide is expected to propel the growth of the market for smart beacons.
Manufacturing vertical to hold largest share of IIoT market in 2018
Owing to the introduction of new approaches and technologies, such as smart factories, cyber-physical systems, and intelligent robotics. Governments in countries such as Germany, the UK, France, the US, China, and India have taken several initiatives for encouraging manufacturers to increase their investments for the adoption of IIoT solutions. The manufacturing vertical is expected to hold the largest share of the IIoT market in 2018. However, the market for the agriculture vertical is expected to grow at the highest CAGR during the forecast period.
IIoT market in APAC to grow at highest rate during forecast period
The IIoT market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is a major manufacturing hub; it is also emerging as an important hub for the metals and mining vertical. Infrastructural and industrial developments in emerging economies such as China and India are contributing to the growth of the IIoT market in this region. However, North America is expected to hold the largest share of the IIoT market in 2018. The IIoT market is flourishing owing to various initiatives undertaken to encourage its development and implementation by large enterprises and governments in this region. Also, there has been significant investments in the R&D of IoT solutions. These factors are contributing to the growth of the market in North America.
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