26th September 2019 – Industrial
Internet of Things (IIoT) Market Research Report 2025 Provides In-Depth
Analysis by Scope, Growth Rate, Driving Factors, Competitive Situation and
Upcoming Trends. Industrial Internet of Things (IIoT) Market report split
global into several key Regions which mainly includes Market Overview, Table of
Content, List of Figures and Applications. Globally, the industrial IoT market
is predicted to grow at CAGR of 27.8% in forecast period, providing numerous
opportunities for market players to invest in research and development in the
market.
The global Industrial Internet of Things
(IIoT) Market size is expected to value at USD 933.62 billion by 2025. The
Industrial Internet of Things industry is subject to witness a substantial
growth due to the higher rate associated implementation of IoT technology
across the globe. Some important factors responsible for the growth of
industrial IoT industry are cost-effectiveness and easy availability for
various advanced electronic devices such as processors, sensors, and other
connected systems.
Industrial IoT helps to facilitate easy
access to real-time data services, thus allowing implementation of the
connected systems in the various industrial processes. Industrial Internet of
Things (IIoT) offers improved operational efficiency and safety, leading to
increasing adoption of IoT technology for numerous industrial processes. With
the advent of an integrated digital-human workforce, and development of the
industrial internet and its digital application are expected to offer
significant opportunities for growth over the forecast period.
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Industrial IoT is serving numerous
industries across the globe by providing necessary worker safety, minimum
operational costs, and efficient industrial outcome. Increasing competition
among industry players is leading development of new product and hybrid
services worldwide in order to generate fresh revenue streams by moving away
from just vending products to offering numerous industrial IoT services, thus
generating measurable outcomes. The Internet of Things (IoT) offers easy access
to numerous connected industrial devices and machines, and provides real-time
information regarding their operation. Additionally, increasing number of
governmental sponsored initiatives and efforts to promote industrial IoT
technology are driving the market growth. Industrial IoT enables businesses
with automation, optimization and tactical or strategic goals to aid in various
industrial processes.
Industrial IoT solutions is considered
as one of the fastest growing segment in the Industrial Internet of Things
(IIoT) industry with substantial revenue generation in the last couple of
years. Industrial solution providers are putting substantial focus to embed and
adopt connected systems, consisting of multiple information systems, devices,
and sensors into number of industry verticals and business processes across the
globe. This allows them to modify existing operations and develop effective
business models. Industrial IoT solutions has become an integral part of
various business processes, thus delivering crucial information based on
real-time data captured from different resources to aid decision making
processes and improve overall performance of the system.
Industrial IoT services has also witnessed
substantial growth since the last couple of years with significant CAGR.
Increasing adoption of the industrial IoT services in number of industrial
applications is credited to the development of cloud computing market, rise in
the number of government initiatives in the support for sustainable smart
factories growth, and increase in number of connected systems that capture
large chunks of real-time data.
The Industrial Internet of Things market
is divided by region such as North America, Europe, Asia-Pacific, Latin America
and Africa. North America has shown major growth in recent years owing to the
growing in the awareness about benefits of IoT technology and presence
prominent industry players in the region. Asia-Pacific region is predicted to
hold major market share in the industrial IoT industry with massive growth in
forecast period. Countries such as India, China, Japan and Taiwan are leading
the Asia-Pacific market with increasing adoption of advanced automation
technologies and significant investment by leading industry players considering
potential growth opportunities in the region.
The key players in the industrial IoT
market are General Electric Company (GE), International Business Machines (IBM)
Co., Cisco Systems Incorporations, Siemens AG, and Intel Co.
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