Global Industrial IOT Market Size to Grow at a CAGR of 6.78% in the Forecast Period of 2022-2027

The 'Global Industrial IOT Market Size, Report and Forecast 2022-2027' by Expert Market Research gives an extensive outlook of the global industrial IOT market, assessing the market on the basis of its segments like components, end users, and major regions.

Industrial IOT Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast

Get a Free Sample Report with Table of Contents - https://www.expertmarketresearch.com/reports/industrial-iot-market/requestsample

The key highlights of the report include:

Market Overview (2017-2027)

• Historical Market Size (2021): USD 76.4 billion
• Forecast CAGR (2022-2027): 6.78%
• Forecast Market Size (2027): USD 113.3 billion

Rapid expansion and digitalisation across the healthcare sector is propelling the demand for industrial IOT (Internet of Things). IOT is extremely efficient which reduces the chances of medical errors, and makes manual data entry redundant. In emergency cases, industrial IOT monitors patients and saves time. In addition, IOT boost the accessibility of healthcare services. Hence, the increasing hospitalisation rates and rising healthcare expenditure across the emerging economies is leading to an augmented industrial IOT market growth.

Over the forecast period, the anticipated increase in adoption of industrial IOT in the manufacturing sector is likely add to the market growth. Industrial IOT is a part of industry 4.0 which is has a low requirement for maintenance and can bolster operational efficiencies in extremely demanding environments. Moreover, the ability of industrial IOT to streamline manufacturing functions is further increasing the reliability of software-defined production processes.

Furthermore, the market is anticipated to be aided by the thriving energy and utility sector, owing to the increasing emphasis on boosting operational capabilities, which are expanding the opportunities for the industrial IOT market.

Industrial IOT Industry Definition and Major Segments

Industrial IOT refers to the technology under which Internet of Things is utilised to carry out industrial operations. Under industrial IOT, large machines and electronic devices are synchronised via software, leading to efficient machine to machine (M2M) communication. IOT solutions in various sectors enable stable automation which boost overall productivity.

Read Full Report with Table of Contents - https://www.expertmarketresearch.com/reports/industrial-iot-market

Based on component, the market can be segmented into:

• Hardware
• Software
• Services
• Connectivity

On the basis of end user, the market has been classified into:

• Manufacturing
• Energy and Utilities
• Automotive and Transportation
• Healthcare
• Others

On the basis of region, the market can be categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Industrial IOT Market Trends

The key trends in the global industrial IOT market include technological advancements across various end users of industrial IOT such as automotive and transportation. The increasing awareness pertaining to the superior operational efficiency of industrial IOT is further encouraging the adoption of industrial IOT across various other sectors such as agriculture, and building and construction, among others. Additionally, the increasing demand for smart sensors to attain remote access is further expanding the scope of usage of various industrial IOT products.

Penetration of artificial intelligence, machine learning, and big data analytics in industrial IOT is another crucial driving trend in the industrial IOT market. The emergence of industrial robots is likely to lead to the generation of high revenue in the market, marking another key trend. The upgradation of cloud-based software is further boosting the reliability of industrial IOT.

Key Market Players

The major players in the Global Industrial IOT Market are :

Honeywell International Inc.
ABB Limited
Cisco Systems Inc.
IBM Corporation
Siemens AG
Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.

Media Contact:

Company Name: Claight Corporation
Contact Person: Shira Ellis, Corporate Sales Specialist - U.S.A.
Email: sales@expertmarketresearch.com
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: www.expertmarketresearch.com
LinkedIn:- https://www.linkedin.com/company/expert-market-research

About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients' requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

This release was published on openPR.