Industrial Internet of Things Market Growth to USD 1930.39 Billion by 2031 Accelerated by Industrial Automation and Data Management Solutions

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) presents numerous benefits, including improved operational efficiency, minimized downtime through predictive maintenance, enhanced safety protocols, energy savings, and the ability to make data-driven decisions in real time.

IIoT refers to the integration of Internet of Things (IoT) technology within the manufacturing and industrial sectors, combining operational technology (OT) with information technology (IT) to optimize performance. Several factors are driving the expected growth of the IIoT market. The increasing availability of affordable processors and sensors, which enable real-time data access, along with continuous technological advancements, is fueling market expansion. This progress facilitates better collaboration among industry stakeholders and enhances operational efficiency across diverse sectors, further accelerating the development 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 Industrial Internet of Things (IIoT) market is experiencing significant growth, driven by several key factors. Rapid industrialization and urbanization, coupled with a growing global population, are creating heightened demand for connected devices. Additionally, the widespread adoption of the Internet of Things (IoT) across various sectors, including retail, infrastructure, oil and gas, and transportation, is further fueling market expansion. The industrial sector, in particular, is increasingly leveraging AI and IoT technologies to enhance quality control, implement early warning systems, enable predictive maintenance, and optimize operations. Furthermore, ongoing advancements in semiconductor manufacturing and electronic devices are making a substantial contribution to the growth of the market.

Challenges:
The integration of IoT solutions within the industrial sector requires careful planning, time, and the implementation of a well-structured automation strategy. Additionally, the need for precise operational visualization extends the adoption period for end-users and necessitates comprehensive staff training in both procedures and maintenance, which can hinder market growth. Moreover, the requirement for adaptable security frameworks across sectors such as healthcare, education, and housing-regardless of an individual's employment status-presents an additional challenge. The constant pace of technological advancements also demands ongoing workforce training and adaptation, which could impede the market's expansion.

Regional Trends:
North America is expected to capture a significant share of the Industrial Internet of Things (IIoT) market, with projections indicating a strong compound annual growth rate (CAGR) in the coming years. This growth is primarily driven by the region's early adoption and extensive implementation of IIoT technologies. The increasing deployment of industrial IoT devices, supported by robust government initiatives aimed at advancing digitalization within the industrial sector, is anticipated to further stimulate market expansion. In the Asia-Pacific region, the market also holds considerable potential, driven by rising demand for advanced factory automation systems in countries such as China and Japan. Notably, South Korea is witnessing rapid growth in the IIoT sector, propelled by the rise of smart factory trends and advancements in technologies such as 5G and Industry 4.0.

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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

View Overview Report: https://www.insightaceanalytic.com/report/industrial-internet-of-things-market/2370

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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.