New York, US, Oct. 13, 2022 (GLOBE NEWSWIRE) -- According to the research report by MRFR, “IIoT Market, By End-User, Deployment, Component, Connectivity, and Region- Forecast 2030”, the global market is predicted to thrive substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 20.11% to attain a estimate of about USD 859.42 Billion by the end of 2030.
Industrial Internet of Things (IIoT) Market Overview:
The IoT or Internet of Things refers to the newest technology that develops a global network of devices and machines capable of trading and interacting information with each other through the internet. The IoT can generate data regarding several connected objects, can examine the objects, and can make essential decisions. The global market for the industrial internet of things has grown immensely in the last few years. Developing technologies such as analytics, artificial intelligence, machine learning, and robotics is the key element enhancing the market's growth.
IIoT Market Competitive Analysis
The catalog of renowned participants across the global market for the industrial internet of things (IIoT) includes players such as:
- Siemens AG (Germany)
- Huawei (China)
- Texas Instruments (US)
- Cisco (US)
- Honeywell (US)
- GE (US)
- IBM (US)
- Intel (US)
- KUKA AG(Germany)
- Rockwell Automation (US)
- NEC Corporation (Japan)
- ABB (Switzerland)
- Bosch.IO (Germany)
- SAP (Germany)
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Furthermore, the growing investments by several industry players in the industrial IOT market are also expected to boost up the market's expansion over the upcoming years. Moreover, the emergence of automation to lower the pressure on several production assemblies and the growing speed of industrialization are also predicted to change the market's progress over the coming years.
Industrial Internet of Things (IIoT) Market USP Covered
IIoT Market Drivers
The global market for the industrial internet of things has multiplied in recent times, given aspects such as the high adoption rate of various cloud-based deployment models, the growth in various technical advancements, and the low operational cost of IoT.
Industrial Internet of Things Market Restraints
On the other contrary, the easiness in the availability of various substitutes may limit the market's performance.
IIoT Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 859.42 Billion |
| CAGR during 2022-2030 | 20.11% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | According to the industrial IOT market forecast, after years of anticipation, steady uptake, and hype, the IoT or internet of things is expected to emerge into mainstream business utilization. |
| Key Market Drivers | The connected and smart products are the necessary components in the smart manufacturing procedures and the connected supply chains. |
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COVID-19 Impact
The global health crisis as the COVID-19 pandemic has affected the bulk of the industry areas across the globe. Unlike other market areas, the global market for the industrial internet of things (IIoT) has faced several positive and unexpected changes during the pandemic. With the rapid growth of the IT sectors across the globe, the global market for the industrial internet of things is anticipated to increase over the coming years.
Industrial Internet of Things (IIoT) Market Segment Analysis
Among all the components, the solution segment is predicted to secure the top position across the global market for the industrial internet of things over the coming years. as a fraction of their efforts to expand their market share, solution suppliers are putting a significant focus on the introduction of innovative information systems for several sectors and industrial verticals, which is considered being the primary parameter causing an upsurge in the segment's growth. They also focus on incorporating sensors and other systems into vital equipment to trace real-time data and boost operating efficiency. However, the services segment will likely exhibit the maximum CAGR over the assessment era, given the substantial rise in the number of connected gadgets producing massive amounts of data.
Among the end-use sectors, the manufacturing category will likely secure the top position across the global market over the coming years. Manufacturing companies are speedily implementing digital manufacturing technologies, and the Internet of Things (IoT) plays a crucial part in these cutting-edge technologies. On the other hand, the logistics and transportation segment is predicted to show the fastest growth rate over the review era.
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Industrial Internet of Things (IIoT) Market Regional Analysis
The global market for the industrial internet of things is analyzed across five major regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
According to the research reports by MRFR, the North American region is predicted to secure the top position across the global market for the industrial internet of things over the assessment era. The primary factor supporting the growth of the regional market is the presence of firmly established economies across the region. This characteristic allows them to spend highly on research and development activities. Furthermore, the rising implementation of several smart connected devices is another crucial parameter causing an upsurge in the regional market's growth over the assessment over; the speedy digitalization through daily of the IoT industry is also likely to cause advancements in the technological fields is also likely to catalyze the growth of the regional market over the coming years. In Addition, various well-established market players may be set up in the North American region, which in turn is likely to boost the growth of the regional market over eth assessment era. Additionally, governments across the region are launching several initiatives to stimulate the adoption of IIoT solutions, likely to catalyze the regional market's growth over the review era.
The industrial internet of things market for the Asia-Pacific region is predicted to witness the maximum CAGR over the coming years. the primary parameter supporting the region's growth is the rapid development of IOTs in these regions. Innovative factory automation systems are becoming highly popular in the region, especially in Taiwan, Japan, and China, which is also likely to boost the regional market's growth. Industrial companies across the region are slowly witnessing the benefits of implementing robot arm technology. China is on its way to being a real manufacturing hub by the end of 2027; cheers to government policies like "Made in China 2025," focusing on developing advanced automation technology across the region.
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The European regional market for the industrial internet of things is anticipated to witness massive growth over the review era. Several venture capitalists across the region are supporting IIoT-based companies to promote technological advancements in industrial IoT is the primary parameter supporting the growth of the regional Industrial Internet of Things Market.
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