A novel report issued recently by Reports & Insights titles “Industrial IoT Market: Opportunity Analysis and Future Assessment 2023-2030” which refers to a detailed market documentation and statistics summarizing factors like market size, market prospects and future opportunities, possible challenges, prevailing trends, leading players engaged in the market developed by the acknowledged market expertise using verified research methodologies and proven analytical approaches. The base year considered for the study is 2021, and the forecasted year is considered 2022-2030. The global Industrial IoT market in 2023 is estimated for more than US$ 91.1 Bn and expected to reach a value of US$ 142 Bn by 2030 with a significant CAGR of 7.5%.
The industrial internet of things (IIoT) market is estimated to reach at a value of 91.1 Bn by the end of 2022 and expected to reach at a value of US$ 142 Bn by 2030 with a significant CAGR of 7.5%.
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Industrial IoT Introduction
The industrial internet of things (IIoT) speaks about the annexation and employment of the internet of things (IoT) in commercial domains and applications. With the persistent focus on big data, machine to machine (M2M) communication, and machine learning, the industrial internet of things (IIoT) allows enterprises and industries to have improved reliability and efficiency in their functioning.
The industrial internet of things (IIoT) circumscribes industrial applications, comprising medical devices, robotics, and software-defined production procedures. Industrial IoT consists of advanced data analytics, machine learning algorithms, and sensor technologies to enhance the companies’ administrative potential.
Industrial IoT Market Dynamics
The massively growing demand for technological advancements and innovations, in the modern day and age, in the interest of improving functional competencies is majorly boosting the growth of the global industrial IoT market.
The rapid advancements and constant innovations are considered to transform various industries by offering numerous lucrative financial opportunities which is further accelerating the growth in the demand of industrial IoT across the global markets. Owing to which, the global industrial IoT market is projected to witness massive breakthroughs in the future years.
However, one of the leading factors that is likely to hinder the growth of the global industrial IoT market is the inadequacy of congruity between the numerous technologies working in the IoT environment.
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Industrial IoT Market Segmentation
The global industrial IoT market is segmented on the basis of device & technology, software, connectivity, vertical, and region.
By Device & Technology
- Sensors
- RFID
- Industrial Robotics
- Distributed Control System
- Condition Monitoring
- Smart Meters
- Smart Beacon
- Yield Monitoring
- Electronic Shelf Label
- Cameras
- Guidance & Steering
- GPS/GNSS
- Interface Board
- Flow & Application Control Device
- Networking Technology
By Software
- PLM
- MES
- SCADA
- Outage Management System
- Distribution Management System
- Visualization Software
- Transit Management Systems
- Retail Management Software
- Remote Patient Monitoring
- Farm Management System
By Connectivity
- Wired technology
- Ethernet
- Modbus
- Profinet
- Foundation Fieldbus
- Wireless technology
- Wi-Fi
- Zigbee
- Bluetooth
- Cellular technologies
- Satellite technologies
- Field technology
- Profibus
- Modbus-RTU
- CC-Link
By Vertical
- Manufacturing
- Energy
- Oil & Gas
- Metal & Mining
- Healthcare
- Retail
- Transportation
- Agriculture
By Region
- North America
- Latin America
- Europe
- Africa
- Middle East
- Asia Pacific
Industrial IoT Market Key Players
The key participating players of the global industrial IoT market include ARM holding, Cisco, GE, Intel, Rockwell Automation, ABB, Texas Instruments, Dassault Systèmes, Honeywell, Huawei Technologies, IBM, KUKA AG, NEC Corporation, Bosch.IO, Siemens AG, and PTC, among others.
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