With the emergence and long-term Impact of COVID-19, Global Industrial Internet of Things (IIoT) Market to reach USD XX Billion by 2028
Bizwit Research & Consulting LLP’s Recent Analysis on Global Industrial Internet of Things (IIoT) Market is poised to raise up to USD XX Billion by 2028. The industrial internet of things (IIoT) is an instrument, interconnected sensors, and other devices networked together with computers’ industrial applications that comprise energy and manufacturing management. IIoT is gaining a huge consumer base in the industries such as manufacturing, healthcare, logistics & transport, energy & power, oil & gas, agriculture, and many others. The growing adoption of the Internet of Things (IoT) and artificial intelligence (AI) in the manufacturing industry, rising initiatives from various regional governments for R&D activities related to IIoT, coupled with the increased use of cloud computing platforms are the key factors that are fostering the global market demand. For instance, according to Statista, in 2021, the industrial IoT market was stood at USD 82.7 billion worldwide. Also, the market is projected to grow and reach USD 110.06 billion by 2025.
Geographically, the global Industrial Internet of Things (IIoT) Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America is the leading region across the world in terms of market share owing to the growing acceptance of the novel technologies and the presence of well-established market vendors. Whereas, Asia-Pacific is also anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the government initiatives for the adoption of emerging technologies, as well as, rising investments for R&D activities, would create lucrative growth prospects for the Industrial Internet of Things (IIoT) Market across the Asia-Pacific region.
The global Industrial Internet of Things (IIoT) Market is highly competitive owing to the presence of several key manufacturers such as Huawei Technologies Co., Ltd., Cisco, General Electric Company (GE), Intel Corporation, Rockwell Automation, Inc., ABB Ltd, Honeywell International Inc., IBM Corporation, Microsoft Corporation, Siemens AG and others.
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Global Industrial Internet of Things (IIoT) Market Size study, By Component (Solution, Services, Platform), By End-use Verticals (Manufacturing, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Agriculture, Others), and Regional Forecasts 2022-2028
Key findings of the study suggest:
- Global Industrial Internet of Things (IIoT) Market is anticipated to grow with a healthy growth rate of more than 11.3% over the forecast period 2022-2028.
- In the Component segment, Solution emerged out as the leading market segment in 2021.
- In the End Use Vertical segment, Logistics & Transportation emerged as the leading market segment in 2021
- North America is anticipated to drive regional growth Owing to growing acceptance of the novel technologies and the presence of well-established end use industry.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2022-2028.
Bizwit Research & Consulting has considered following segments for the study:
- Energy & Power
- Oil & Gas
- Logistics & Transport
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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