The Global Industrial Internet of Things (IIoT) Market is valued at USD XX.XX billion in 2016 and is expected to reach a value of USD XX.XX billion by the end of 2022, growing at a projected CAGR of XX% during the forecast period of 2017 - 2022. —
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The market for Industrial Internet of Things (IIoT) is set for tremendous growth in 2016 as more and more businesses are realising its potential uses and impact it can have on the global economy. With trillions of dollars at stake on Industrial Internet of Things over the next decade. It is expected that, this market will add close to USD 10 trillion to major economies by 2025, which is huge and will help in maintaining more robust and healthy trade balance in the global economy.
One of the recent trends that have been observed in the industry is the lack of readiness of the companies and the acceptability of the technology. Close to only 10 percent of the companies have explicit strategic plans in place and are destined to make concrete progress in this direction.
Some of the countries that are expected to make a mark are Switzerland, the United States, the Nordic nations and the Netherlands as these countries have enhanced business and technological infrastructure that bolsters and propels the adoption rate for IIoT. On the contrary, countries like Russia, India, Brazil, Italy and Spain need to invest in service infrastructure to make it come together.
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Some of the key highlights of the report can be listed as:
Maintenance of assets and infrastructure and increasing operational efficiency of existing projects is expected to be the top most focused areas in this market during the forecast period.
New revenue streams could emerge from unlocking the value of large data, which can be captured and shared by connected, smart devices.
New sophistication of jobs is expected to emerge in the near future as the collaboration of man and the machine holds great potential by automating routine task.
Healthcare and Manufacturing are expected to be the top most segments in the market and are estimated to occupy the major application shares in the near future.
In addition to that, some of the factors that should be taken into consideration to drive productivity and efficiency can be listed as:
Emergence of more sophisticated outcome economy will lead to open organizational structure
Interoperability issue can be addressed by collaborating borders and industry sectors
The merger of human capital and digital technology is expected to drive investments towards new skill production improving input factor productivity
However, factors such as adoption barriers, interoperability and risk of security could impact the market growth rate during the forecast period.
The market in the study has been segmented into by Technology (Wired and Wireless), by Component (Memory, Processor, RFID, Networking, Power Supply, Sensors, Valves and Actuators and Energy Meter), by Type (Smart Mobility, Smart Buildings, Smart Homes, Smart Lighting, Temperature Sensitive Shipping, Smart Grid, Social Web and Business Web), by Industry/Segments (Transportation, Manufacturing, Retail and Finance, Healthcare, Consumer Services, Security and Utilities), and by Geography (North America, Europe, APAC, Middle East & Africa and Latin America).
The detailed analysis and future growth of some of the major companies pertaining to this market covered are General Electric Company, ARM Holding PLC, Broadcom Corporation, CGI Group, Gainspan Corporation, PTC Inc. Atmel Corporation, Axeda Corporation, Real Time Innovations, Zebra Technologies Corporations and Omron Corporation, among others.
Name: Hector Costello
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Organization: Orbis Research
Release ID: 191887