The latest report by IMARC Group, titled “Industrial IoT Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the global Industrial IoT market Trends. The global Industrial Internet of things (IIoT) market size reached US$ 221.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 516.6 Billion by 2028, exhibiting a growth rate (CAGR) of 15.49% during 2023-2028.
Industrial Internet of Things (IIoT), often referred to as the Industrial IoT, is a transformative technology poised to revolutionize various industries worldwide. At its core, IIoT encompasses the integration of internet-connected devices, sensors, and data analytics into industrial processes, allowing for real-time monitoring, analysis, and optimization of operations. This digital transformation extends beyond traditional manufacturing to sectors such as energy, logistics, healthcare, and agriculture, where it empowers businesses to make data-driven decisions, enhance efficiency, and achieve cost savings on a substantial scale.
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Industrial IoT Market Trends and Drivers:
Industrial IoT offers businesses the ability to monitor machinery and processes in real time, leading to proactive maintenance and reduced downtime. This increased operational efficiency translates into significant cost savings and higher productivity, making it a top priority for industries seeking competitive advantages. In addition, with the proliferation of sensors and connected devices, vast amounts of data are generated within industrial settings. IIoT solutions enable organizations to harness this data for actionable insights. Businesses can make informed decisions, optimize processes, and predict maintenance needs, ultimately improving their bottom line. Besides, the market is witnessing a surge in the adoption of advanced data analytics and artificial intelligence (AI). These technologies enable businesses to derive actionable insights from the vast amounts of data generated by IIoT devices. Moreover, the global supply chain has become increasingly complex, making visibility and traceability critical. IIoT plays a pivotal role in optimizing supply chain management. By tracking the movement of goods, monitoring storage conditions, and assessing transportation routes, companies can ensure the timely delivery of products while minimizing waste and reducing costs. On account of these factors, the market is expected to witness positive growth in coming years.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Component:
- Hardware
- Software
- Services
- Connectivity
Breakup by End User:
- Manufacturing
- Energy and Utilities
- Automotive and Transportation
- Healthcare
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Cisco Systems, Inc.
- General Electric
- Honeywell International Inc.
- Intel Corporation
- International Business Machines Corporation
- ABB Group
- Rockwell Automation
- Siemens AG
- Huawei Technologies Co., Ltd.
- Bosch
- KUKA Robotics
- Texas Instruments Incorporated
- Dassault Systèmes SE
- PTC
- Arm Limited
- NEC Corporation.
Recent Developments:
- In February 2023, Cisco Systems added new products to its cloud tools to provide further visibility and control over networks. The new cloud management tools are designed for industrial IoT (IIoT) apps to simplify IT and OT operations dashboards and provide flexible network intelligence for industrial assets.
- In June 2020, Intel Corporation in partnership with Nebbiolo for edge computing software, helped German automaker Audi automate and enhance critical quality-control processes in its factories.
- In October 2020, Honeywell International partnered with Microsoft to integrate the Honeywell Forge industrial analytics platform with the Dynamics 365 Field Service offering and Azure.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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