Industrial Internet of Things Market: Expand at a jaw-dropping 23.7% CAGR between 2017 and 2025

Despite a fragmented and competitive vendor landscape of the global industrial internet of things (IIoT) market, a handful of companies such as General Electric Company and IBM Corporation have established themselves as leaders herein, says a new publication by Transparency Market Research (TMR). The focus of leading companies, in order to maintain their foothold, is to leverage innovative technologies to provide IIoT solutions. These players are also considering carefully crafted partnerships and acquisitions to expand their service offerings and to expand their geographical outreach.

Some other key participants in the global IIoT market include Intel Corporation, Schneider Electric SE, Emerson Electric, ABB Ltd., and Accenture plc.

Get Sample Brochure at:
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=11498

A report by TMR forecasts the global industrial internet of things market to expand at a jaw-dropping 23.7% CAGR between 2017 and 2025, for the market to become worth US$783,881.1 mn by 2025.

High Adoption by Industries to Catapult Software Component Segment

On the basis of component, hardware, software, and service are the segments of IIoT market. Of them, the software segment, which can be further segmented into IoT platform, embedded software, and analytics, is expected to display the leading growth rate over the forecast period. This is because of rising trend of adoption of software by large industries with the objective to improve their existing infrastructure so as to employ IIoT in their processes.

Get Sample PDF
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=11498

Manufacturing end-use segment is expected to account for the leading share of close to 35% of the global IIoT market over the forecast period. However, healthcare is expected to lead vis-à-vis growth rate over the forecast period on account of several advantages such as improved diagnosis and improved healthcare services. North America is presently the leading market for IIoT followed by Europe and Asia Pacific.

Reduction of Machine Downtime and Improved Productivity Boosts Growth

The key factors driving the global industrial internet of things market include technological developments, rising adoption of smart, connected devices, and increased demand for these devices from emerging markets. The expanding applications of smart, connected devices across industries in order to improve process efficiency is leading to a surging demand for connected devices, particularly in Europe and Asia Pacific.

Get TOC of This Report:
https://www.transparencymarketresearch.com/report-toc/11498

“The deployment of industrial internet of things is revolutionizing manufacturing processes,” says the author of the report. IIoT helps to improve operational efficiency by means of harnessing data and communicating with the data collected from smart machines. The collected data is further used to plan timely maintenance leading to considerable cutting in equipment downtime, which indirectly translates into business revenue. Due to the tangible benefits of IIoT, a large of companies are assessing their current data systems and opting for big data analytics to transform their business processes.

Furthermore, increased investments in technology by industries to improve operational efficiency and asset performance is expected to work in favor of the global industrial internet of things market.

Transparency Market Research is into analytics, research, and advisory services for Fortune 500 companies, scores of high potential startups, and financial institutions. Our success stories have proven why we are a preeminent provider of cutting-edge syndicated and customized research services. Leverage the best of our seasoned research analysts who hold a keen interest and enviable expertise of almost 4 million hours in global, regional, and local market intelligence.

Unit No.701, 7th Floor, NSG IT Park,
Aundh, Pune - 411007 India

This release was published on openPR.