WESTFORD, Mass., July 4, 2024
/PRNewswire/ -- According to SkyQuest, the global Industrial
Internet of Things (IIoT) Market was valued at USD 102.48 Billion in 2022 and is expected to
rise from USD 109.86 Billion in 2023
to reach a value of USD 191.6 Billion
by 2031, at a CAGR of 7.2% during the forecast period
(2024-2031).
The rapid adoption of smart manufacturing practices in multiple
industries and growing demand for automation have set the tone for
industrial internet of things (IIoT) market growth. IIoT devices
and solutions are specifically designed to enhance industrial
operations and promote operational efficiency and productivity as
well. Advancements in IoT and IoT connectivity technologies are
also slated to create new business scope for industrial internet of
things (IIoT) companies in the future. The global industrial
internet of things (IIoT) market is segmented into component,
technology, connectivity technology, software, vertical, and
region.
Download a detailed overview:
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Industrial Internet of Things (IIoT) Market
Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 109.86
billion
|
Estimated Value by
2031
|
$ 191.6
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 7.2%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Component, Technology,
Connectivity Technology, Software and Vertical
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Development of novel
blockchain AI solutions that give benefits of both technologies
involved
|
Key Market
Opportunities
|
Adoption of Smart
Initiatives
|
Key Market
Drivers
|
Implementation of
IPV6
|
Segments covered in Industrial Internet of Things
(IIoT) Market are as follows:
- Component
- Hardware, Platform, Solution, and Services
- Technology
- Sensor, Radio Frequency Identification (RFID), Industrial
Robotics, Distributed Control System and Other
- Connectivity Technology
- Wired Technology and Wireless Technology
- Software
- Visualization Software, SCADA, Distribution Management System,
Farm Management Systems and Other
- Vertical
- Manufacturing, Energy, Oil & Gas, HealthCare, Retail,
Transportation, Metal & Mining, Agriculture
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Hardware Components Slated to Bring in Most Revenue Owing to
Development of IIoT Infrastructure
Industrial internet of things (IIoT) requires specialized
connected devices made from dedicated sensors and controllers.
Growing investments in the development of new IIoT infrastructure
are projected to bolster the demand for hardware components and
allow this segment to lead the market in terms of revenue
generation. Advancements in connectivity technologies are also
predicted to bolster the demand for novel IIoT hardware components
across the forecast period and beyond.
Meanwhile, industrial internet of things (IIoT) companies can
also invest in the development of novel platforms and services to
strengthen their business potential. The need for IIoT platforms
and services will only get stronger by the day as the adoption of
IoT technology in industrial settings increases.
Manufacturing to Take the Crown for Industrial Internet of
Things (IIoT) Sales Owing to the Rise of Smart Factories
The manufacturing industry vertical is estimated to take center
stage when it comes to industrial internet of things (IIoT)
adoption. High demand for better productivity and operational
efficiency in manufacturing facilities is estimated to make this
segment a highly lucrative one. From remote monitoring to
predictive maintenance, all of these features can only be added to
a manufacturing facility through the use of industrial internet of
things (IIoT). Energy and oil & gas industry verticals are also
forecasted to provide moneymaking opportunities for industrial
internet of things (IIoT) companies in the future as digitization
increases in them. Apart from these industry verticals, industrial
internet of things (IIoT) providers can also explore retail,
healthcare, agriculture, and transportation industry verticals to
maximize their business scope and boost revenue generation going
forward.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/industrial-internet-of-things-iiot-market
Wireless Connectivity to Gain Prominence with the Advent of
5G Technology
Advancements in technology have created novel wireless
technologies used for connected devices. The need for the
elimination of wires is projected to drive the demand for wireless
connectivity in industrial internet of things (IIoT) devices. 5G is
the key wireless connectivity technology that is projected to help
the wireless segment become the most rewarding for market players
over the coming years.
Industrial internet of things providers will need to choose
their strategies carefully if they want to succeed in this
business. Industrial internet of things (IIoT) companies can get
good returns on their investments if they target the manufacturing
industry as the trend of automation catches up. Developing new IIoT
hardware devices and components will also help industrial internet
of things (IIoT) companies expand their business potential on a
global level.
Related Reports:
Internet Of Things (IoT) Market
IoT Security Market
Narrowband-IoT (NB-IoT) Market
Consumer IoT Market
Internet of Things (IoT) in Smart Cities Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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SOURCE SkyQuest Technology