The global market for industrial Internet of Things is fragmented in nature with a high level of competition among the prominent players over the next few years, states a research study by TMR. The development of new products and technological advancements in the field are predicted to offer growth opportunities for the market players in the next few years. The increasing number of strategic partnerships and collaborations is likely to encourage the growth of the global industrial Internet of Things Market in the next few years.
As per the study by TMR, the global market for industrial Internet of Things market is predicted to reach a value of US$ 991,562.0 Mn by the end of 2026. The market is expected to register a massive 24.30% CAGR between 2018 and 2026. Geographically, North America is expected to hold a huge share of the industrial Internet of Things market, thanks to the growing adoption of advanced automation solutions. In addition to this, the emerging economies in this region is projected to offer growth opportunities in the coming years.
Rising Support from Government to Drive Industrial Internet of Things Market
The Internet of Things has been gaining traction in diverse industries across the globe, thanks to which the market is estimated to witness high growth in the coming years. The reducing cost of the automation systems and the increasing support from the government organizations are expected to support the development of the global industrial Internet of Things market. In addition to this, the rising focus of the players on technological developments in the electronics and semiconductor devices, which is projected to ensure the growth of the overall market in the next few years.
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Furthermore, the rise in the use of cloud computing platform is projected to ensure the development of the global industrial Internet of Things market in the next few years. Also, the rise in the number of data centers is another key factor that is predicted to ensure the development of the industrial Internet of Things market across the globe.
Rising Issues of Data Security to Hinder Market Growth in Near Future
The global market for industrial Internet of Things is expected to face a few challenges, which is likely to hamper the growth of the overall market in the coming few years. The lack of skilled personnel and the lack of standardization are considered as the most important factors that are estimated to restrict the development of the industrial Internet of Things market in the next few years.
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Also, the increasing concerns related to the data security and privacy are further predicted to inhibit the market growth in the near future. Nonetheless, the development of the comprehensive system solutions and the predictive maintenance are projected to encourage the development of the overall market in the next few years.
Industrial Internet of Things is changing the competitive landscape of industries, as companies are investing in advanced technologies for automation. Further, companies such as General Electric Company, IBM Corporation etc. have been able to establish themselves as leaders. Some of the major players are currently focusing on providing IIoT solutions with advanced and innovative technologies. As part of this strategy, the companies are engaging in various acquisitions, strategic partnerships, and focusing on expanding their business through new service additions and geographical presence.
Some of the players prominent in the global IIoT market with significant developments which have been profiled in the report are IBM Corporation, Intel Corporation, Schneider Electric SE, General Electric Company, Emerson Electric, ABB Ltd., Accenture PLC, Tech Mahindra Ltd., Softweb Solutions Inc., Sasken Technologies Ltd., ZIH Corp., Siemens AG, Robert Bosch GmbH, and NEC Corporation.