Industrial Internet of Things Market to grow at a steady pace by 2028
The Industrial Internet of Things (IIoT) refers to the use of internet-connected devices, sensors, and machines in industrial and manufacturing environments to collect and analyze data. This technology has the potential to revolutionize the way businesses operate by enabling more efficient processes, reducing downtime, and improving overall productivity. The IIoT market has seen significant growth in recent years, driven by advancements in sensor technology, cloud computing, and data analytics
The global industrial internet of things market is expected to grow from USD 75.61 billion in 2021 to USD 116.10 billion by 2028 at a CAGR of 6.3% during the forecast period. One of the major factors driving the growth of the IIoT market is the increasing need for automation in industrial and manufacturing processes. By implementing IIoT technologies, businesses can automate various tasks, reduce errors, and optimize operations, leading to significant cost savings and improved productivity.
The IIoT market is highly competitive, with numerous players offering a range of solutions, including hardware, software, and services.The major players operating in the global industrial internet of things market are:
- ABB
- General Electric
- Intel
- Emerson Electric
- Honeywell
- Cisco
- SAP SE
- Huawei
- Siemens
- ARM Holding
- Rockwell Automation
- PTC
- Dassault Systemes
- Sigfox
- NEC
- Bosch
- Worldsensing Sl
- Ansys
- Texas Instruments
- Arundo Analytics
- Bright Machines
- Kuka
- Dragos
- Microsoft
Another key driver of the IIoT market is the growing demand for predictive maintenance solutions. By leveraging IIoT technologies, businesses can monitor equipment in real-time, predict potential issues, and schedule maintenance before any problems occur. This helps to reduce downtime and extend the lifespan of equipment, leading to significant cost savings.
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Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
In conclusion, the IIoT market is expected to continue to grow rapidly in the coming years, driven by the increasing need for automation, predictive maintenance solutions, and the benefits that IIoT technologies offer in terms of cost savings, productivity improvements, and operational efficiencies. As more businesses adopt IIoT technologies, the market is likely to become even more competitive, with new players entering the market and existing players expanding their offerings to meet the growing demand.