According to a report released by ResearchAndMarkets.com, the global IIoT market size is expected to grow from USD 77.3 billion in 2020 to USD 110.6 billion by 2025, at a CAGR of 7.4% during the forecast period.
The growth of the IIoT sector is driven by factors such as technological advancements in semiconductor and electronic devices, increased use of cloud computing platforms, standardization of IPv6, and support from governments of different countries for R&D activities related to IIoT.
Networking technology to hold the largest share of the IIoT market in 2025.
Networking technology is expected to hold the largest share of the IIoT industry by device & technology in 2025. Both wired and wireless technologies are integral for machine-to-machine (M2M) connectivity to gather real-time data from industrial machinery across different geographies.
Market for agriculture vertical to grow at the highest rate during the forecast period.
Owing to the increasing adoption of new technologies, such as global positioning systems, remote sensing, and variable rate technology, in precision farming, the IIoT market for the agriculture vertical is expected to grow at the largest CAGR during the forecast period.
APAC to hold the largest share of the IIoT industry during the forecast period.
APAC is expected to be the largest market for IIoT during the forecast period. Dense population and growing per capita income, along with large-scale industrialization and urbanization, are some of the major factors driving the growth of the IIoT market in APAC.
Key Benefits of Buying the Report
- This report segments the IIoT market comprehensively and provides the closest approximations of the overall market size and that of the subsegments across different industries and regions.
- The report helps stakeholders understand the pulse of the market and provides them the information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their positions in the business. The competitive landscape section includes competitor ecosystem, product launches, partnerships/ collaboration/agreements, and mergers & acquisitions carried out in the IIoT market.