DUBLIN, April 26, 2022–(BUSINESS WIRE)–The “Asia Pacific Industrial Internet of Things Market, By Component, By Connectivity, By End User, Estimation & Forecast, 2017 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The Asia Pacific Industrial Internet of Things (IoT) market held a market value of USD 23,678.9 Million in 2021 and is projected to reach USD 46,188.1 Million by the year 2030. The market is anticipated to grow at a CAGR of 8% from 2022 to 2030.
Industrial Internet of Things (IIoT) deals with the use of smart sensors and actuators for enhancing the industrial and manufacturing processes.
The market is expected to be driven by the rising adoption for cloud platforms in industrial sector coupled with the increasing adoption of IoT devices to optimize operational efficiency. Despite the driving factors, IoT malware and ransomware are expected to act as a barrier for the market growth.
Rising adoption of IoT devices to optimize operational efficiency
Various manufacturers use IoT devices for optimizing their operational efficiency. IoT devices help to improve production quality and reduce machine downtime, among others. Also, they help to implement cost-effective measures.
According to the IIoT World, as of June 2019, manufacturers who shift to digital processes and adopt Industrial IoT products experience a 82% increase in efficiency along with 49% less defects. IIoT also ensure maximum accountability and transparency. Various benefits offered by IIoT, helped in the rising adoption of IoT devices for optimizing operational efficiency, which is expected to boost the market growth.
The solutions segment is expected to account for the highest market share of over 5% in 2021 owing to the rising use IIoT solutions in predictive maintenance and inventory management, among others.
The hardware segment is estimated to surpass a mark of USD 10,000 million by 2025 owing to various technological advancements in sub-segments such as industrial robotics, which holds the largest market share. Within the services segment, the managed services segment is estimated to generate a revenue of around USD 15,000 million by 2027 owing to the rising adoption of services in SMEs.
The wireless technology segment is anticipated to witness the highest CAGR of around 8.5% over the forecast period owing to their increasing demand in the consumer oriented sectors.
The automotive segment is estimated to hold the largest market share of approximately 18% in 2021 owing to the tremendously growing automotive industry in the Asia Pacific region. The retail segment holds an opportunity of over USD 3,500 million during 2022 to 2030 owing to the rising demand for automation in the sector.
China segment is estimated to hold the largest market share of around 40% in 2021 owing to the low production costs in the country. On the other hand, India is expected to witness the fastest growth rate of 9.4% during the forecast period owing to the presence of major players in the country. Within the ASEAN region, Thailand is estimated to account for the largest market share owing to the rising adoption technologically advanced products in the country.
Market players are engaged in mergers & acquisitions, collaborations, and new product launches, among other initiatives, to strengthen their market presence. For instance, in January 2022, IBM added LG Electronics to its Quantum Network to explore offerings for the AI and IoT markets. This expanded its product portfolio.
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Market Overview
Chapter 5. Industrial IoT Market Analysis, By Component
Chapter 6. Industrial IoT Market Analysis, By Connectivity
Chapter 7. Industrial IoT Market Analysis, By Industry Vertical
Chapter 8. Industrial IoT Market Analysis, By Country
For more information about this report visit https://www.researchandmarkets.com/r/47ea5m
View source version on businesswire.com: https://www.businesswire.com/news/home/20220426005673/en/
Laura Wood, Senior Press Manager
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