Cloud In Industrial IoT To Cross USD 46K Mn By 2026: Research
The global cloud computing in industrial IoT market was valued at around USD 4,680.0 million in the year 2016 and it is expected to reach approximately USD 46,230.0 million by 2026. The global cloud computing in industrial IoT market is expected to exhibit a CAGR of more than 25.9% between 2017 and 2026, according to a new report by Zion Market Research.
According to the analysts and insights shared by industry experts during primary research, the emergence of the internet of things (IoT), integrated connectivity, high adoption of advanced technology, and increase in penetration of cloud computing in industrial IoT will boost the growth of market across the globe. The Software as a Service (SaaS) segment will serve as a prominent growth platform for cloud computing in industrial IoT market owing to the high number of installation and easy access of software with wide range of advantages in professional services. [Read the entire report here]
Cloud computing has become an essential part of enterprises due to the services it offers that helps to connect the world digitally. Increasing adoption of wireless networking technology across the globe will propel the growth of the market. Wireless devices have been increased from 40% to 70% over the last four years. Rising demand for cloud computing due to its flexible nature, automatic software update, disaster recovery, free capital expenditure, security will propel the growth of global cloud computing in industrial IoT market during the forecast period.
Some of the other interesting findings of the report include:
- Software as a Service (SaaS) dominated the model segment in global cloud computing in industrial IoT market throughout the forecast period, as the SaaS offerings are easy to use since they already come with best practices and samples inside it.
- Emerging economies such as China, India, and Brazil are expected to experience a significant market growth owing to escalating IT industry and the adoption of advancing technologies.
- Increasing concerns regarding security and privacy and rising number of cyber-attacks, spam emails, and rising hacking activities may act as restraints for the cloud computing in industrial IoT market. Increasing amount of data across the globe is creating the need for deployment of cloud technology.
- By cloud type, the public segment dominates the market during the forecast period. Low cost of public cloud services and inherent flexibility in cloud computing by the service providers will boost the growth of segment over the forecast period. The increase in demand for consumer electronics product such as smart TV, smartphones, smartwatches, and many other smart products will fuel the growth of the sensor segment.
- By end-users, manufacturing segment dominates the cloud computing in industrial IoT market during the forecast period. Increasing implementation of IoT in manufacturing for obtaining control over the operations and supply chain process is expected to drive this segment over the forecast period.
- The Asia Pacific held the dominant position in the global cloud computing in industrial IoT market with more than 39% share in 2017. Increased demand for automation and high adoption rate of cloud computing in industrial IoT market will boost the market in the region. Furthermore, the region is expected to grow at highest CAGR during the forecast period. North America held the second largest share in 2016 for global cloud computing in industrial IoT market.
- In terms of revenue, the U.S. is expected to dominate North America cloud computing in industrial IoT market, owing to the high industrial development and rising investments in the information technology industry sector. Brazil is expected to dominate the Latin America cloud computing in industrial IoT market, owing to developing IT sector in the country and increasing demand for automation processes. Slow economic growth, underdeveloped IT domain, and lower access to technological advancement in the Middle East & Africa region is expected to limit the growth of the market in this region.
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