Industrial Internet of Things (IoT) Market Projected to Reach USD 176.12 Billion with Key Drivers, Types, Key Segment, Size, Share, Growth, Challenges and Opportunity Analysis by 2029
NEW YORK, July 27, 2022 /PRNewswire/ -- Data Bridge Market research has recently released expansive research titled "Global Industrial Internet of Things (IoT) Market" guarantees you will remain better informed than your competition. An outstanding Industrial Internet of Things (IoT) Market research report intensely analyses the potential of the market with respect to current scenario and the future prospects by considering several industry aspects of Industrial Internet of Things (IoT) industry. The report also recognizes and analyses the rising trends along with major drivers, challenges and opportunities in the market. The report provides major statistics on the market status of global and regional manufacturers and is a helpful source of assistance and direction for companies and individuals interested in the Industrial Internet of Things (IoT) Market industry. The company profiles of all the chief and dominating market players and brands who are taking steps such as product launches, joint ventures, mergers and acquisitions are mentioned in the superior Industrial Internet of Things (IoT) Market report.
Global industrial internet of things (IoT) market was valued at USD 76.70 billion in 2021 and is expected to reach USD 176.12 billion by 2029, registering a CAGR of 10.95% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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According to the estimates, the internet of things (IoT) is expected to gain mainstream industry use after years of anticipation. The market expansion would be stimulated by various industry titans' rising investments in the industrial internet of things (IoT) sector. Moreover, the accelerating pace of industrialization and the emergence of automation coupled with the increased use of industrial internet of things (IIoT) by various manufacturing sectors and the aviation and transportation industries are estimated to propel the market's overall growth.
The extension and application of the internet of things (IoT) in industrial sectors and applications is referred to as the industrial internet of things (IIoT). The Machine-to-Machine (M2M) Internet of Things (IIoT) enables businesses and industries to operate more efficiently and reliably because to its strong emphasis on M2M connectivity, big data, and machine learning. Industrial applications such as robotics, medical technology, and software-defined production processes are all included in the IIoT.
Some of the major players operating in the Industrial Internet of Things (IoT) Market are:
In May 2020, Climax Technology Co. Ltd. producer of wireless alarm systems, introduced the SVGS Series of shock, vibration, and glass break sensors, including the SVGS-3-F1, SVGS-3, SVGS-5-F1, and SVGS-5 with a battery life of around 4-5 years. These sensors' operational temperatures and humidity range are -100C to 450C and 85 percent, respectively. The portable wireless industrial internet of things (IoT) may be quickly and easily mounted on glass windows, doors, roofs, or safety boxes. It can detect a single significant shock event or a series of minor shock events.
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Technological advancements are estimated to generate lucrative opportunities for the market, further expanding the industrial internet of things market's growth rate. The key firms are now able to provide their end users with improved industrial internet of things (IIoT) products due to technological advancements. Manufacturers have been prompted to cut operational costs by 50% as a result of integrating smart sensors into industrial machinery, and this trend is anticipated to continue during the projected period. Additionally, virtual and augmented reality provide consumers a 360-degree view of an object before it is made in reality.
Additionally, the surging adoption of the cloud-based deployment model as utilizing the cloud enables businesses to offer better IoT services to different industrial verticals. There are significant prospects for small and medium-sized businesses in the demand for low-cost data storage, backup, and data protection (SMEs). This factor is further projected to offer numerous growth prospects to the industrial internet of things (IoT) market during the forecast period.
Key Market Segmentation:-
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Industrial Internet of Things (IoT) Market Dynamics
The adoption of artificial intelligence (AI) and internet of things (IoT) technologies in the manufacturing industry has been accelerating since the birth of Industry 4.0. Systems that integrate artificial intelligence (AI) and internet of things (IoT) enable manufacturing process optimization, offer early warnings, aid in quality control, and predict machine equipment failure. Manufacturers may stand out from the competition by creating cutting-edge AI applications by acquiring precise data. In industrial plants without a regular workforce, tasks such as the condition monitoring and equipment maintenance are completed with the aid of AI and machine learning (ML) algorithms.
The industrial internet of things (IIoT) industry has expanded as a result of the creation of Internet Protocol version 6 (IPv6), since the number of devices linked to the internet is increasing globally at an exponential rate. The exponential growth in the number of linked items was too much for IP version 4 (IPv4) to handle. The adoption of IPv6 is further estimated to dramatically increase demand for industrial internet of things technologies worldwide. This protocol is the most effective for internet of things (IoT) and enables an open design.
Important Facts about This Market Report:
Table of Content:
Part 01: Executive Summary
Part 02: Scope of the Report
Part 03: Global Industrial Internet of Things (IoT) Market Landscape
Part 04: Global Industrial Internet of Things (IoT) Market Sizing
Part 05: Global Industrial Internet of Things (IoT) Market Segmentation By Product
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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