Cloud Computing In Industrial IoT Market by Model (Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS)), by Cloud Type (Private, Public, and Hybrid), by Sensor Type (Temperature Sensors, Proximity Sensor, Optical Sensors, Pressure Sensors, and Others (Sound Sensors and Gyroscopic Sensors)), and by End Users (Manufacturing, Healthcare, Oil and Gas, Transportation, Energy, and Others (Mining, Logistics, and Agriculture))-Global Industry Analysis, Size, Share, Growth, COIVD-19 Business Impact, and Forecast, 2020 – 2029

                                          
Abstract

Market Summary

Cloud is the transformative approach which offers more than a conventional data center. Cloud computing in industrial IoT provides the same development process but provide different architecture. A large number of data is generated by different sources owing to the fast development in industrial IoT. New computing paradigm has emerged in cloud computing which is applicable in various sectors including office and enterprise systems. Cloud services provide several solutions and propose flexible infrastructure to the user and also offers service on demand facility to the host computing resources.

Value

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.

Drivers and Restraints

IoT cloud is a platform designed to store and process Internet of Things (IoT) data. The cloud platform provides access to the device manufacturer and service providers for advanced analytics and monitoring. Another driver for the growth of cloud adoption in IoT is its cost-effective services. It has been estimated that an organization can save more than 35% of the annual cost by adopting cloud computing technology. These factors will increase the revenue of cloud computing in industrial IoT market in near future. Owing to this, cloud computing in industrial IoT market will grow with a CAGR of 25.9% between 2017 and 2026.

Reduction in the cost of connected devices is the opportunity for the market. The lack of consistency in interconnectivity and interoperability along with the security issues are the challenging factors for the growth of the cloud computing in industrial IoT market


Segmentation

Software as a Service (SaaS) model contributed for the largest market share in 2016 and is expected to dominate the market by the end of forecast period. SaaS offerings are easy to use as they already come with best practices and samples inside it will drive the segment during the forecast period. Moreover, the cost benefits of software as a service (SaaS) model such as it eliminates the upfront cost of purchase and installation, as well other costs like maintenance and upgrades will boost the market during the forecast period.

The public cloud segment dominates the global cloud computing in industrial IoT market. The most prevalent advantage of public cloud services is cost saving as the organization does not buy, install, maintain, and operate the servers and other equipment. The public cloud permits a vast number of users to share a provider’s computing resources, which also makes public cloud services highly cost-efficient for users and hence will drive the segment throughout the forecast period. 

The sensor segment is expected to register CAGR of 25.9% from 2017 to 2026. High demand for IoT sensors in the transportation segment and the rising industrial IoT market are strongly driving the growth of the IoT sensors in the cloud computing in industrial IoT market. Additionally, increasing demand for the sensors in wearable technology and electronic device will boost the growth of sensors segment. There are many types of sensors available such as temperature sensor, humidity sensor, pressure sensor, flow sensor, accelerometer, magnetometer, touch sensor, and others. Others (Sound Sensors, Gyroscopic Sensors & Other) segment dominated the market in 2016. Increasing technological innovations and rising applications of different sensors across the globe are the major factors for growth of this segment.

Considering the end-users of global cloud computing in industrial IoT market, manufacturing segment held the largest market share in 2016 and is anticipated to maintain its dominance by the end of forecast period. The increasing trend of adopting cloud computing for various applications in manufacturing industry will boost the segment. Cloud computing can integrate into the manufacturing sector to provide cloud-based business intelligence solutions; collaborative designing in the cloud, accelerating new product development, and many more will significantly propel the growth of segment during the forecast period.

The Asia Pacific contributes for the largest share of global cloud computing in industrial IoT market over the forecast period. The Asia Pacific region dominated the market by accounting for more than 39% share in 2016 and is anticipated to continue its dominance by the end of the forecasted period, owing to high investments in technological upgradation and the developing industrial sectors coupled with augmented adoption rate of IoT is expected to boost the market in the region over the forecast period. North America holds the second largest position in global cloud computing in industrial IoT market, owing to the rapid adoption of technologies and willingness to invest in automation processes in the region.

Industry Players

The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report 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., Microsoft Corporation, and much more.

The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their component portfolio. On Feb 27, 2018, Honeywell International Inc. launched MAXPRO Cloud Integrated Security Platform designed specifically for small-to-medium-sized (SMB) businesses.