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.
Increasing wireless networking technologies and rising adoption of cloud platform across the globe are the key factors that will trigger the growth of the cloud computing in industrial IoT sector. Cloud computing in industrial IoT delivers the computing services such as storage, servers, networking, databases, software, analytics, and much more. Cloud computing offers web-based tools and software applications through which regular procedures and tasks in the IoT industry are automated. The cloud-based storage provides the remote database to save the data files rather than keeping files on a proprietary hard drive or local storage device. On the other hand, the high cost and concerns regarding security and privacy of data will restrict the global cloud computing in industrial IoT market over the forecast period.
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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
Based on the model type, the cloud computing in industrial IoT market is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). The Software as a Service (SaaS) accounted for the major share of global cloud computing in industrial IoT market. Cloud computing is a way to store data virtually and thus data can be assessed anywhere at any time. Increasing data breach cases across the globe are expected to create the need for adopting SaaS security into the enterprises. SaaS security protects emails, employee identity, data, and network. 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, hence the Software as a Service (SaaS) is expected to contribute for the largest market share throughout the forecast period.
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The market for cloud computing in industrial IoT is segmented by different cloud type i.e. public, private, and hybrid. The public segment had a leading share in 2017, and the segment is expected to grow at a significant CAGR during the forecast period. The public cloud type is publicly accessible, as it is owned and operated by a third-party cloud provider, which delivers their computing resources like servers and storage over the internet.
Sensors are the troops of the IoT industry as they bring more connectivity and analytics to the supply chain. Others (Sound Sensors, Gyroscopic Sensors & Others) segment will hold the major share in global cloud computing in industrial IoT market by sensor type owing to high demand for IoT sensors 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.
Based on end-user, the global cloud computing in industrial IoT market is classified into manufacturing, healthcare, oil and gas, transportation, energy, and others (mining, logistics, and agriculture). Manufacturing end-user held largest market share in 2016 and manufacturing is poised to dominate the cloud computing in industrial IoT market till 2026. Cloud computing in manufacturing segment is gaining traction with the advent of smart devices that helps to streamline the business process. This will increase the need of manufacturers to deploy IoT system and will increase the overall volume of production.
The cloud computing in industrial IoT market is growing at a rapid rate in the developed regions. North America region is expected to dominate the cloud computing in industrial IoT market over the forecast period. Whereas Asia Pacific is having a significant share in the cloud computing in industrial IoT market and is anticipated to grow at the highest CAGR. Owing to the rising industrial developments and increasing small and medium-sized companies in developing nations like India the cloud computing in industrial IoT market in Asia Pacific region is growing.
The major market players in the cloud computing in industrial IoT market are 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.
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