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Global Cloud Computing In Industrial IoT Market to Grow USD 46,230.0 Million by 2026

Global Cloud Computing In Industrial IoT Market to Grow USD 46,230.0 Million by 2026

Cloud computing in Industrial IoT (IIoT) market will reach approximately to USD 46,230.0 million by 2026. The expected Compounded Annual Growth Rate will be more than 25.9% between 2017 and 2016, according to a report by Zion Market Research. In 2016, the same global cloud computing market in industrial IoT (IIoT) was valued at USD 4,680.0 million.

Cloud computing has become the defacto standard for most of the organizations due to its inherent characteristics and values it brings. These include flexible in scaling, automatic software update, disaster recovery, savings in capital expenditure, its managed infrastructure security. There is outstanding growth in wireless devices from 40% to 70% over the last four years. The use of cloud computing platform and adoption of wireless technologies across the globe is driving the growth of global cloud computing in industrial IoT market during the forecast period. 

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 according to the insights shared by industry experts, states the report. In particular Software as a Service (SaaS) segment will serve as a prominent growth platform for cloud computing in industrial IoT market in the forecasted period. This is due to the higher number of installations and ease of access to the software along with professional services.

The enterprises will demand security as a service due to the adoption of cloud paradigm which stores data and allows data access from anywhere across the globe.  In July 2017, Equifax’s (largest credit bureaus in the U.S.,) consumer data has been breached which includes personal information of 145 million consumers. In 2013–2014 Yahoo also faced the same problem of data breaching. Thus, large enterprises are adopting SaaS security very rapidly for protecting all kind of data including emails, employee identity, data, and network. Hence the Software as a Service (SaaS) is expected to contribute for the largest market share throughout the forecast period, according to this report.

The increasing demand for IoT sensors, smart devices in all electronic devices and the rising industrial IoT market will strongly drive the growth of the IoT sensors segment in cloud computing in industrial IoT market.

In 2017 noticed a growth of 29% in global cloud computing in industrial IoT market in the Asia Pacific. Increased demand for automation and high adoption rate of cloud computing in industrial IoT market will boost the market in the region. The U.S. will dominate global cloud computing in industrial IoT market in the North America region due to the high industrial development and rising investments in the information technology industry sector. Latin America cloud computing in industrial IoT market will be dominated by Brazil due to developing IT industry and demand for automation processes. China and India are expected to experience a significant market growth owing to escalating IT industry and the adoption of advancing technologies.

Amazon Web Services, Inc., Asigra Inc., Carbonite, Inc., CISCO, Cumulocity GmBH, Druva Software, DXC Technology Company, FUJITSU, General Electric, Honeywell International Inc., IBM, Intel Corporation, Iron Mountain Incorporated, IROOTECH, LosantIoT, Inc., and Microsoft Corporation, among others are the major market players in the cloud computing in industrial IoT market, state the report.

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Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional & Fintech, Cloud, IoT, and Blockchain enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about Fintech, Cloud, IoT, AI and Blockchain, and the effects they will have economically and socially in the future.

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