Million Insights projects the global Industrial Internet of Things (IIoT) Market to be valued at $933.62 billion by 2025. Prime actors attributed to growth include cost-effectiveness and easy availability of advanced electronic devices such as processors, sensors, and other connected systems. Globally, the industrial IoT market is predicted to grow at a CAGR of 27.8%.
- IIoT offers improved operational efficiency and safety, leading to increasing adoption of IoT technology for numerous industrial processes.
- IIoT is serving numerous industries across the globe by providing necessary worker safety, minimum operational costs, and efficient industrial outcome.
- The introduction of "Industrie 4.0" from European region serves as a multi-layered strategic initiative that incorporates the major players including private bodies and local businesses as well as from academics to formulate an action plan. Growing preference towards automation of various businesses processes is complementing the integration of industrialization and digital technologies.
- North America has shown major growth in recent years owing to the growing in the awareness about benefits of IoT technology and presence prominent industry players in the region.
- Asia-Pacific region is predicted to hold major market share in the industrial IoT industry with massive growth in forecast period.
- The key players in the industrial IoT market are General Electric Company (GE), International Business Machines (IBM) Co., Cisco Systems Incorporations, Siemens AG, and Intel Co.
Need more IIOT stats and data? Then browse the 16-page “Global Industrial Internet of Things (IIoT) Market” research report.