Industrial IoT (IIoT) refers to the use of interconnected devices, machines, sensors, and other industrial equipment that use network connections to exchange and analyze data with the goal of optimizing industrial processes, generating new business models, and improving product quality while reducing costs. IIoT is typically used in the manufacturing and energy sectors, but it can also be applied to other fields such as healthcare and transportation. The data collected from these systems can be used to optimize production, monitor equipment performance, identify maintenance issues, and improve the overall productivity of the organization. The use of IIoT is rapidly expanding due to the increasing availability of affordable sensors and the growth of cloud computing and big data analytics technologies.
Industrial IOT market trends would reach USD 859.42 Billion at a rate of 20.11% CAGR in the course of the forecast period 2020-2030.
The IoT can create data about various connected objects, can analyze the objects, and can take necessary decisions. Emerging technologies like robotics, machine learning, artificial intelligence, and analytics are expected to boost the
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Leading organizations across the globe are indulging in the development of new operating models to create a connected enterprise for merging operational and information departments, which will trigger the growth of industrial internet of things (IIoT) market. Moreover, advantages offered by IIoT in manufacturing processes positively shapes the market size. Apart from this, growing investments by various industries in smart technologies to improve operational efficiency also boost the market growth.
According to the report, the global industrial IoT market has been segmented on the basis of component, deployment, connectivity, and end-user. Based on component, the market is segmented on the basis of hardware, software, and services. The types of hardware are sensors and radio-frequency identification (RFID), industrial robotics, camera systems, smart meters, 3D printing, flow and application control device, distributed control systems and others.
The market segment of hardware component is projected to account for the largest market share owing to accelerated number of connected devices, increasing application areas of hardware components, and utmost utilization of available resources. The types of software are manufacturing execution, product life cycle management systems, supervisory control and data acquisition (SCADA) systems, distributed management system, retail management software, and others. Lastly, the types of services are managed services and professional services.
By deployment, the market is segmented on the basis of on-cloud, on-premise, and hybrid deployment. On-cloud deployment is presumed to lead the market owing to easy accessibility to data and information, growing application areas, easy sharing, and low cost.
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By connectivity, the market is segmented into wired and wireless. The newly evolving wireless technologies such as Bluetooth and Wi-Fi allow wide area communication of the devices. Moreover, increasing usage of smart phones with internet access also boosts the wireless technology section.
The end users of IIoT are IT telecom, manufacturing, healthcare, retail, oil gas, energy power, automotive, and others. The healthcare sector has digitized. Furthermore, increasing engagement of consumers with regards to their health, and growing demand for home possibilities results in various healthcare ecosystem players stepping up their game to be more innovative.
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