According to a recent study by IndustryARC the global market for industrial internet of things is estimated to reach $123.89 billion by 2021. The manufacturing industry will be the highest revenue generating segment for IIoT market in the forecast period. However, healthcare or medical devices segment will have the highest growth rate through 2016 to 2021; this is estimated to grow at approximately 60 percent year on year.

The European region was the market leader in industrial internet of things market in 2015 with approximately 28 percent of the Total Market and is estimated to grow at a CAGR of 22.2 percent. Industrial IoT market will see a high demand from the growing IIoT penetration in manufacturing, transport and energy sectors.

The manufacturing sector enabled by industry 4.0 will lead the industrial IoT market in the forecast period while healthcare segment will witness the highest CAGR of 59.8 percent. This is followed by the Energy sector which is complimented by Smart Grid penetration and will observe the second highest CAGR of 39.7 percent in the forecast period.

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