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(Wireless-NewsWire.Com, October 10, 2018 ) The global Industrial Internet of Things (IIoT) market is anticipated to reach USD 771.72 billion by 2026. Industries worldwide are looking for new business models to construct a connected enterprise for merging their operational and information departments. This transformation is expected to enhance the overall productivity, operational efficiency, and visibility as well as decrease the complexities of diverse procedures in the industry. The capability of IIoT to decrease costs is the major factor responsible for its high adoption by the industries. Other factors include increased productivity, time-to-market, and process automation. Moreover, decreasing sensors prices has also helped in the reduction of overall costs related to data collection and analytics.
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Top Key Player:-
Corning Incorporated
ABB Ltd.
Cisco Systems, Inc.
General Electric Company
Siemens AG
Rockwell Automation, Inc.
IBM Corporation
Microsoft Corporation
ARM Ltd.
Intel Corporation
Kuka AG.
The role of IIoT is becoming more prominent in allowing easy access to machines and devices. The adoption of IIoT is further anticipated to escalate globally attributed to increasing innovative efforts by major players such as GE, Cisco and Huawei, as well as increasing initiatives sponsored by governments. For instance, the government of Germany is sponsoring a multi-year strategic initiative ‘Industrie 4.0’, focused on uniting the major participants from public and private sectors along with academia for the creation of an action plan and a broad vision to implement digital technologies in the country’s industrial sector. Furthermore, “Made in China 2025” initiative of the Chinese government is helping the promotion and integration of digital technologies in the industrial sector of China.
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Industrial IoT (IIoT) Market, By Service
Consulting
Managed Services.
Industrial IoT (IIoT) Market, By End-Use Vertical
Manufacturing
Utilities
Oil & Gas
Transportation & Logistics
Retail
Energy & Power
Agriculture Industrial IoT (IIoT) Market
Healthcare
Others.
Industrial IoT (IIoT) Market, By Regions
North America - U.S., Canada
Europe - Germany, UK, France, Italy
Asia-Pacific - China, Japan, India
Latin America - Brazil, Mexico
Middle East & Africa.
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The market in the Asia Pacific region is projected to grow at the fastest CAGR owing to considerable adoption of IIoT in the countries such as Japan, Taiwan and China. Manufacturing companies across these countries are recognizing the advantages offered by the implementation of IIoT in their production line. China is the dominating country in the Asia Pacific market due to the presence of several manufacturing companies in the region and high adoption of automation technologies.
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