Westford, USA, April 17, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Industrial Internet of Things (IIoT) market will attain a value of USD 1710.55 billion by 2030, with a CAGR of 23.1% over the forecast (2022-2030). The Industrial Internet of Things (IIoT) market size is witnessing a continuous rise in adoption of Internet of Things (IoT) due to factors such as high Wi-Fi connectivity penetration, technological advancements in wireless network technologies, and rise in cloud platform adoption. Furthermore, the advancement of smart transportation and smart cities leads to increased IoT adoption. This, in turn, drives the Industrial Internet of Things market forward.
According to the SkyQuest's, Various industry vendors increasing investments in the Industrial Internet of Things (IIoT) sector will drive market growth. Furthermore, the Industrial Internet of Things (IIoT) is expected to be used more frequently by various manufacturing sectors, as well as the aviation and transportation industries to fuel the market's overall expansion. The Industrial Internet of Things (IIoT) market is expected to be driven by increased IT investment and rising cloud adoption.
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The Industrial Internet of Things refers to the expansion of the internet of things (IoT) into industries and manufacturing sectors (IoT). It is a sophisticated level of operational and information technology integration (OT). This integration enables industrial features such as machine-to-machine (M2M) communication, big data, machine learning, automation and optimization services, as well as improved supply chain and logistics operations visibility.
Prominent Players in Industrial Internet of Things (IIoT) Market
- Qualcomm Technologies Inc.
- Texas Instruments Incorporated
- NXP Semiconductors
- Intel Corporation
- STMicroelectronics
- Robert Bosch GmbH
- IBM
- GENERAL ELECTRIC
- Symantec Corporation
- TE Connectivity
- Schneider Electric
- Cisco
- Honeywell International Inc.
- Hewlett Packard Enterprise Development LP
- Intel Corporation
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Hardware Vehicle Segment Is Expected to Grow the fastest Attributed to Its Increase Productivity
The hardware segment of the Industrial Internet of Things (IIoT) market is expected to have the largest market share in 2021. Some of the factors contributing to the growth of this market are the industrial sector's ongoing efforts to save costs, and increase Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions. However, the platform segment is expected to grow at the fastest CAGR during the forecast period. The increasing adoption of industrial IoT platforms by various industry verticals to increase operational efficiency and the rising demand for better monitoring technologies are driving the growth of this market.
North America dominated the Industrial Internet of Things (IIoT) market with a revenue share of more than 34% in 2021. Several seasoned market players can be found in North America. The region also embraced the IIoT early on and has evolved into an innovation hotspot. Canada has experienced significant growth as a result of federal initiatives to encourage the widespread adoption of IIoT solutions.
Manufacturing Segment Led the Market Due to Growing Demand for Centralized Asset Monitoring
Manufacturing segment is expected to have the largest market share of the Industrial Internet of Things (IIoT) market in 2021 and to grow at the fastest CAGR over the forecast period. The rise of smart factories, the increased use of autonomous robots for industrial automation and the growing demand for predictive maintenance are all factors driving the growth of this market. The manufacturing industry is quickly adopting digital manufacturing innovations and the Internet of Things (IIoT) is critical to these cutting-edge innovations. The market is expected to grow significantly due to the strategic collaborations and alliances that stakeholders are forming, as well as the rising demand for Industrial IoT to provide flexibility, operational efficacy and regulatory compliance.
Asia Pacific is expected to have the highest CAGR in the regional market during the forecast period. The growing population, increased R&D spending, and increased interest from domestic and international IT firms are likely to fuel the expansion of big data analytics and cloud-based services in the area. Advanced factory automation systems are becoming increasingly popular in the region, particularly in China, Japan, and Taiwan. Manufacturing companies throughout the region are beginning to recognize the advantages of using robot arm innovation.
A comprehensive analysis of the major players in the Industrial Internet of Things (IIoT) market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Industrial Internet of Things (IIoT) Market
- In February 2022, By incorporating CyberMDX Technologies Inc. into Forescout, Forescout intends to broaden the market for its products and focus on dominating the global market for IOMT (Internet of Medical Things) device security.
- In January 2022, Orange invested in Move Capital, a venture capital fund that supports B2B digital startups in Europe. Move Capital is active in cybersecurity, data analytics, Industry 4.0, cloud, and IoT.
Key Questions Answered in Industrial Internet of Things (IIoT) Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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