Soaring Demand Set to Propel Industrial Internet Of Things (IIoT) Market to $471.93 Billion by 2029

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What Will the Industrial Internet Of Things (IIoT) Industry Market Size Be by 2025?
The market size of the industrial internet of things (iiot) has seen swift expansion lately. It is projected to rise from $243.12 billion in 2024 to $277.35 billion in 2025, indicating a compound annual growth rate (CAGR) of 14.1%. Factors such as increased automation in manufacturing, the surge in wireless communication, the expansion of cloud computing, a need for predictive maintenance, and integration with business systems are responsible for the historical growth.

What's the Long-Term Growth Forecast for the Industrial Internet Of Things (IIoT) Market Size Through 2029?
Predictions indicate a swift expansion of the industrial internet of things (iiot) market in the coming years, slated to reach $471.93 billion in 2029 with a compound annual growth rate (CAGR) of 14.2%. Factors propelling this projected growth include heightened investment in cybersecurity, the need for real-time data monitoring, blockchain integration, an emphasis on energy efficiency, the creation of interoperable platforms, and a surge in smart factory initiatives. Future trends influencing this period are expected to be the adoption of artificial intelligence and machine learning, growth in edge artificial intelligence, the incorporation of digital twins, the evolution of low-power wide-area networks, and breakthroughs in industrial robotics.

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What Are the Key Growth Drivers Fueling the Industrial Internet Of Things (IIoT) Market Expansion?
The growth of the industrial internet of things (IIoT) market is anticipated to be driven by the rising adoption of automation. Automation, which involves the utilization of technology for tasks requiring minimal human intervention, includes the use of control systems, software, and machinery to increase efficiency, accuracy, and consistency in operating equipment, processes, or systems. Businesses are increasingly adopting automation as it aids in time-saving and operational cost reduction by decreasing manual efforts. By allowing real-time data collection and analysis to optimize operations and reduce downtime, the industrial internet of things (IIoT) is beneficial to industries. It improves efficiency, predictive maintenance, and decision-making via connected devices and automation. For instance, the International Federation of Robotics, a non-governmental organization based in Germany, reported in April 2024, a 12% increase from the previous year, with 44,303 industrial robot installations in 2023. Thus, the rising adoption of automation is fuelling the expansion of the industrial internet of things (IIoT) market.

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What Are the Key Trends Driving Industrial Internet Of Things (IIoT) Market Growth?
Leading firms in the industrial Internet of Things (IoT) market are prioritizing the development of ground-breaking solutions like cellular IoT connectivity platforms to refine and amplifying IoT implementations for industry-based usage. This platform breeds a system capable of facilitating IoT devices to link and interact over cellular networks and govern data transmission, surveillance, and device control via 4G LTE and 5G technologies. Demonstration of this was when Telefonaktiebolaget LM Ericsson, a telecom and networking company from Sweden, unveiled IoT Accelerator Connect in February 2022. By simplifying the connection of IoT devices to various cellular networks, this platform aids businesses to implement IoT solutions in a highly effective manner. It encourages rapid device integration, reduced time to market, and enhanced scalability with cloud and eSIM connectivity. The platform's ability to decrease complexity results in a more straightforward approach to IoT services, fuelling innovation and industrial growth.

How Is the Industrial Internet Of Things (IIoT) Market Segmented?
The industrial internet of things (iiot)market covered in this report is segmented -

1) By Component: Hardware, Software, Services
2) By Deployment: On-Cloud, On-Premises, Hybrid
3) By Connectivity: Wired, Wireless
4) By End-User: Information Technology And Telecommunication, Manufacturing, Healthcare, Retail, Oil And Gas, Energy And Power, Automotive, Other End-Users

Subsegments:
1) By Hardware: Sensors, Actuators, Embedded Systems, Communication and Network Devices, Industrial Personal Computers, Cameras
2) By Solution: Network and Connectivity Solutions, Data Management and Analytics, Remote Monitoring Solutions, Industrial Automation Solutions, Security Solutions, Predictive Maintenance Solutions, Asset Management Solutions
3) By Service: Consulting Services, System Integration Services, Managed Services, Support and Maintenance Services

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Which Companies Are Leading the Charge in Industrial Internet Of Things (IIoT) Market Innovation?
Major companies operating in the industrial internet of things (IIoT) market are Samsung Electronics Co. Ltd., Microsoft Corporation, Amazon Web Services Inc., Bosch Global Software Technologies GmbH, Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, Lenovo Group Limited, Intel Corporation, accenture* plc, International Business Machines Corporation, Panasonic Holdings Corporation, Cisco Systems Inc., Oracle Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., SAP SE, Johnson Controls International plc, Alibaba Cloud, Toshiba Corporation, ARM Holdings.

Which Regions Are Leading the Global Industrial Internet Of Things (IIoT) Market in Revenue?
North America was the largest region in the industrial internet of things (IIoT) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial internet of things (IIoT) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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