Press Release

The industrial internet of things market was valued at US$ 76.7 Bn in 2021 and is projected to reach US$ 106.1 Bn by 2030, at a CAGR of 6.7%.

                                 Request Free Sample To Learn More About This Report

Many countries throughout the world are launching smart city initiatives and adopting smart city technologies to manage resources due to rising population and urbanisation. Sensors, smart lights, and smart metres, among other connected devices, aid in increasing the functionalities and efficiency of infrastructure and related services. The growing number of smart homes and buildings, smart infrastructures, smart manufacturing, and Industry 4.0 projects is likely to result in significant business transformations, propelling market growth.

The rise of the worldwide industrial internet of things market has been fueled by an increase in technology investments in developing nations, as well as the emergence of big data analytics. Furthermore, the IIoT market is predicted to grow due to increased demand from the healthcare industry and the launch of industry-specific platforms in the developed world.

                                 Request Free Sample To Learn More About This Report

Due to factors such as rising Wi-Fi penetration, technological advancements in wireless network technologies, and increased acceptance of cloud platform, the industrial internet of things market size continues to grow. Furthermore, as the development of smart transportation and smart cities progresses, IoT adoption increases. This, in turn, pulls the Industrial Internet of Things industry forward. The market is expected to grow due to the growing requirement to improve operational competence and excellent collaboration among major market participants to achieve the same. Furthermore, the tactics being developed to create a united digital-human workforce are projected to provide significant prospects for growth.

The adoption of remote working practices in the aftermath of the COVID-19 pandemic has sparked a desire for operational openness. At this point, smart linked solutions are expected to play a critical role in acquiring organizational operational visibility. Businesses are looking forward to establishing resilience to ensure growth in the post-COVID age, as well as adjusting to remote working and automating their processes accordingly. As a result, they're concentrating on IIoT adoption in order to entice customers, improve customer experience, and raise brand awareness. All of these activities promise well for the industrial IoT market's growth in the next years.

The software segment accounted largest market share in 2020 due to the increasing adoption of solutions among the enterprises. Solution providers are putting a heavy emphasis on the launch of novel information systems for various sectors and industrial verticals. They're also concentrating on integrating sensors and other systems into critical equipment in order to track real-time data and improve operating efficiency. The manufacturing segment accounted largest market share in 2020 due to the rapidly adopting digital manufacturing technologies, and the Internet of Things (IIoT) plays a critical role in these cutting-edge technologies.

North America is expected to dominate the market share of global industrial internet of things market owing to the early adopter of IIoT and has evolved into an innovation hotspot. Canada has also seen tremendous development, owing to government attempts to stimulate the adoption of IIoT solutions in the country. Increasing integration of multiple connected smart.

                                 Request Free Sample To Learn More About This Report

KEY INDUSTRY DEVELOPMENTS:

April 2021- Intel has made a strategic move by getting partnered with John Deere by offering AI technology to develop an integrated, end-to-end system of hardware and software that can generate insights in real time at the edge, at levels beyond the human sense’s capability. When using a neural network-based inference engine.

February 2021- Cisco has partnered with Newark to provide IIoT network solutions for harsh and non-carpeted environments to customers across North America.

Read More Details On This Report: https://extrapolate.com/Information-Technology-Communication-IoT/industrial-internet-of-things-market/25800