Industrial Internet of Things Market to Clock Maximum Growth Rate until 2025

Despite a fragmented and competitive vendor landscape of the global industrial internet of things (IIoT) market, a handful of companies such as General Electric Company and IBM Corporation have established themselves as leaders herein, says a new publication by Transparency Market Research (TMR).

The focus of leading companies, in order to maintain their foothold, is to leverage innovative technologies to provide IIoT solutions. These players are also considering carefully crafted partnerships and acquisitions to expand their service offerings and to expand their geographical outreach.

Some other key participants in the global IIoT market include Intel Corporation, Schneider Electric SE, Emerson Electric, ABB Ltd., and Accenture plc.

Obtain Report Details:
https://www.transparencymarketresearch.com/industrial-internet-of-things-iiot-market.html

A report by TMR forecasts the global industrial internet of things market to expand at a jaw-dropping 23.7% CAGR between 2017 and 2025, for the market to become worth US$783,881.1 mn by 2025.

On the basis of component, hardware, software, and service are the segments of IIoT market. Of them, the software segment, which can be further segmented into IoT platform, embedded software, and analytics, is expected to display the leading growth rate over the forecast period.

This is because of rising trend of adoption of software by large industries with the objective to improve their existing infrastructure so as to employ IIoT in their processes.

Manufacturing end-use segment is expected to account for the leading share of close to 35% of the global IIoT market over the forecast period. However, healthcare is expected to lead vis-à-vis growth rate over the forecast period on account of several advantages such as improved diagnosis and improved healthcare services. North America is presently the leading market for IIoT followed by Europe and Asia Pacific.

The key factors driving the global industrial internet of things market include technological developments, rising adoption of smart, connected devices, and increased demand for these devices from emerging markets.

Make Enquiry @
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=11498

The expanding applications of smart, connected devices across industries in order to improve process efficiency is leading to a surging demand for connected devices, particularly in Europe and Asia Pacific.

“The deployment of industrial internet of things is revolutionizing manufacturing processes,” says the author of the report. IIoT helps to improve operational efficiency by means of harnessing data and communicating with the data collected from smart machines.

The collected data is further used to plan timely maintenance leading to considerable cutting in equipment downtime, which indirectly translates into business revenue.

Due to the tangible benefits of IIoT, a large of companies are assessing their current data systems and opting for big data analytics to transform their business processes.

Furthermore, increased investments in technology by industries to improve operational efficiency and asset performance is expected to work in favor of the global industrial internet of things market.

One drawback of IIoT is interoperability glitches between machines and connected devices that have different architecture and protocols. Nevertheless, data collected by means of IIoT can be useful in terms of generating savings and increasing productivity.

Get TOC @ https://www.transparencymarketresearch.com/report-toc/11498

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email:sales@transparencymarketresearch.com
Website:http://www.transparencymarketresearch.com

This release was published on openPR.