Exploring Industrial Internet of Things (IIoT) Market: Rising Trends, Opportunities and Challenges Forecast 2028

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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