DUBAI, United Arab Emirates, April 6, 2022 (GLOBE NEWSWIRE) — The industrial IoT market is projected to reach a valuation of US$1.3Tn by 2032, advancing at a CAGR of 12.2% over the period forecast.
Technological developments in semiconductors and electronic devices, the increasing use of cloud computing platforms, the standardization of IPv6, and the support of governments of various nations for IIoT R&D efforts are driving the industrial IoT market.
The industrial Internet of Things market is anticipated to grow at a rapid rate during the forecast period, thanks to technological advances and the increasing availability of affordable sensors and processors that can provide access to information in real time.
The Industrial IoT market is expected to grow due to the increasing need to improve operational proficiency and excellent collaboration among major market participants to achieve the same. Furthermore, techniques being developed to create a cohesive digital-human workforce are anticipated to provide significant prospects for industrial IoT market share growth.
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List of Key Players Covered in Industrial IoT Market are:
- Rockwell Automation
- Texas Instruments
- KUKA AG
- NEC Corporation
- Siemens AG
Major industry entrants are anticipated to focus on cost reduction, making it difficult for new entrants to enter the Industrial IoT market. Venture capital financing, on the other hand, is projected to help IIoT companies enter the market.
Companies in both the public and private sectors are likely to begin to focus on innovation, productivity, and value as they understand the importance of the IIoT in delivering integrated and sustainable products and services to tech-savvy organizations. Industrial IoT is becoming more accessible and secure, according to major market participants.
Companies hope to build resilience to ensure growth in the post-COVID era, as well as adapt to remote work and automate their processes accordingly. As a result, they are zeroing in on industrial IoT market adoption trends to engage customers, improve customer experience, and increase brand awareness. All of these activities bode well for the growth of the Industrial IoT market in the coming years.
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- The size of the US industrial IoT market is projected to reach US$302.4 billion by 2032.
- From 2021 to 2028, the transportation and logistics segment is expected to grow at a CAGR of over 26%. The considerable emphasis that logistics and transportation companies are placing on improving asset management and, as a result, on the implementation of intelligent transportation can be linked to the increase.
- The Manufacturing segment of the Industrial IoT Market is expected to grow at a CAGR of 11.1% during the forecast period.
- In 2021, networking technology held the largest share of the industrial IoT market. The backbone of the IIoT is network technology, in particular wireless technology.
- In terms of value, APAC is expected to have the largest share of the market in 2021. Asia Pacific has become a global focus point for large investments and corporate growth, and is a major hub for industrial manufacturing.
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The Internet of Things market is anticipated to increase due to the region’s population growth, increased R&D investments, and the increased focus of domestic and international IT companies on expanding big data analytics. and cloud-based services in the region.
Intel, in collaboration with John Deere, introduced AI technology to help fix a costly and time-consuming problem in the production welding process in April 2021. At its manufacturing facility, Deere is testing a system that employs vision by computer to automatically recognize frequent errors in the automated welding process.
Due to the existence of well-established economies in this region, the North American region is anticipated to have the largest share of US$302.4 billion in the global Industrial IoT market during the forecast period, according to the latest research. . This allows them to invest heavily in research and development.
The UK has the second largest market size with a US$142.7 billion Industrial IoT market. Due to the rapid developments of IOT in these regions, the Europe and Asia Pacific regions are expected to see significant growth.
- North America
- Pacific Asia
- Middle East and Africa
- South America
Detailed Table of Contents:
1.1. market scope
1.2. Market segmentation
1.3. Key Research Objectives
2. Assumptions and Research Methodology
2.1. Market Taxonomy – Segment Definitions
2.2. Research methodology
23. Key assumptions for data modeling
3. Executive Summary – Global Industrial Internet of Things (IIoT) Market
4. Market Overview
5. Global Industrial Internet of Things (IIoT) Market Analysis and Forecast, by Component
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