Industrial Internet of Things (IIoT) Market: Current Insight with Future Aspect Analysis
Industrial Internet of Things (IIoT) Market to Reach $197 Billion, Globally, by 2023
WILMINGTON, DELAWARE, UNITED STATES, August 22, 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 cloudรขโฌโbased services, change management, and predictive maintenance and visibility are expected to boost the IIoT market in North America.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐: https://www.alliedmarketresearch.com/request-sample/4553
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.
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 terms of revenue. Further, based on application, the manufacturing application led the market with a 35% share in 2016.
๐๐จ๐ฉ ๐๐ฆ๐ฉ๐๐๐ญ๐ข๐ง๐ ๐ ๐๐๐ญ๐จ๐ซ๐ฌ
๐๐จ๐ฐ ๐จ๐ฉ๐๐ซ๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐จ๐ฌ๐ญ
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.
๐๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐ญ๐ก๐ ๐๐๐จ๐ฉ๐ญ๐ข๐จ๐ง ๐จ๐ ๐ ๐๐ฅ๐จ๐ฎ๐-๐๐๐ฌ๐๐ ๐๐๐ฉ๐ฅ๐จ๐ฒ๐ฆ๐๐ง๐ญ ๐ฆ๐จ๐๐๐ฅ
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.
๐๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐ญ๐ก๐ ๐๐๐จ๐ฉ๐ญ๐ข๐จ๐ง ๐จ๐ ๐ญ๐ก๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐๐ง๐ญ๐๐ซ๐ง๐๐ญ ๐จ๐ ๐๐ก๐ข๐ง๐ ๐ฌ
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.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎโ๐ซ๐ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-for-customization/4553
๐๐ง๐๐ซ๐๐๐ฌ๐ ๐ข๐ง ๐ญ๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐๐๐ฅ ๐๐๐ฏ๐๐ง๐๐๐ฆ๐๐ง๐ญ๐ฌ
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.
๐๐ง๐๐๐๐ช๐ฎ๐๐ญ๐ ๐๐ ๐ข๐ง๐๐ซ๐๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ฎ๐ซ๐
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.
๐๐ฎ๐ซ๐ ๐ ๐ข๐ง ๐ฉ๐ซ๐๐๐ข๐๐ญ๐ข๐ฏ๐ ๐ฆ๐๐ข๐ง๐ญ๐๐ง๐๐ง๐๐
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.
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐๐ง๐ญ๐๐ซ๐ง๐๐ญ ๐จ๐ ๐๐ก๐ข๐ง๐ ๐ฌ (๐๐๐จ๐) ๐๐๐ซ๐ค๐๐ญ:
- Hardware components are projected to continue 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.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/4553
The key players profiled in the report include ๐ช๐๐๐๐ ๐บ๐๐๐๐๐๐, ๐ฐ๐๐., ๐ฎ๐๐๐๐๐๐ ๐ฌ๐๐๐๐๐๐๐, ๐ฐ๐๐๐๐ ๐ช๐๐๐๐๐๐๐๐๐๐, ๐น๐๐๐๐๐๐๐ ๐จ๐๐๐๐๐๐๐๐๐, ๐ฐ๐๐., ๐จ๐ฉ๐ฉ, ๐ป๐๐๐๐ ๐ฐ๐๐๐๐๐๐๐๐๐๐ ๐ฐ๐๐., ๐ซ๐๐๐๐๐๐๐ ๐บ๐๐๐๐๐๐, ๐ฏ๐๐๐๐๐๐๐๐ ๐ฐ๐๐๐๐๐๐๐๐๐๐๐๐ ๐ฐ๐๐., ๐ฏ๐๐๐๐๐ ๐ป๐๐๐๐๐๐๐๐๐ ๐ช๐., ๐ณ๐๐ ., ๐๐๐ ๐ฐ๐๐๐๐๐๐๐๐๐๐๐๐ ๐ฉ๐๐๐๐๐๐๐ ๐ด๐๐๐๐๐๐๐ ๐ช๐๐๐๐๐๐๐๐๐๐ (๐ฐ๐ฉ๐ด). These market players focus on the development of new technology, the launch of novel products with innovative variations, and the adoption of partnership and collaboration as key strategies to establish their position in the market.
๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
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