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3 Things You Need To Know About Industrial IoT

The global industrial IoT (IIoT) market will experience a combined annual growth rate of more than 7 percent over the next four years, according to a new report by the technology research firm Technavio. Here are the top three highlights from the report:

1) Asia/Pacific will be the largest market for industrial IoT. The market in APAC was valued at nearly $38 billion in 2015 and is expected to top $54 billion in 2020 due to many counties investing heavily on IoT implementation.

2) IIoT in Europe is likely to grow steadily through 2020, increasing at a combined annual growth rate of 6 percent, although factors such as security issues and resistance to a shift from older technologies may restrain growth.

3) The top industrial IoT vendors in the market are Cisco, GE, IBM, Intel, Rockwell Automation and RTI International.