Industrial Internet of Things Market to Reach USD 1.93 Trillion by 2031 Fueled by Smart Factory Trends

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 significant advantages, including enhanced operational efficiency, reduced downtime through predictive maintenance, strengthened safety measures, energy conservation, and the capability to support real-time, data-driven decision-making.

IIoT encompasses the application of Internet of Things (IoT) technologies within manufacturing and industrial environments, integrating operational technology (OT) with information technology (IT) to optimize overall performance. The growth of the IIoT market is being propelled by multiple factors, notably the increasing accessibility of cost-effective processors and sensors that facilitate real-time data monitoring, alongside ongoing technological innovations. These developments promote improved collaboration among industry participants and drive efficiency improvements across various sectors, thereby accelerating the expansion 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 witnessing robust growth, propelled by several critical factors. Accelerated industrialization and urbanization, along with a rising global population, are driving increased demand for connected devices. Furthermore, the widespread adoption of IoT technologies across diverse sectors-including retail, infrastructure, oil and gas, and transportation-is significantly contributing to market expansion. The industrial sector, in particular, is increasingly deploying AI and IoT solutions to improve quality control, implement early warning mechanisms, facilitate predictive maintenance, and optimize operational efficiency. Continuous advancements in semiconductor manufacturing and electronic components also play a vital role in fueling market growth.

Challenges:
The successful integration of IoT solutions within industrial settings requires meticulous planning, extended implementation timelines, and a comprehensive automation strategy. Additionally, the demand for precise operational visualization prolongs adoption periods and necessitates extensive workforce training in both operational procedures and system maintenance, which may constrain market progress. The imperative for flexible and robust security frameworks across various sectors-including healthcare, education, and residential-regardless of employment status, poses an added challenge. Moreover, the rapid pace of technological evolution mandates ongoing workforce upskilling and adaptability, potentially hindering broader market expansion.

Regional Trends:
North America is poised to maintain a significant share of the IIoT market, with forecasts indicating a strong compound annual growth rate (CAGR) in the near future. This trajectory is supported by the region's early adoption and widespread implementation of IIoT technologies, alongside government initiatives promoting industrial digitalization. Meanwhile, the Asia-Pacific region presents substantial growth opportunities, driven by increasing demand for advanced factory automation systems in countries such as China and Japan. South Korea, in particular, is experiencing rapid market growth, fueled by smart factory initiatives and technological advancements, including the deployment of 5G networks and the progression of Industry 4.0 standards.

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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.