Industrial Internet of Things Market Growing 7% Annually

The global industrial internet of things (IIoT) market is set to grow faster than seven percent, on a compound annual growth rate basis, to 2020, according to Technavio.

Asia Pacific (Asia) will be the biggest market for IIoT, according to Technavio.

The IIoT market in Asia was valued at close to US$38 billion in 2015 and is expected to reach over US$54 billion in 2020.

Though most would expect China, Korea and Japan to be leading growth markets, India also is predicted to be a driver of much growth.

The global IIoT market will drive US$132 billion in revenue by 2020.