"Industrial IoT (IIoT): Global Markets" is a report that
looks at how businesses worldwide are using smart technology to
improve their operations. It's all about connecting devices,
sensors, and software to make industries like manufacturing,
energy, transportation, healthcare, and agriculture work better.
The report tells us how big this market is, how fast it's growing,
who the main players are, which industries are benefiting the most,
where it's being used around the world, what challenges and
opportunities it brings, and what rules are shaping its use
globally.
BOSTON, May 1, 2024
/PRNewswire/ -- "According to the latest BCC Research study, the
demand for Industrial IoT (IIoT): Global Markets expected to
grow from $147.2 billion in 2023 and
will reach $391.8 billion by the end
of 2028 at a compound annual growth rate (CAGR) of 21.6% from 2023
through 2028"
This report investigates the IIoT industry and gives us detailed
guesses about how big the global market is and where it's heading.
It breaks down different aspects like what kinds of products and
services are offered, how things are connected, where they're used,
and what industries benefit most. It also talks about rules and
government support affecting this market. It mainly focuses on
North America, Europe, Asia-Pacific, and other regions. The report
gives an overview of the global IIoT market and analyzes trends. It
uses data from 2022 to make estimates for the period from 2023 to
2028.
Revenue forecasts for this period are segmented into:
1. Offerings: This includes selling hardware like
sensors, software solutions, and services. Solutions cover things
like remote monitoring, data management, and device control.
2. Connectivity: This looks at how things are
connected, either with wires like Ethernet or wirelessly with
technologies like Wi-Fi and Bluetooth.
3. Deployment: It talks about where the technology
is used, either on-site (on-premise) or in the cloud.
4. Organization Size: It considers whether the
businesses using this technology are small or large.
5. Industry Vertical: This refers to the types of
businesses that benefit from IIoT, like manufacturing, healthcare,
or transportation.
6. Region: It looks at where in the world this
technology is being used, such as North
America, Europe,
Asia-Pacific, or other parts of
the world like the Middle East,
Africa, and South America.
The report looks at the perspectives of both the companies
making IIoT technology and the people who use it. It discusses
technical problems that might come up with using IIoT and suggests
solutions. The IIoT market has lots of different parts, including
big companies, smaller ones, and some new ones without much data.
It also mentions the costs of hardware and subscription fees for
IIoT platforms, along with the money made from selling solutions
and services when estimating the overall value of the global IIoT
market.
To explore more insights and details about the Industrial IoT
(IIoT): Global Markets, click here to gain a deeper understanding
of its complexities.
Industrial IoT (IIoT): Global Markets is driven by factors
such as:
1. Rising Growth of Internet of Things (IoT) Technology
and IoT Devices.: simply means that more and more everyday
objects are getting connected to the internet, allowing them to
communicate with each other and with us. This trend is making our
lives easier and more convenient, and it's happening at a faster
rate than ever before.
2. Adoption of Artificial Intelligence (AI), Machine
Learning (ML) and Internet of Things (IoT) in Manufacturing
Sector.: means that factories are using smart technology
to make things more efficiently. This includes machines that can
learn from data (ML), systems that think and make decisions like
humans (AI), and devices that connect and communicate with each
other (IoT). These technologies help manufacturers produce better
quality products, reduce costs, and operate more smoothly.
3. Standardization of Internet Protocol Version 6
(IPv6): means that there's a globally agreed-upon set of rules
for how devices communicate and identify themselves on the
internet. It's like everyone speaking the same language, which
allows more devices to connect to the internet and ensures it keeps
working smoothly as it grows.
Request a Sample Copy of the Industrial IoT
(IIoT): Global Markets
Report
Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2022
|
Forecast Period
considered
|
2023-2028
|
Base year market
size
|
$124.7
billion
|
Market Size
Forecast
|
$391.8
billion
|
Growth Rate
|
CAGR of 21.6% for the
forecast period of 2023-2028
|
Segment
Covered
|
By Offerings, By
Connectivity, By Deployment, By Organisation Size, By Industry
Vertical
|
Regions
covered
|
North America, Europe,
Asia-Pacific, Rest of the World (RoW)
|
Countries
covered
|
U.S., Canada, Mexico,
Germany, France, U.K., Rest of Europe, Poland, Spain, Italy,
Netherlands, Turkey, China, India, Japan, South Korea, Thailand,
Singapore, Vietnam, South America, Middle East, and
Africa
|
Key Market
Drivers
|
•
Rising Growth of Internet of Things (IoT)
Technology and IoT Devices
•
Adoption of Artificial Intelligence (AI),
Machine Learning (ML) and Internet of Things (IoT) in Manufacturing
Sector
•
Standardization of Internet Protocol
Version 6 (IPv6)
|
This report on industrial IoT (IIoT): global markets
provide comprehensive insights and analysis, addressing the
following key questions:
- What is the projected market size and growth rate of the IIoT
market?
- Global market for IIoT was valued at $124.7 billion in 2022 and will reach
$391.8 billion by 2028, growing at a
CAGR of 21.6% from 2023 to 2028.
- What are the key factors driving the growth of the global IIoT
market?
- The key factors driving the growth of the IIoT market include
rising growth of internet of things (IoT) and IoT devices, adoption
of AI, ML, IoT in manufacturing sector, and standardization of
Internet Protocol Version 6 (IPv6)
- By industry vertical, which segment will dominate the market by
the end of 2028?
- By the end of 2028, the manufacturing segment will continue to
dominate the global IIoT market owing to the rising adoption of IoT
devices, demand for predictive maintenance and smart manufacturing,
and supply chain optimization. With an important role in the
convergence of information technology (IT) and operational
technology (OT), the IIoT opens plenty of opportunities in
automation, optimization, and intelligent manufacturing. In
addition, IIoT enables Industry 4.0 which will drive the growth of
manufacturing segment in forecast period.
- Which region has the highest market share in the global IIoT
market?
- Asia-Pacific holds the highest
market share in the global IIoT market. Asian countries,
particularly countries like China,
Japan, and South Korea, is a global manufacturing hub.
The region's strong focus on manufacturing industries has driven
the adoption of IIoT to enhance operational efficiency, optimize
supply chains, and improve overall productivity. Moreover, the
region is experiencing ongoing industrialization and the expansion
of various industry sectors which is contributing to the growth of
the IIoT market in the Asia-Pacific.
- Who are the key companies/players in the global IIoT market?
- The key companies/players in the global IIoT market include GE,
Siemens, Huawei, Cisco, Intel, and others.
Some of the Key Market Players Are:
- ABB
- CISCO SYSTEMS INC.
- EMERSON ELECTRIC CO.
- FUJITSU
- GENERAL ELECTRIC
- HONEYWELL INTERNATIONAL INC.
- HUAWEI TECHNOLOGIES CO. LTD.
- INTEL CORP.
- MICROSOFT CORP.
- PTC
- ROBERT BOSCH GMBH
- ROCKWELL AUTOMATION
- SAP
- SIEMENS
- TEXAS INSTRUMENTS INC
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