Industrial internet-of-things (IIoT) providers should see positive growth in their businesses along with accelerating demand.

The global IIoT market is expected to grow from $64 billion this year to $91.4 billion by 2023, according to a new report by MarketsandMarkets, which expects a compound annual growth rate (CAGR) of 7.4 percent.

Cisco, GE, Intel, Texas Instruments, Honeywell and IBM are among the key players in the IIoT market, the report says.

Growth will be driven by SMBs increasingly adopting automated systems. Also, automation reduces production costs, thereby lessening expenses and increasing return on investment of the overall process, according to MarketsandMarkets.

The IIoT market for smart beacons is expected to grow at a significant rate between 2018 and 2023. Smart beacons are signal transmitters that are mostly battery powered and can be configured with the help of a mobile app. When Bluetooth-enabled devices, such as smartphones and tablets, come with the vicinity of a beacon, the signal turns on the application in these devices and triggers activities associated with the beacon signal.

Governments in the United States, Germany, the United Kingdom, France and China have taken initiative to encourage manufacturers to increase their investments for IIoT adoption. The manufacturing vertical is expected to hold the largest share of the IIoT market this year; however, agriculture is expected to grow at the highest CAGR through 2023.

Asia Pacific, a major manufacturing hub, is expected to sport the highest CAGR through 2023; however, North America is expected to hold the largest share of the IIoT market this year, driven by initiatives by governments and large enterprises to encourage development and implementation, and investments in the research and development of IoT solutions.