Pune, India, July 21, 2020 (GLOBE NEWSWIRE) -- The global IoT Market in chemical industry is estimated to be USD 50.25 Billion in 2020 and is projected to reach USD 87.67 Billion by 2028. The Internet of Things (IoT) is a modern system of computing devices that are designed to provide connectivity within various interrelated devices and applications to deliver quantifiable benefits within the business processes. IoT progress occur with the merging of multiple technologies such as real time analytics, machine learning, advanced & real time sensors, and other embedded systems that includes a network of various sensors, automation, different control systems and other related devices. In recent times, such type of digital transformation changes the way of operations in many industries ranging from aerospace & defense, automotive, oil & gas, chemicals to healthcare.
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In chemical industry, Artificial Intelligence (AI) has applications in both analysis and synthesis of complex compounds that are used in various applications. However, the most significant impact of AI in the chemical industry will be in the control and operation of production plants. AI can provide assistance to control room operators in their decision making and thus facilitate the control of complex systems.
Global IoT Market in Chemical Industry, by Chemical Industry Type
Based on chemical industry type, the IoT in chemical industry market is segmented into specialty chemicals, paints & coatings, personal care, petrochemicals, consumer products and others. The petrochemicals segment is anticipated to dominant the market in 2020 and is anticipated to remain the largest till the forecast period. The growing demand for petrochemical products, establishments of new plants, capacity expansion of the refineries and increasing adaptation of biobased petrochemical products anticipate to leverage the market.
Global IoT Market in Chemical Industry, by Technology
Based on technology, the IoT market in chemical industry is segmented into software & services, device management, application & connectivity management and others. Software & services technology segment is anticipated to dominant the market in the year 2020 and are expected remain largest market throughout the forecast period. This segment is also further anticipated to grow with the highest CAGR during the forecast period
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Global IoT Market in Chemical Industry, by Region:
Based on region, global IoT market in chemical industry segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, Middle East, and Rest of World. Asia Pacific is dominating the global IoT market in chemical industry with a share of near about 40% and is expected remain largest till the forecast period. Besides to Asia Pacific, North America and idle East & Africa capture a significant market share in the market. Both these regions have developed healthcare infrastructure, and favourable reimbursement policies which is the reason for their significant share in the market.
Some Major Findings of Global IoT Market in Chemical Industry Include:
- Major global market trend & forecasts analysis along with the country specific market analysis up to 25 countries
- In-depth global IoT market in chemical industry analysis by chemical industry type, technology, and regions with analysis of trend-based insights and factors
- Major key market players profiles that are operating in global IoT market in chemical industry are Intel Corporation, Oracle, Microsoft, Google, Amazon Web Services (AWS), IBM Corporation, CISCO Systems, Rockwell Automation, Inc., Siemens AG, Honeywell International Inc. and others
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players along with their major investments in last five years
- Key impact factor analysis across the regions that includes clinical pipeline analysis, along with the drivers, restrains, opportunities, challenges that are prevailing in the global IoT in chemical industry market
- Vendor analysis, key investment opportunity analysis along with the major global chemical industry investments in depth analysis
- Impact of COVID-19 on global IoT market in chemical industry
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Browse key industry insights spread across 125 pages with 85 market data tables and 48 figures & charts from the report, “Global IoT Market In Chemical Industry, By Chemical Industry Type (Specialty Chemicals, Paints & Coatings, Personal Care, Petrochemicals, Consumer Products), By IOT Technology Platform (Software & Services, Device Management, Application & Connectivity Management),By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, Rest of the World) – Market Size & Forecasting (2016- 2028)” in depth analysis along with the table of contents (ToC).
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Quince Market Insights is a global market research and consulting company publishing syndicate studies as well as consulting assignments pertaining to markets that promise high growth opportunities in strategic future. We are dedicated team of analysts with strong base in technical expertise as well as thorough understanding of the market dynamics. Some of key areas expertise includes chemicals, advanced materials, construction, mining, food & agriculture, automotive, machines & equipment, and others. We analyze emerging trends in relatively nascent markets that promise high growth opportunities in future. We focus towards precision research practices that provide accurate market estimations and forecasts. This helps our clients to make proper estimations with regards to demand analysis, regional growth, major competitors, and dynamics of the market.