According to IMARC Group latest published report, the global industrial IoT market size reached US$ 192.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 477.8 Billion by 2027, exhibiting a CAGR of 16.8% during 2022-2027.
Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2021
Historical Period: 2016-2021
Forecast Period: 2022-2027
Industrial Internet of Things (IIoT) is a network of interconnected sensors and devices, which are used to enhance industrial and manufacturing processes. The network’s smart sensors and actuators make it possible to monitor, gather, analyse, and exchange data, which boosts operational performance and visibility overall. The emergence of cutting-edge technologies such as big data, sensor data, machine learning, and automation allows for a large increase in production while lowering several recurring complications. It also provides other benefits, such as proactive maintenance, real-time monitoring, asset optimization, remote diagnostics, and cost-effectiveness. Owing to these benefits, it is widely adopted across diversified industry verticals, including healthcare, retail, advertising and agriculture.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends and Drives:
There are many benefits associated with IIoT, which can be credited for its quick global acceptance. Through value addition to the businesses, its use helps an industry’s safety, quality, and productivity, which results in higher customer satisfaction and retention. This is assisting in the creation of successful business models and giving the market growth a boost, especially in light of the growing desire for cloud integration. Furthermore, a bright prognosis for the market is anticipated as a result of linked automobiles’ recent rise in popularity. The sharing of real-time status and data, which greatly lowers on-road traffic and enables structured fleet management, is made possible by the IIoT.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players being Cisco Systems, Inc. (CSCO), Ge, Honeywell (NYSE: HON), Intel, IBM, ABB, Rockwell Automation, Siemens, Huawei, Bosch, Kuka, Texas Instrumemts, Dassault Systemes, PTC, ARM, NEC, etc
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Global Industrial IOT Market Coverage and Industry Segmentation:
The report cover the below key market segments
Breakup by Component:
Breakup by End-User:
- Energy and Utilities
- Automotive and Transportation
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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