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Cloud Computing In Industrial IoT Market Size, Status and Forecast to 2026

May 7th 2019 at 12:25 PM

Global Cloud Computing in Industrial IoT market is anticipated to witness a robust demand during the forecast period, 2018 – 2025, owing to surge in demand for Internet of Things and rapid adoption of advanced technology all across the world. Growing inclination of enterprises to depend on internet for carrying daily tasks is favoring the growth of the market. Cloud computing helps in reducing the cost, but apart from that, it provides enhanced services and products. In longer run, it offers enhanced customer intimacy, which is considered to be crucial for any enterprise. These factors are anticipated to favor the growth of the market. Heavy cash flow from investors behind the research and development activities to produce more efficient product is likely to expand the customer base of the player and help to formulate its brand name.

Surge in wireless networking technologies along with rapid adoption of cloud platform throughout the world is predicted to trigger the demand for market product. Cloud computing in industrial IoT offers various computing services such as servers, databases, analytics, software, networking, storage, and analytics. Furthermore, automatic software update, free capital expenditure, disaster recovery, security, and flexible nature of the cloud computing is anticipated to proliferate the demand of global cloud computing in industrial IoT market. The cloud based storage provides to access files at any point of time without consuming much time. This is expected to be much safer than saving the files in local storage or hard drive device which can be easily accessible and cracked.

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The market enjoys various drivers, however, on the other hand, market is faced by several restraints which prognosticated to deter the market growth. High initial cost required for setting up is considered to be one of the major factors hampering the market growth. Furthermore, growing concerns regarding privacy and security of data is expected to create a roadblock.

On the basis of geography, the global cloud computing in industrial IoT market is segregated into Europe, Latin America, Middle East and Africa, and North America. Of these, North America is anticipated to hold the leading position during the assessed period owing to rapid adoption of cloud based technology and presence of established players. On the other hand, Asia Pacific is likely to exhibit a strong CAGR due to rapid industrialization coupled with increase in small and medium sized enterprises in the region.

Some of the major players in the market are FUJITSU, DXC Technology, Druva Software, IBM, Honeywell International Inc., and General Electric.

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