The global industrial internet of things market size is expected to reach USD 949.42 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 29.4% during the forecast period. Rising demand for machine-to-machine systems, the need to contextualize the Operation Technology (OT) data, and preference for predictive maintenance are the factors anticipated to drive the Industrial IoT market growth.
Having
realized that IIoT can help in drastically improving functional efficacies,
several companies across the globe are implementing predictive maintenance
techniques based on smart sensors and compatible software. Predictive
maintenance can particularly aid in limiting the equipment downtime and
improving the safety factor.
The
plummeting prices of sensors and data analytics software are also encouraging
enterprises to adopt IIoT. As such, growing focus on investing in digital
literacy rather than in infrastructure and the subsequent growth in investments
in the adoption of advanced analytics tools is turning out to be another
emerging trend among manufacturing entities.
The
IIoT market continues to evolve in line with the rising preference for cloud
integration coupled with the continued adoption of state-of-the-art data
analytics tools and smart sensors for facility and inventory management and
optimization of logistics and supply chain using smart metering. The IIoT
market for agriculture end use is expected to witness considerable growth as
the use of IIoT for applications, such as managing of water and soil, operating
drones for field monitoring, livestock monitoring, precision farming, and
managing smart greenhouses, gains tractions. However, concerns over security,
technology integration, and asset-level visibility are some of the factors
expected to the restraint the market growth over the forecast period.
Full Research Report On Industrial Internet Of Things Market Visit Here:
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Industrial Internet
of Things Market Report Highlights
- Businesses are increasingly
leveraging the benefits of IIoT solutions to control costs, improve the
overall quality, and gain economies of scale by enhancing their data
analytics using predictive maintenance
- Managed IIoT services
segment is projected to witness significant growth over the forecast
period as the implementation of IoT technology needs an amalgamation of
managed IIoT services at every layer of the IIoT ecosystem
- Asia Pacific is expected to
outgrow North America industrial IoT market and emerge as the highest
revenue-generating region owing to the government investments and
initiatives to encourage the implementation of IIoT in the region
- Companies involved in
manufacturing and industrial operations are seeking to connect their
SCADA, HMI, and control networks to higher-level enterprise systems, which
is expected to increase the adoption of IIoT solutions among these
companies
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Industrial Internet
of Things Market Segmentation
Grand View Research has segmented
the global industrial IoT market on the basis of component, end use, and
region:
Industrial IoT
Component Outlook (Revenue, USD Billion, 2014 - 2025)
- Solution
- Remote Monitoring
- Data Management
- Analytics
- Security Solutions
- Others
- Services
- Professional
- Managed
- Platform
- Connectivity Management
- Application Management
- Device Management
Industrial IoT End
Use Outlook (Revenue, USD Billion, 2014 - 2025)
- Manufacturing
- Energy & Power
- Oil & Gas
- Healthcare
- Logistics & Transport
- Agriculture
- Others
Industrial IoT
Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- Latin America
- Mexico
- Brazil
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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