IIoT market to expand at a CAGR of 24%

Transparency Market Research has released a report on the Industrial Internet of Things market, which is expected to grow with a CAGR of 24.3% over the forecast period from 2018 and 2026.

TMR’s report indicates the global IIoT market has a highly fragmented vendor landscape. Some of the companies dominating the global market are IBM Corporation, Schneider Electric SE, Intel Corporation, ABB Ltd., Tech Mahindra Ltd., and Accenture PLC. According to the report, these key players are increasingly introducing advanced products, which are driving growth of the IIoT market. These players are also entering into collaborations or strategic partnerships for business expansion, which is increasing the level of consolidation.

TMR has forecast the global IIoT market will attain a value of $991 billion by the end of 2026.

Based on end-users, the manufacturing segment is expected to account for the leading share of about 35% in the IIoT market. Based on region, North America dominates the industrial Internet of Things (IIoT) market, followed by Europe and the Asia Pacific.

The report predicts rising usage of cloud-computing platforms to ensure the development of IIoT devices will propel the growth of the market. Additionally, a growing number of data centers is supporting growth globally.

Despite these growth factors, major cybersecurity concerns are hampering IIoT adoption and are likely to restrain growth of the global market. Lack of skilled workers and standardization in procedures are also restraining growth. Nonetheless, according to TMR’s report the development of advanced and wide-ranging system solutions for maintenance is expected to offer lucrative opportunities for growth.