Latest News- Industrial Internet Of Things (IoT) Market: Manufacturing is expected to lead the End-user segment during 2025-2029

The Industrial Internet Of Things (IoT) Market is being driven by Growth in industrial automation

The Industrial Internet Of Things (IoT) Market is expected to grow at a CAGR of 14.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 195.8 billion. In the dynamic and intricate Industrial Internet of Things (IoT) market, companies are striving to streamline device management processes. To address the challenges of interoperability on IoT platforms, they are turning to global device managers. These managers offer significant advantages to OEMs and system integrators by enabling remote monitoring and real-time problem resolution of their installed IoT device bases. Eliminating the need for additional programming languages or porting to address interoperability issues, global device managers provide a multi-dimensional solution. Their customizable portals allow OEMs and system integrators to tailor management experiences to their unique requirements, enhancing overall efficiency and productivity. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Manufacturing
  • Automotive and transportation
  • Energy and utilities
  • Healthcare
  • Others
• Component
  • Hardware
  • Software
  • Services
• Connectivity
  • Wired
  • Wireless
• Deployment
  • On-cloud
  • On-premises
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth in industrial automation
• Growing importance of data-driven business outcomes in the industrial sector
• Increasing focus on providing end-to-end services

However, the market also witnesses some limitations, which are as follows:

• Lack of awareness of efficient management of IoT initiatives and investments
• Increasing cybersecurity threats
• High cost of implementation of IoT and its security

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Market Scope in Industrial Internet Of Things (IoT) Market Research Report

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Research Analysis Overview

The Industrial Internet of Things (IoT) market is witnessing significant growth, driven by advancements in semiconductor technology and the availability of affordable electronic devices. Cloud computing platforms, such as Microsoft and Amazon Web Services, are facilitating IoT implementation through standardization of IPv6 and integration with AI, blockchain, and networking technology. The automotive sector is a key adopter, leveraging wireless technology and M2M communication for productivity improvement, operating cost reduction, and worker safety. Sensor costs are decreasing, enabling widespread implementation, while power efficiency and big data processing are critical considerations. Machine learning and AI are enhancing workflow, and throughput is a key performance indicator. Technology incumbents, including SECO, are innovating to maintain competitiveness.

Market Research Overview

The Industrial Internet of Things (IoT) market encompasses semiconductor companies manufacturing IoT devices, electronic manufacturers producing IoT-enabled equipment, cloud computing platforms providing data processing and storage solutions, standardization bodies promoting IPv6 for IoT communication, and innovative tech firms integrating AI, blockchain, and IoT technologies. This market segment falls under the broader global Internet services and infrastructure sector, which includes companies offering IT security, cloud computing, and hosting services, in addition to data centers and networking infrastructure. The market size is determined by the consolidated revenue generated by these entities.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/