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The Industrial Internet of Things (IoT) refers to the industrial framework that makes the use of IoT devices to enhance the efficiency of manufacturing and industrial processes. Various types of hardware devices such as sensors, industrial robots, and others are used to make a system of connected devices that provide real-time analytics data. This helps enhance machine to machine (M2M) communications, thereby increasing the reliability and efficiency of the machines used in industries.
These hardware devices provide real-time data from various devices and sensors, which are then used in the decision-making process. Industrial IoT has tremendous potential for sustainable and green practices, quality control, and overall supply chain efficiency. In various industry verticals, industrial IoT has become a key for various processes such as energy management, enhanced field service, asset tracking, and predictive maintenance.
Fig 1: Industrial Internet of Things (IIoT) Market
The major factors that are driving the growth of the Industrial Internet of Things (IoT) market are government support for the development and implementation of industrial IoT and the growing use of cloud computing platforms across various industry verticals for data management. Also, the advent of Industry 4.0 has led to the higher adoption of Industrial IoT across the manufacturing sector.
The Industrial Internet of Things typically offers several benefits of the Internet of Things to a higher level and also to the high-stakes industries where human errors could result in major risks. One of the biggest benefits is the degree of accuracy that can be accomplished through the IIoT. The time is not far away when operations and processes of entire manufacturing plants may be allowed to function almost independently. In addition, the Industrial Internet of Things is used for many use cases that help us minimise the vulnerability of human workers in scenarios with high industrial hazards.
Fig 2: Industrial Internet of Things (IIoT) Market
Governments in many countries are taking necessary initiatives that are fuelling the adoption of industrial IoT solutions and services across many industry verticals. For instance, the ‘Make in India’ initiative in India, ‘Made in China 2025’ initiative by China, and ‘Industrial Value Chain Initiative (IVI)’ in Japan are enabling the adoption of digital technologies across various industry verticals and majorly in manufacturing.
The global Industrial Internet of Things (IoT) market is valued at USD 82.4 Billion in 2020 and is anticipated to grow with a CAGR of 21.3% during the forecast period from 2020 to 2028. The major factors that are contributing to the growth of the market are standardization of IPV6, advancement in the manufacturing industry, and advent of the industry 4.0. However, as these solutions are highly technical, the availability of high skilled personnel can become a key concern, which in turn, may hinder the market growth during the forecast period.
Fig 3: Industrial Internet of Things (IIoT) Market
Key Developments:
What does this Report Provide?
This report provides a detailed understanding of the global industrial internet of things (IIoT) demand from a qualitative and quantitative perspective with a forecast for the next 10 years. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global industrial internet of things (IIoT) market. The major market drivers, challenges, and opportunities for the global industrial internet of things (IIoT) market have also been covered in the report. This report also includes the market share of the leading companies operating in the global industrial internet of things (IIoT) market along with their production capacities and the growth strategies adopted by them.
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North America Industrial Internet of Things (IIoT) Market
Europe Industrial Internet of Things (IIoT) Market
Asia Pacific Industrial Internet of Things (IIoT) Market
Middle East & Africa Industrial Internet of Things (IIoT) Market
South America Industrial Internet of Things (IIoT) Market
Major Companies: Dassault Systèmes, Honeywell International, ARM holding, Cisco Systems Inc, General Electric Company, Bosch.IO, Siemens AG, Intel Corporation, Rockwell Automation, ABB, Texas Instruments Inc, Huawei Technologies, IBM Corporation, KUKA AG, NEC Corporation, and PTC Corporation, among others.
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