Industrial Internet of Things (IIoT) Market Booms Amid Growing Demand for Smart Factories

Industrial Internet of Things (IIoT) Market Size

Industrial IoT Takes Center Stage in Global Digital Transformation

WILMINGTON, DE, UNITED STATES, December 10, 2024 /EINPresswire.com/ — North America holds the largest share of the global IIoT market. Deployment of advanced IoT technologies such as Industry 4.0, virtual reality & augmented reality, and artificial intelligence, introduction to cloud–based services, change management, and predictive maintenance and visibility are expected to boost the IIoT market in North America. Allied Market Research, titled, Global Industrial Internet of Things (IIoT) Market by Component and Application: Opportunity Analysis and Industry Forecast, 2017-2023, the IIoT market size was valued at $115 billion in 2016 and is projected to reach $197 billion by 2023, growing at a CAGR of 7.5% from 2017 to 2023.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/4553

IIoT is a network of multiple devices connected through communications technologies. The sub-systems can collect, monitor, analyze, and deliver insights for driving business decisions for industrial companies. IIoT is an integration of advanced technologies such as Machine-to-Machine (M2M) communication
In 2016, the hardware components dominated the IIoT market in revenue. Further, based on application, the manufacturing application led the market with a 35% share in 2016.

𝐓𝐨𝐩 𝐈𝐦𝐩𝐚𝐜𝐭𝐢𝐧𝐠 𝐅𝐚𝐜𝐭𝐨𝐫𝐬

𝐋𝐨𝐰 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐜𝐨𝐬𝐭
Smart and connected products are critical components in the connected supply chain and smart manufacturing processes. Further, the advent of low-cost connected devices has enabled manufacturers to adopt IoT technologies to lower resource consumption and increase overall productivity. Moreover, due to low operational costs, several manufacturers prefer to implement IoT applications in machines to maximize efficiency with reduced cost.

𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐭𝐡𝐞 𝐚𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐚 𝐜𝐥𝐨𝐮𝐝-𝐛𝐚𝐬𝐞𝐝 𝐝𝐞𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐦𝐨𝐝𝐞𝐥
Demand for low-cost data storage, backup, and data protection are major opportunities for small & medium enterprises (SMEs). Implementation of cloud helps enterprises to provide better IoT services to various industry verticals.

𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐭𝐡𝐞 𝐚𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐭𝐞𝐫𝐧𝐞𝐭 𝐨𝐟 𝐓𝐡𝐢𝐧𝐠𝐬
Advancements in technologies have helped key players to offer enhanced IIoT offerings to their end users. Integration of smart sensors into industrial machines has encouraged manufacturers to reduce operational costs by 50%, and this is expected to decrease further during the forecast period. Further, virtual and augmented reality offers end users a 360-degree of an object before manufacturing it in real.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/4553

𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐭𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐚𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬
Advancements in technologies have helped key players to offer enhanced IIoT offerings to their end users. Integration of smart sensors into industrial machines has encouraged manufacturers to reduce operational costs by 50%, and this is expected to decrease further during the forecast period. Further, virtual and augmented reality offers end users a 360-degree of an object before manufacturing it in real.

𝐈𝐧𝐚𝐝𝐞𝐪𝐮𝐚𝐭𝐞 𝐈𝐓 𝐢𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞
Poor internet architecture and lack of skilled laborers majorly limit the growth of the IoT in the manufacturing market. Many of the developing countries lack basic IT infrastructure, which is a prerequisite for reliable connectivity. Further, power supply systems have to be stable and reliable to ensure high-quality exchange of data between sensors and control systems. Therefore, poor internet connectivity in countries such as Africa, Malaysia, Chile, and Brazil is expected to hinder the industrial Internet of Things market growth in the coming years.

𝐒𝐮𝐫𝐠𝐞 𝐢𝐧 𝐩𝐫𝐞𝐝𝐢𝐜𝐭𝐢𝐯𝐞 𝐦𝐚𝐢𝐧𝐭𝐞𝐧𝐚𝐧𝐜𝐞
Predictive maintenance techniques are designed to determine the condition of in-service equipment to predict when maintenance is required. The application of predictive maintenance is based on the actual condition of the equipment rather than time or age factors. The rise in the adoption of predictive maintenance has encouraged key players to install such techniques into their existing machines.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐭𝐞𝐫𝐧𝐞𝐭 𝐨𝐟 𝐓𝐡𝐢𝐧𝐠𝐬 (𝐈𝐈𝐨𝐓) 𝐌𝐚𝐫𝐤𝐞𝐭:

– Hardware components are projected to maintain their leading position during the forecast period.
– Manufacturing application is projected to continue to maintain its leading position till 2023.
– Asia-Pacific is expected to exhibit a promising growth rate during the forecast period.
– IIoT industry participants are anticipated to focus on introducing new products with innovations and partnerships to improve their market share.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/4553

The key players profiled in the report include 𝑪𝒊𝒔𝒄𝒐 𝑺𝒚𝒔𝒕𝒆𝒎𝒔, 𝑰𝒏𝒄., 𝑮𝒆𝒏𝒆𝒓𝒂𝒍 𝑬𝒍𝒆𝒄𝒕𝒓𝒊𝒄, 𝑰𝒏𝒕𝒆𝒍 𝑪𝒐𝒓𝒑𝒐𝒓𝒂𝒕𝒊𝒐𝒏, 𝑹𝒐𝒄𝒌𝒘𝒆𝒍𝒍 𝑨𝒖𝒕𝒐𝒎𝒂𝒕𝒊𝒐𝒏, 𝑰𝒏𝒄., 𝑨𝑩𝑩, 𝑻𝒆𝒙𝒂𝒔 𝑰𝒏𝒔𝒕𝒓𝒖𝒎𝒆𝒏𝒕𝒔 𝑰𝒏𝒄., 𝑫𝒂𝒔𝒔𝒂𝒖𝒍𝒕 𝑺𝒚𝒔𝒕𝒆𝒎𝒔, 𝑯𝒐𝒏𝒆𝒚𝒘𝒆𝒍𝒍 𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑰𝒏𝒄., 𝑯𝒖𝒂𝒘𝒆𝒊 𝑻𝒆𝒄𝒉𝒏𝒐𝒍𝒐𝒈𝒚 𝑪𝒐., 𝑳𝒕𝒅., 𝒂𝒏𝒅 𝑰𝒏𝒕𝒆𝒓𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝑴𝒂𝒄𝒉𝒊𝒏𝒆𝒔 𝑪𝒐𝒓𝒑𝒐𝒓𝒂𝒕𝒊𝒐𝒏 (𝑰𝑩𝑴). These market players focus on developing new technology, launching novel products with innovative variations, and adopting partnership and collaboration as key strategies to establish their position in the market.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Market Research
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