According to the report, “Industrial Internet of Things (IIoT) Market Analysis – By Components (Sensors, Memory, Processors, RFID); By End Use Industry (Manufacturing, Transportation, Energy, Retail,Healthcare, Agriculture) – Forecast (2016 – 2021)“, published by IndustryARC, the Industrial IoT Market is estimated to reach $123.89 Billion by 2021 at a high CAGR. The report was released in Hyderabad, India.
The Industrial Internet of Things (IIoT) is a new phase for global industrial transformation powered by technological innovations to improve operational efficiencies. This technology is expected to generate economic opportunities and reshape several industries, as well as transform companies and countries with an era of renewed economic growth and competitiveness. With Industrial IoT, which works at the intersection of people, data and intelligent machines is expected to have a positive impact on productivity, efficiency and operations of industries. IIoT will enable companies to boost revenues by increasing production through creating new business models and will exploit intelligent technologies driving innovation.
According to a recent study by IndustryARC the global market for industrial internet of things is estimated to reach $123.89 billion by 2021. The manufacturing industry will be the highest revenue generating segment for IIoT market in the forecast period. However, healthcare or medical devices segment will have the highest growth rate through 2016 to 2021; this is estimated to grow at approximately 60% year on year.
The European region was the market leader in industrial internet of things market in 2015 with approximately 28% of the Total Market and is estimated to grow at a CAGR of 22.2%. Industrial IoT market will see a high demand from the growing IIoT penetration in manufacturing, transport and energy sectors.
The manufacturing sector enabled by industry 4.0 will lead the industrial IoT market in the forecast period while healthcare segment will witness the highest CAGR of 59.8%. This is followed by the Energy sector which is complimented by Smart Grid penetration and will observe the second highest CAGR of 39.7% in the forecast period. – PRNewswire.