NEW YORK, Oct. 17, 2023 /PRNewswire/ — The Industrial Internet Of Things (IoT) Market report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the industrial Internet of Things (IoT) market between 2022 and 2027 is USD 123.98 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
The growing importance of data-driven business outcomes in the industrial sector notably drives market growth. The data availed from devices can be used by industry managers to improve productivity. This is done by ensuring the optimization of resources and reducing downtime. Currently, various vendors of IoT solutions are looking toward introducing data-driven products, solutions, as well as services for industrial facilities to enhance efficiency and throughput.
Market Challenge –
The increasing cybersecurity threats challenge market growth. Cybersecurity is a threat to web-based systems, and the same applies to IoT and the inclusion of industrial systems within the scope of IoT increases the risk of data theft.There are different anti-malware programs, which promise to protect industrial systems against such cyberattacks but even such solutions are deemed to be unsecured.Due to the increasing adoption of IoT in end-user industries, the need for increasing cybersecurity is on the rise. Also, most end-users of IoT are susceptible to cyberattacks in the absence of a failsafe cybersecurity option. Hence, these factors will hinder the growth of the global market during the forecast period.
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The industrial Internet of Things (IoT) market is segmented by End-user (Manufacturing, Automotive and transportation, Energy and utilities, Healthcare, and Others), Component (Hardware, Software, and Services), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
The manufacturing segment is significant during the forecast period. IoT helped organizations in the smooth transition of manufacturing floor operations in a number of ways during the COVID-19 pandemic. For instance, the IoT platforms used in the manufacturing industry supported the continuation of operations even with fewer employees onsite. By Geography, APAC is estimated to contribute 42% to the growth of the global market during the forecast period. View the FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the Industrial Internet of Things (IoT) market:
ABB Ltd., Advantech Co. Ltd., Arm Ltd., Dassault Systemes SE, General Electric Co., Honeywell International Inc., Huawei Technologies Co. Ltd., Intel Corp., International Business Machines Corp., KUKA AG, Microsoft Corp., NEC Corp., Qualcomm Inc., Robert Bosch GmbH, Rockwell Automation Inc., Siemens AG, Telefonaktiebolaget LM Ericsson, Texas Instruments Inc., Yokogawa Electric Corp., Cisco Systems Inc.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Component
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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