IMARC Group, a leading market research company, has recently releases report titled “Industrial IoT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Industrial Internet of things (IIoT) market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the industrial iot market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 221.7 Billion |
| Market Forecast in 2028 | US$ 516.6 Billion |
| Growth rate (2023 to 2028) | CAGR of 15.49% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
Industrial Internet of Things (IoT) refers to the integration of internet-connected devices and sensors with industrial machinery, equipment, and processes to gather, analyze, and leverage data for improved operational efficiency and productivity. It involves smart sensors and actuators that help enhance manufacturing processes. It enables real-time monitoring, automation, and control, leading to enhanced decision-making capabilities and better utilization of resources. It also aids in improving employee productivity and safety and minimizing operational costs. Besides this, as it allows businesses to gain valuable insights through data collection and analysis, industrial IoT is extensively used in manufacturing, energy, transportation, and healthcare industries.
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Current Trends Shaping the Industrial Internet of Things (IOT) Market
Rapid industrialization and the rising need for optimizing operational efficiency and reducing costs represent one of the key factors driving the market. Additionally, the increasing consumer reliance on connected devices and advancements in wireless communication is creating a positive market outlook. Apart from this, the rising demand for data-driven insights and analytics is propelling the adoption of industrial IoT as it assists businesses in identifying operational patterns and making data-backed decisions to improve performance. Furthermore, the emergence of cloud computing and edge computing technologies is favoring market growth. Along with this, there is a growing focus on safety, sustainability, and regulatory compliance in industries worldwide, which is creating a positive market outlook. Industrial IoT enables businesses to monitor environmental conditions, detect anomalies, and ensure compliance with safety regulations, minimizing risks and enhancing worker safety. Moreover, prominent industry players are extensively investing in research and development (R&D) activities for upgradation, which is expected to strengthen the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
Breakup by End-User:
Market Breakup by Region:
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Who are the key players operating in the industry?
The report covers the major market players including:
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