Market Research Report
Industrial Internet of Things (IIoT) Market Size, Share & Trends Analysis Report By Component, By End Use (Manufacturing, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Agriculture), And Segment Forecasts, 2019 - 2025
|Published by||Grand View Research, Inc.||Product code||502226|
|Published||Content info||161 Pages
Delivery time: 2-3 business days
|Industrial Internet of Things (IIoT) Market Size, Share & Trends Analysis Report By Component, By End Use (Manufacturing, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Agriculture), And Segment Forecasts, 2019 - 2025|
|Published: June 19, 2019||Content info: 161 Pages||
The global industrial internet of things market size is expected to reach USD 949.42 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 29.4% during the forecast period. Rising demand for machine-to-machine systems, the need to contextualize the Operation Technology (OT) data, and preference for predictive maintenance are the factors anticipated to drive the Industrial IoT market growth.
Having realized that IIoT can help in drastically improving functional efficacies, several companies across the globe are implementing predictive maintenance techniques based on smart sensors and compatible software. Predictive maintenance can particularly aid in limiting the equipment downtime and improving the safety factor.
The plummeting prices of sensors and data analytics software are also encouraging enterprises to adopt IIoT. As such, growing focus on investing in digital literacy rather than in infrastructure and the subsequent growth in investments in the adoption of advanced analytics tools is turning out to be another emerging trend among manufacturing entities.
The IIoT market continues to evolve in line with the rising preference for cloud integration coupled with the continued adoption of state-of-the-art data analytics tools and smart sensors for facility and inventory management and optimization of logistics and supply chain using smart metering. The IIoT market for agriculture end use is expected to witness considerable growth as the use of IIoT for applications, such as managing of water and soil, operating drones for field monitoring, livestock monitoring, precision farming, and managing smart greenhouses, gains tractions. However, concerns over security, technology integration, and asset-level visibility are some of the factors expected to the restraint the market growth over the forecast period.