World News: 13:30 GMT Monday 14th January 2019. [Transparency Market Research via Globe Newswire via SPi World News]
Albany, New York, Jan. 14, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) witnesses the global has a highly fragmented vendor landscape. Some of the companies dominating the global industrial Internet of Things (IIoT) market are IBM Corporation, Schneider Electric SE, Intel Corporation, ABB Ltd., Tech Mahindra Ltd., and Accenture PLC. These key players are increasingly introducing advanced products, which are leading to drive the growth of the industrial Internet of Things (IIoT) market. These players are entering into collaborations or strategic partnerships for business expansion, which is increasing the level of consolidation.
According to TMR, the global industrial Internet of Things (IIoT) market is expected to attain a value of US$991,562.0 mn by the end of 2026. The market is anticipated to swell with a CAGR of 24.30% over the forecast period from 2018 and 2026.
Based on end-user, the manufacturing segment is expected to account for the leading share of about 35% in the industrial Internet of Things (IIoT) market. Based on region, North America dominates the industrial Internet of Things (IIoT) market followed by Europe and the Asia Pacific.
Rising usage of a cloud-computing platform in order to ensure the development of the industrial Internet of Things (IIoT) devices, which is expected to propel the growth of the global industrial Internet of Things (IIoT) market. Additionally, a growing number of data centers is supporting the growth of the industrial Internet of Things (IIoT) market globally.
Despite these growth factors, major concerns related to IIoT over data loss or privacy is hampering its adoption and likely to restrain growth of the global industrial Internet of Things (IIoT) market. Additionally, lack of skilled workers and standardization in procedures are restraining growth of the industrial Internet of Things market. Nonetheless, the development of advanced and wide-ranging system solution for maintenance is expected to offer lucrative opportunities for growth.
For the study, the industrial Internet of Things (IIoT) market has been segmented as follows:
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Globe Newswire: 13:30 GMT Monday 14th January 2019
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