Exploring Industrial Internet of Things (IIoT) Market Opportunity, Latest Trends, Demand, and Development By 2028- MarkNtel Advisors

 According to Markntel Advisors Report, Industrial Internet of Things (IIoT) Market is expected to grow at a significant growth rate, and the analysis period is 2023-2028, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

The usage of Internet of Things (IoT) technologies & concepts in industrial contexts is referred to as the Industrial Internet of Things (IIoT). In order to optimize operations, improve efficiency, and facilitate new functionality in industrial contexts, this technology entails connecting & integrating numerous industrial devices, equipment, sensors, and systems.

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Global Industrial Internet of Things (IIoT) Market Research Report & Summary:

The Global Industrial Internet of Things (IIOT) Market is estimated to grow at a CAGR of around 23.5% during the forecast period, i.e., 2023-28. 

Time Period Captured in the Report:

·         Historical Years: 2018-21

·         Base Years: 2022

·         Forecast Years: 2023-2028

Who are the Key Players Operating in the Industrial Internet of Things (IIoT) Market?

The top companies of the Industrial Internet of Things (IIoT) Market ruling the industry are: 

Cisco Systems, Inc., GE, Honeywell, Intel, IBM, ABB, Telefonica, Robert Bosch, Rockwell Automation, Siemens, Accenture, Capgemini, Texas Instrument, ARM Holding, PTC, HCL, Maverick, and Others

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Industrial Internet of Things (IIoT) Market Recent Development:

·         2023: Cisco Systems announced the launch of Next-Gen Solutions that would empower the productivity & security with a generative AI across the industrial sector.

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The Industrial Internet of Things (IIoT) Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

-By Components

-Hardware- Market Size & Forecast 2018-2028F, USD Million

-Sensors- Market Size & Forecast 2018-2028F, USD Million

-RFID- Market Size & Forecast 2018-2028F, USD Million

-Industrial Robotics- Market Size & Forecast 2018-2028F, USD Million

-Distributed Control Systems- Market Size & Forecast 2018-2028F, USD Million

-Condition Monitoring- Market Size & Forecast 2018-2028F, USD Million

-Smart Meters- Market Size & Forecast 2018-2028F, USD Million

-Electronic Shelf Labels- Market Size & Forecast 2018-2028F, USD Million

-Cameras- Market Size & Forecast 2018-2028F, USD Million

-Smart Beacons- Market Size & Forecast 2018-2028F, USD Million

-Interface Boards- Market Size & Forecast 2018-2028F, USD Million

-Yield Monitors- Market Size & Forecast 2018-2028F, USD Million

-Guidance and Steering- Market Size & Forecast 2018-2028F, USD Million

-Flow & Application Control Devices- Market Size & Forecast 2018-2028F, USD Million

-Networking Component- Market Size & Forecast 2018-2028F, USD Million

-Software & Services- Market Size & Forecast 2018-2028F, USD Million

-By Connectivity

-Wired Technologies- Market Size & Forecast 2018-2028F, USD Million

-Ethernet- Market Size & Forecast 2018-2028F, USD Million

-Modbus- Market Size & Forecast 2018-2028F, USD Million

-Profinet- Market Size & Forecast 2018-2028F, USD Million

-Foundation Field Bus- Market Size & Forecast 2018-2028F, USD Million

-Wireless Technologies- Market Size & Forecast 2018-2028F, USD Million

-Wi-Fi- Market Size & Forecast 2018-2028F, USD Million

-Zigbee- Market Size & Forecast 2018-2028F, USD Million

-Bluetooth- Market Size & Forecast 2018-2028F, USD Million

-Cellular Technologies- Market Size & Forecast 2018-2028F, USD Million

-Satellite Technologies- Market Size & Forecast 2018-2028F, USD Million

-By Application

-Product Lifecycle Management- Market Size & Forecast 2018-2028F, USD Million

-Manufacturing and Executions Systems- Market Size & Forecast 2018-2028F, USD Million

-Supervisory Control and Data Acquisition (SCADA) - Market Size & Forecast 2018-2028F, USD Million

-Outage Management Systems- Market Size & Forecast 2018-2028F, USD Million

-Distribution Management Systems- Market Size & Forecast 2018-2028F, USD Million

-Remote Monitoring- Market Size & Forecast 2018-2028F, USD Million

-Retail Management- Market Size & Forecast 2018-2028F, USD Million

-Transit Management Systems- Market Size & Forecast 2018-2028F, USD Million

-Predictive Maintenance- Market Size & Forecast 2018-2028F, USD Million

-Others (Visualization Software, Farm Management, etc.) - Market Size & Forecast 2018-2028F, USD Million

-By End Users

-Manufacturing- Market Size & Forecast 2018-2028F, USD Million

-Automotive- Market Size & Forecast 2018-2028F, USD Million

-Machinery- Market Size & Forecast 2018-2028F, USD Million

-Food & Beverages- Market Size & Forecast 2018-2028F, USD Million

-Chemicals and Materials- Market Size & Forecast 2018-2028F, USD Million

-Electrical and Electronics- Market Size & Forecast 2018-2028F, USD Million

-Pharmaceuticals- Market Size & Forecast 2018-2028F, USD Million

-Energy- Market Size & Forecast 2018-2028F, USD Million

-Oil & Gas- Market Size & Forecast 2018-2028F, USD Million

-Metal & Mining- Market Size & Forecast 2018-2028F, USD Million

-Healthcare- Market Size & Forecast 2018-2028F, USD Million

-Retail- Market Size & Forecast 2018-2028F, USD Million

-Transportation- Market Size & Forecast 2018-2028F, USD Million

-Agriculture- Market Size & Forecast 2018-2028F, USD Million

-By Region

-North America

-South America

-Europe

-Middle East & Africa

-Asia-Pacific

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Market Dynamics -Global Industrial Internet of Things (IIoT) Market:

Frequent Deployment of AI, ML, and IoT in the Manufacturing Industry to Drive the Market Growth – The adoption of AI & IOT technologies in the manufacturing sector has risen dramatically over the past few years. This is in line with the advent of Industry 4.0. Systems powered by AI & the Internet of Things (IoT), make it possible to optimize manufacturing procedures, give out early warnings, foresee or anticipate equipment or machinery breakdown, and gather comprehensive data, thus helping manufacturers work more fluidly. Additionally, in industrial units, jobs like conditioning monitoring & equipment maintenance are carried out using AI & ML algorithms in the absence of normal personnel. Hence, owing to the listed factors it is anticipated that the integration of AI, ML, and IoT in the industrial sector would drive the Global Industrial Internet of Things Market in the future years as well.

Interoperability & Standardization to Impede Market Growth: The IIoT ecosystem comprises numerous devices, protocols, and platforms from different manufacturers. Lack of interoperability & standardization can hinder seamless integration & data exchange between devices & systems. The development & adoption of common standards & protocols is necessary to enable interoperability & facilitate collaboration among different IIoT solutions.

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