Manufacturing sector to be generate highest revenue, healthcare to have highest growth. European region will continue to dominate the market
The global industrial internet of things (IIoT) market is projected to reach USD123.8 billion by 2021, as per latest IndustryARC repot. The market is forecast to grow at a CAGR of 21% through 2016 to 2021.
Sector wise forecast
The manufacturing industry will be the highest revenue generating segment for IIoT market in the forecast period. However, healthcare or medical devices segment will have the highest growth rate. Healthcare sector is estimated to grow at approximately 60% (59.8%) year on year by IndustryARC. This is followed by the Energy sector which is complimented by Smart Grid penetration and will observe the second highest CAGR of 39.7% in the forecast period.
IIoT penetration in manufacturing, transport and energy sectors will grow and provide a high demand market.
Region wide forecast
Europe region, as per the report, will hold the maximum market share throughout the forecast period. The European region has been the market leader in IIoT since 2015 with approximately 28% of the total market share. European region is further estimated to grow at a CAGR of 22.2%.