R e p o r t l i n k e r. c o m announces Vietnam IoT in manufacturing market is projected to grow at a CAGR of over 21% to cross US$3 billion by 2024.
This is on account of rising demand for industrial internet of things (IIoT), increasing adoption of smart sensors and beacons, growing adoption of IoT in supply chain, favorable government initiatives and rise in demand for analytics.
Moreover, increasing penetration of IoT in various applications like energy & utilities, oil & gas, electronics and electricals etc., is further pushing its demand in the country. Additionally, surge in cloud platform adoption, advent of advanced data analytics and development of wireless networking technologies is likely to propel Vietnam IoT in manufacturing market during forecast period.
Vietnam IoT in manufacturing market can be broadly segmented into component, application area, vertical and region.
Among all, business process optimisation is expected to grow at the highest CAGR as it improves product utilisation and enable value-added services in manufacturing sector. Based on components, the market can be segmented into solutions, services and platforms.
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