The Asia Pacific region is expected to witness the highest CAGR in the global IoT industry and this comes in primarily due to large scale industrialisation in Asian markets like China, India and Japan
The global Industrial Internet of Things (IIoT) market, which was pegged at approximately $145.81 billion, is expected to touch $232.15 billion by 2023, according to report by Zion Market Research. The market is expected to grow at a CAGR of around 8.06% in the five year period. The report further added that the Asia Pacific region with the most growth in this time period.
IoT is alluded to devices encompassing use of internet protocol technologies to connect with people, processes and things. While the industrial IoT is taken as a subset of the extensive IoT, where connections exist to create goods for the commercial center and maintain physical assets of production.
The Asia Pacific region is expected to witness the highest CAGR in the global IoT industry and this comes in primarily due to large scale industrialisation in Asian markets like China, India and Japan, the report stated. With a higher user base, the Asia Pacific region is expected to exhibit a strong growth in the industrial internet of things market. This development is further fueled by manufacturing units that are progressively grasping the adoption of advanced technologies, such as cloud robotics.
While Europe is expected to witness “moderate growth” in the industrial IoT market in the forecasted period mainly due to adoption of automation in the manufacturing industry.
The report stated, “There has been a progressing and expanding necessity for enhanced effectiveness in a wide range of industrial processes which, accordingly, is driving the demand for automation in countries such as UK and Germany. Such increasing drive for automation is expected to boost the demand for industrial internet of things (IIoT) in Europe.”
While Latin America will witness the same fate as Europe, moderate growth. Unlike Europe, here the growth is fueled by the increasing popularity of service-oriented architecture (SOA). The increasing competition to provide new products will “induce SMB’s to adopt cloud computing”, the report said.
The market in the developing regions, for example, the Middle East and Africa (MEA) are expected to grow, because of low expenses and more prominent dexterity offered by the IoT solutions, the increase in mobile and wireless penetration, and the development in infrastructures.