The Industrial IoT Market size is expected to grow from USD 76.7 billion in 2021 to USD 106.1 billion by 2026, at a CAGR of 6.7% during the forecast period.
Major players in the market are Huawei (China), Cisco (US), GE (US), Intel (US), Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US), Honeywell (US), IBM (US), KUKA AG(Germany), NEC Corporation (Japan), Bosch.IO (Germany), Siemens AG (Germany), SAP (Germany).
The growth of the IIoT market 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.
IIoT market for smart beacons technology to grow at a high rate from 2021 to 2026
The IIoT industry for smart beacons is expected to grow at a significant rate between 2021 and 2026. Smart beacons function as signal transmitters that are majorly battery-powered and can be configured with the help of a mobile app. This makes them scalable and highly portable; when Bluetooth-enabled devices, such as smartphones and tablets, come in a beacon’s vicinity, the signal turns on the application in these devices and triggers activities associated with the beacon signal. Further, the increasing demand for IoT solutions worldwide is expected to propel the growth of the market for smart beacons.
The manufacturing vertical held the largest share of the IIoT market in 2020
Over the past few years, there has been an introduction of new approaches and technologies, such as smart factories, cyber-physical systems, and intelligent robotics. Governments in countries such as Germany, the UK, France, the US, China, and India have taken several initiatives for encouraging manufacturers to increase their investments for the adoption of IIoT solutions. The manufacturing vertical is expected to hold the largest share of the IIoT industry in 2021. However, the demand for the agriculture vertical is expected to grow at the highest CAGR during the forecast period.
IIoT market in APAC to grow at the highest rate during the forecast period
The IIoT industry in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the largest manufacturing hub globally; it is also emerging as a large-scale hub for the metals and mining vertical. Infrastructural and industrial developments in emerging economies such as China and India are contributing to the growth of the IIoT market in this region. These factors are contributing to the growth of the market in North America.