Industrial Internet of Things Market Key Players Analysis - General Electric Company (GE), Honeywell International Inc., Intel Corporation, Atmel Corporation.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Industrial Internet of Things Market - (By Component (Hardware, Solution (Remote Monitoring, Data Management, Analytics, Security Solutions, Others), Services (Professional, Managed), Platform (Connectivity Management, Application Management, Device Management)), By End-use (Aviation, Metal & Mining, Chemical, Manufacturing, Energy & Power, Smart Grids, Oil & Gas, Healthcare, Logistics & Transport, Agriculture, Retail, Others), By Software, By Connectivity Technology, By Device and Technology), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Industrial Internet of Things Market is valued at US$ 388.57 Bn in 2023, and it is expected to reach US$ 1,930.39 Bn by 2031, with a CAGR of 22.40% during the forecast period of 2024-2031.

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The Industrial Internet of Things (IIoT) offers several advantages, including enhanced operational efficiency, reduced downtime through predictive maintenance, improved safety protocols, energy savings, and the ability to make informed decisions based on real-time data.

The Industrial Internet of Things (IIoT) refers to the expansion of Internet of Things (IoT) technology into manufacturing and industrial sectors, involving the advanced integration of operational technology (OT) with information technology (IT). Several key factors are contributing to the anticipated growth of the IIoT market. The increasing availability of cost-effective processors and sensors that enable real-time data access, combined with ongoing technological advancements, is driving market expansion. This fosters improved collaboration among key industry stakeholders and enhances operational efficiency across various sectors, further accelerating the growth of the IIoT market.

List of Prominent Players in the Industrial Internet of Things Market:
• ABB Ltd.
• ARM Holding Plc
• Cisco Systems, Inc.
• International Business Machines (IBM) Corporation
• Rockwell Automation, Inc.
• General Electric Company (GE)
• Honeywell International Inc.
• Intel Corporation
• Atmel Corporation
• Microsoft Corporation
• Schneider Electric SE
• Siemens AG
• Robert Bosch GmbH
• NEC Corporation
• Kuka AG
• Huawei Technology Co., Ltd.
• Dassault Systèmes
• Texas Instruments Inc.
• Tech Mahindra Limited
• Other Market Players

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Market Dynamics
Drivers:
The market is experiencing substantial growth driven by several key factors. Rapid industrialization and urbanization, coupled with a growing global population, are significantly increasing the demand for connected devices. Additionally, the widespread adoption of the Internet of Things (IoT) across various industries, including retail, infrastructure, oil and gas, and transportation, is further propelling market expansion. The industrial sector is increasingly integrating AI and IoT technologies to enhance quality control, implement early warning systems, enable predictive maintenance, and optimize processes. Moreover, ongoing advancements in semiconductor manufacturing and electronic devices are contributing significantly to the market's growth.

Challenges:
The adoption of IoT solutions within the industrial sector requires time and a well-executed automation strategy, as well as precise operational visualization. Consequently, this lengthens the acceptance period among end-users and necessitates extensive staff training in procedures and maintenance, thereby limiting market growth. Furthermore, the need for flexible security frameworks in sectors such as healthcare, education, and housing, irrespective of an individual's employment status, presents an additional challenge. Continuous technological advancements also require ongoing workforce training and adaptation, which may impede market expansion.

Regional Trends:
North America is anticipated to hold a significant share of the Industrial Internet of Things (IIoT) market and is projected to grow at a high compound annual growth rate (CAGR) in the coming years. This is primarily due to the early adoption and extensive implementation of IIoT technologies in the region. Additionally, increased deployment of industrial IoT devices, supported by strong government initiatives to drive digitalization within the industrial sector, is expected to further stimulate market growth. Meanwhile, the Asia-Pacific region also holds a substantial market share, driven by increasing demand for advanced factory automation systems in key markets such as China and Japan. South Korea, in particular, is experiencing rapid growth in the IIoT sector, fueled by the rise of smart factory trends and technological advancements, including 5G and Industry 4.0 initiatives.

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Recent Developments:
• In June 2023, ABB and China Telecom established a collaborative laboratory in Hangzhou, China, focused on digitalization and industrial Internet of Things (IoT) technologies. The partnership between ABB Measurement & Analytics China Technology Center and China Telecom's Internet of Things subsidiary, E Surfing IoT, aimed at creating comprehensive industrial IoT solutions for Chinese industrial companies.
• In June 2023, The partnership between PTC and Rockwell Automation was expanded to include the implementation of augmented reality (AR) and Internet of Things (IoT) software by the manufacturing sector. Rockwell Automation maintained its reselling of Vuforia® augmented reality (AR) and PTC's ThingWorx® IoT software, which included the Digital Performance Management (DPM)TM manufacturing solution, to both new and existing clients in the process and discrete manufacturing industries.

Segmentation of Industrial Internet of Things Market-
By Component-
• Hardware
• Solution
o Remote Monitoring
o Data Management
o Analytics
o Security Solutions
o Others
• Services
o Professional
o Managed
• Platform
o Connectivity Management
o Application Management
o Device Management
By End-use-
• Aviation
• Metal & Mining
• Chemical
• Manufacturing
• Energy & Power
• Smart Grids
• Oil & Gas
• Healthcare
• Logistics & Transport
o Intelligent Signaling System
o Video Analytics
o Incident Detection System
o Route Scheduling Guidance System
• Agriculture
o Precision Farming
o Livestock Monitoring
o Smart Greenhouses
o Fish Farming
• Retail
o Point of Sales
o Interactive Kiosks
o Self-Checkout Systems
o Others
• Others
By Software-
• Product Lifecycle Management
• Manufacturing Execution Systems
• SCADA
• Outage Management Systems
• Distribution Management Systems
• Remote Patent Monitoring
• Retail Management Software
• Visualization Software
• Transit Management Systems
• Farm Management Systems
By Connectivity Technology-
• Wired Technology
o Ethernet
 Modbus
 Profinet
 CC-Link
o Foundation Fieldbus
• Wireless Technology
o Wi-Fi
o Bluetooth
o Cellular Technologies
 4G/LTE
 5G
o Satellite Technologies
By Device and Technology-
• Sensors
• Radio Frequency Identification (RFID)
• Industrial Robotics
• Distributed Control Systems
• Condition Monitoring
• Smart Meters
• Electronic Shelf Labels
• Cameras
• Smart Beacons
• Interface Boards
• Yield Monitors
• Guidance & Steering
• GPS/GNSS
• Flow & Application Control Devices
• Networking Technology
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.