Share this article
Share this article
ResearchAndMarkets.com s offering.
Global industrial IoT (IIoT) market is expected to reach $263.4 billion by 2027, growing at a CAGR of 16.7% during the forecast period of 2019 to 2027.
This market is majorly driven by the factors such as extensive government support in encouraging digitalization across the industrial sector, rise in adoption of industrial IoT devices, and growing incorporation of cloud computing platforms. In addition, the use of industrial IoT for predictive maintenance and rising number of data centers provides significant opportunities for the industrial IoT providers.
Based on component, the IIoT solutions segment is estimated to emerge as the largest shareholder during the forecast period in the overall industrial IoT market in 2020. The large share of this segment is mainly attributed to the increasing adoption of IoT enabled industrial automation and control systems.