The global Industrial-Internet-of-Things market revenue is expected to expand at a moderate CAGR over the forecast period. Increasing development of smart transportation and smart cities resulting in increasing adoption of IoT in industrial and various other applications are factors expected to drive growth of the global Industrial-Internet-of-Things market over the forecast period.
The global Industrial-Internet-of-Things (IoT) market report has been segmented on the basis of component, application, and region. On the basis of component, the target market is segmented into hardware, software, service, and connectivity. The service component segment is expected to account for highest share in the target market and expected to continue its dominance over the forecast period.
On the basis of application, the global Industrial-Internet-of-Things market is segmented into manufacturing, energy & power, oil & gas, healthcare, logistics & transport, agriculture, and others (retail, metals & mining). The manufacturing application segment is expected to account for highest share in the target market over the forecast period, owing to increasing preference of manufacturers towards sensors, wireless connectivity, services, and software for communication across the network to avoid human-interaction using IP connectivity.
Based on the region the global Industrial-Internet-of-Things market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is estimated to be highest share in terms of revenue over the forecast period, owing to early adoption of IoT in industrial applications and increasing presence of major players in various countries in the region. The market in Asia Pacific is expected to register significant share in the target market, owing to increasing awareness regarding benefits of IoT in industrial sector in developing countries such as India, China, Japan, etc.