5 Top Industrial Internet of Things Market Trends : Explore With Spherical Insights
The Global Industrial Internet of Things (IIoT) market was valued at approximately USD 76.60 billion in 2021 and is projected to grow to around USD 130.10 billion by 2030. This represents a compound annual growth rate (CAGR) of 6.50% from 2021 to 2030.
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The growth of the global industrial Internet of Things (IIoT) industry has been driven by increased technology investments in developing countries and the rise of big data analytics. Additionally, the demand from the healthcare sector and the emergence of industry-specific platforms in developed regions are expected to further boost the IIoT market.
In the wake of the COVID-19 pandemic, there's a growing need for operational transparency as remote work becomes more common. Smart, connected solutions are anticipated to play a crucial role in achieving operational visibility within organizations. Companies are keen to build resilience for post-pandemic growth, adapting to remote work and automating processes accordingly. This shift towards IIoT adoption is aimed at attracting customers, enhancing their experiences, and increasing brand awareness. Overall, these developments point to a promising future for the industrial IoT market.
Browse key industry insights spread across 211?pages with 110 market data tables and figures & charts from the report Global Industrial Internet of Things Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Component (Hardware, Software, and Services), By Vertical (Manufacturing, Energy & Power, Oil & Gas, Retail, Healthcare, Transportation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030
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Blockchain Technology's Impact on Market Growth Across Various Industries
The increasing adoption of blockchain technology across multiple sectors is a key driver propelling the growth of the global industrial Internet of Things (IIoT) market. Internet-connected devices produce vast amounts of data that require thorough analysis. However, there are significant security and privacy concerns associated with traditional IoT security frameworks. A blockchain-based architecture offers streamlined, decentralized security solutions for connected devices, addressing these issues effectively.
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Increasing Adoption of the Industrial Internet of Things Enhances Mass Production and Market Growth
The global industrial Internet of Things (IIoT) market is being propelled by the rise of the connected enterprise. Efficient information exchange across different industry sectors is crucial for optimizing production operations. IoT and IP networks enable manufacturers to gain deeper insights into the transformation of raw materials into finished products. IoT-enabled devices facilitate tracking field instruments, managing raw material flow, monitoring inventory levels, and reporting goods as they progress through the supply chain. This connectivity is driving significant market growth.
High Initial and Maintenance Costs of IIoT Impede Market Growth
The initial and ongoing maintenance costs associated with industrial control and factory automation are hindering the growth of the global industrial Internet of Things (IIoT) market during the forecast period. The production of industrial solutions tends to be more expensive and requires extensive maintenance, contributing to rising costs. Furthermore, after the initial capital investment, companies must continuously maintain and upgrade their industrial control and automation systems, necessitating significant reinvestments. These substantial upfront and ongoing maintenance expenses are restraining the growth of both the industrial control and automation markets, thereby limiting the expansion of the IIoT industry as a whole.
Report Overview
This report provides an in-depth analysis of regional markets within the global Industrial Internet of Things (IIoT) landscape. The IIoT market is segmented by component, vertical, and region, offering insights into the current market conditions and future projections. The study includes significant data presented through graphs and tables for clarity. Additionally, the report highlights the competitive landscape, detailing market share and company profiles of key participants in the global IIoT market.
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SEGMENTATION
By Component
By Vertical
By Region
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