The “Asia Pacific Industrial Internet of Things (IoT) Market ” 2022-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period.
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.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3 percent. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
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.
Growth Influencers:
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.
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Segments Overview:
The Asia Pacific Industrial Internet of Things (IoT) market is segmented into component, connectivity, and end user.
By Component,
? Hardware
o Sensors
o Camera
o Distributed Control Systems
o Industrial Robotics
? Solutions
o Equipment utilization monitoring
o Predictive maintenance
o Production quality control
o Inventory management
o Connected logistics
o Real-time industrial asset tracking and management
? Services
o Professional Services
o Managed Services
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.
By Connectivity,
? Wired Technology
? Wireless Technology
? Field Technology
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.
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By End User,
? Healthcare
? Education Institutes
? BFSI
? Consumer Goods
? Manufacturing
? Construction
? Real Estate
? Automotive
? Transportation and Logistics
? Retail
? Smart cities
? IT & Telecommunication
? Agriculture
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.
Country Overview
By country, the Asia Pacific Industrial Internet of Things (IoT) market is divided into China, India, Japan, South Korea, Australia & New Zealand, Indonesia, ASEAN, and the Rest of Asia Pacific. ASEAN is further classified into Malaysia, Cambodia, Thailand, Philippines, Vietnam, Singapore, Indonesia, and Rest of ASEAN.
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.
Competitive Landscape
Major players in the Asia Pacific Industrial Internet of Things (IoT) market include ABB Ability, Aveva Wonderware, Axzon, Cisco IoT, Fanuc Field System, GE Digital, HCL Technologies Limited, Hitachi Vantara Corporation, IBM, Intel Corporation, KUKA AG, Linx Asia Pacific Manufacturing, Rockwell Automation, Inc, ORANGE, Plataine, PTC Inc., Robert Bosch GmbH, and Other prominent players. The cumulative market share of the five major players in China, India, and Japan is over 25%, 55%, and 85%.
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These 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.
The Asia Pacific Industrial Internet of Things (IoT) market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the Asia Pacific Industrial Internet of Things (IoT) market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The Asia Pacific Industrial Internet of Things (IoT) market report answers questions such as:
? What is the market size and forecast of the Asia Pacific Industrial Internet of Things (IoT) Market?
? What are the inhibiting factors and impact of COVID-19 on the Asia Pacific Industrial Internet of Things (IoT) Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Asia Pacific Industrial Internet of Things (IoT) Market?
? What is the competitive strategic window for opportunities in the Asia Pacific Industrial Internet of Things (IoT) Market?
? What are the technology trends and regulatory frameworks in the Asia Pacific Industrial Internet of Things (IoT) Market?
? What is the market share of the leading players in the Asia Pacific Industrial Internet of Things (IoT) Market?
? What modes and strategic moves are considered favorable for entering the Asia Pacific Industrial Internet of Things (IoT) Market?
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