Global Industrial Internet of Things (IIoT) Market Overview:

According to MarkNtel Advisors study the Global Industrial Internet of Things (IIOT) Market is estimated to grow at a CAGR of around 23.5% during the forecast period, i.e., 2023-28. The market has been significantly fueled by rising investments in technologies in an effort to have to develop the nations worldwide & the emergence of big data analytics. The two main factors propelling industry expansion are a high level of intelligent automation, declining operational costs, and the expanding industrial IoT. Additionally, it is anticipated that by 2030, there will be over 120 billion IoT devices online, further generating a demand curve for this technology. Moreover, technological advancement & the use of AI, ML, and robotics in the sectors such as manufacturing, oil & gas, healthcare, agriculture, and others are some of the key contributing factors to the market growth of industrial IoT worldwide. The proliferating 3D printing technology in developed countries in manufacturing automotive components, healthcare equipment, etc., is also adding pace to the market.

Key Findings of the Study: Industrial Internet of Things (IIoT) market

Global Industrial Internet of Things (IIOT) Market Driver:

Frequent Deployment of AI, ML, and IoT in the Manufacturing Industry to Drive the Market Growth – The adoption of AI & IOT technologies in the manufacturing sector has risen dramatically over the past few years. This is in line with the advent of Industry 4.0. Systems powered by AI & the Internet of Things (IoT), make it possible to optimize manufacturing procedures, give out early warnings, foresee or anticipate equipment or machinery breakdown, and gather comprehensive data, thus helping manufacturers work more fluidly. Additionally, in industrial units, jobs like conditioning monitoring & equipment maintenance are carried out using AI & ML algorithms in the absence of normal personnel. Hence, owing to the listed factors it is anticipated that the integration of AI, ML, and IoT in the industrial sector would drive the Global Industrial Internet of Things Market in the future years as well.

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Scope of the Industrial Internet of Things (IIoT) Market Report Segmentation

-By Components

  • Hardware- Market Size & Forecast 2018-2028F, USD Million
  • Software & Services- Market Size & Forecast 2018-2028F, USD Million

-By Connectivity

  • Wired Technologies- Market Size & Forecast 2018-2028F, USD Million
  • Wireless Technologies- Market Size & Forecast 2018-2028F, USD Million

-By Application

  • Product Lifecycle Management- Market Size & Forecast 2018-2028F, USD Million
  • Manufacturing and Executions Systems- Market Size & Forecast 2018-2028F, USD Million
  • Supervisory Control and Data Acquisition (SCADA) - Market Size & Forecast 2018-2028F, USD Million
  • Outage Management Systems- Market Size & Forecast 2018-2028F, USD Million
  • Distribution Management Systems- Market Size & Forecast 2018-2028F, USD Million
  • Remote Monitoring- Market Size & Forecast 2018-2028F, USD Million
  • Retail Management- Market Size & Forecast 2018-2028F, USD Million
  • Transit Management Systems- Market Size & Forecast 2018-2028F, USD Million
  • Predictive Maintenance- Market Size & Forecast 2018-2028F, USD Million
  • Others (Visualization Software, Farm Management, etc.) - Market Size & Forecast 2018-2028F, USD Million

-By End Users

  • Manufacturing- Market Size & Forecast 2018-2028F, USD Million
  • Energy- Market Size & Forecast 2018-2028F, USD Million
  • Oil & Gas- Market Size & Forecast 2018-2028F, USD Million
  • Metal & Mining- Market Size & Forecast 2018-2028F, USD Million
  • Healthcare- Market Size & Forecast 2018-2028F, USD Million
  • Retail- Market Size & Forecast 2018-2028F, USD Million
  • Transportation- Market Size & Forecast 2018-2028F, USD Million
  • Agriculture- Market Size & Forecast 2018-2028F, USD Million

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Geographical analysis:

-By Region

  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

Asia-Pacific is predicted to hold a significant market share in terms of value during the forthcoming period. The region is a hub for industrial manufacturing, hence is the focal point for several business expansions & investments. With the upgrading & expanding agricultural sector in India, there is an emerging & rising requirement for automated agricultural methods & processes, which would aid in enhancing the growth of the Industrial Internet of Things market in this region. On the other hand, the regional country, like China, is also witnessed to have a great inclination towards IIoT. Furthermore, several other regional countries, such as South Korea, Taiwan, Thailand, etc., are also emphasizing deploying professional & managed services, hence are anticipated to support in creating a positive outlook for the Global Industrial Internet of Things Market.

Global Industrial Internet of Things (IIOT) Industry Recent Development:

  • 2023: Cisco Systems announced the launch of Next-Gen Solutions that would empower the productivity & security with a generative AI across the industrial sector.

Current Landscape of Industrial Internet of Things (IIoT) Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Industrial Internet of Things (IIoT) market. The research report profiles major players, including

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  • Cisco Systems, Inc.
  • GE
  • Honeywell
  • Intel
  • IBM
  • ABB
  • Telefonica
  • Robert Bosch
  • Rockwell Automation
  • Siemens
  • Accenture
  • Capgemini
  • Texas Instrument
  • ARM Holding
  • PTC
  • HCL
  • Maverick
  • Others

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