According to a new market intelligence report by BIS Research titled ‘Global Industrial IoT Market − Analysis and Forecast, 2019-2024’, The global Industrial IoT market accounted for a revenue of $72.34 billion in 2018 and is expected to reach $114.57 billion by 2024, at a CAGR of 8.67% during the forecast period.

BIS Research Reports: https://bisresearch.com/industry-report/industrial-internet-of-things-iot-market.html

Europe is expected to generate the maximum revenue in the global Industrial IoT market. The total revenue generation from Europe is estimated to reach $26.39billion in 2019 and is expected to reach $39.53 billion by 2024 at a CAGR of 8.41%during the forecast period. Another region generating considerable revenue in the global Industrial IoT market is Asia-Pacific. The region is estimated to account for revenue of $19.07 billion in 2019 and is further projected to reach $30.25 billion by 2024, at a CAGR of 9.66%during the forecast period.

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Region-wise, Europe is estimated to lead the global Industrial IoT market in 2019 and is expected to maintain its dominance during the forecast period, in terms of value. This unprecedented growth is primarily attributed to the rising number of government initiatives for advanced manufacturing equipment. Moreover, Europe is a hub of manufacturing and automotive sector with major OEMs such as BMW, Daimler, Audi AG headquartered in the region and trying to adopt Industrial IoT solutions in their smart factories

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