The industrial IoT market is expected to grow significantly, with a notable 12.1% annual growth rate. By the year 2033, it is projected to reach a substantial value of US$ 1,392,133.7 million. This indicates a promising future for IIoT technologies in various industries.
Technological developments in semiconductor and electronic devices, growing usage of cloud computing platforms, standardization of IPv6, and backing from governments of various nations for IIoT R&D efforts are all driving the industrial IoT market forward.
Request for a Sample of this Research Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-14465
The industrial IoT market is expected to grow due to the growing requirement to improve operational competence and excellent collaboration among major market participants to achieve the same. Furthermore, the techniques being developed to create a united digital-human workforce are projected to provide significant prospects for industrial IoT market share growth.
Artificial intelligence and the Internet of things are gaining traction in the industrial industry, propelling the market ahead. The breakout of the COVID-19 pandemic in 2020 put the industrial sector to the test. As a result, the usage of AI and IoT in the production industry has accelerated. In the absence of a regular crew in manufacturing plants, activities such as condition monitoring and repair and maintenance were carried out with the help of AI and machine learning (ML) algorithms.
Key Takeaways from the Industrial IoT Market Report:
The Industrial IoT market presents a dynamic landscape with notable trends and projections. The United States has secured a significant portion of the global market share, demonstrating its robust presence in this sector. Looking ahead, the logistics and transportation segment is poised for remarkable growth, expected to surge at a CAGR exceeding 26% from 2021 to 2028. This surge is attributed to heightened emphasis on asset management, driving the adoption of smart transportation solutions. Meanwhile, the manufacturing segment is projected to see steady growth, with a forecasted CAGR of 11.1% throughout the period. Networking technology emerges as a pivotal aspect, holding the largest market share in 2021 and serving as the backbone of IIoT, especially wireless technology. Furthermore, the Asia Pacific region stands out as a key player in terms of market value, reflecting its status as a focal point for substantial investments and corporate expansion, particularly within industrial manufacturing.
Recent Developments in the Industrial IoT Market:
In February 2022, Lantronix unveiled its G520 Series Smart cellular IoT devices and services, which are application-specific industrial IoT solutions that solve issues in the Industry 4.0, Security, and Transport segments.
In June 2021, seven new solutions were introduced by Qualcomm Technologies as part of an expansion of its support for the IoT ecosystem. These solutions include Qualcomm QCS8250, Qualcomm QCS6490/ QCM6490, Qualcomm QCS4290/ QCM4290, and Qualcomm QCS2290/ QCM2290.
Intel, in collaboration with John Deere, introduced AI technology to help fix an expensive, long-standing problem in the production welding process in April 2021. In its manufacturing facilities, Deere is testing a system that employs computer vision to automatically recognize frequent errors in the automated welding process.
In February 2021, Cisco and Newark, an Avnet Company, established a partnership to provide clients in North America with industrial IoT network solutions for tough and non-carpeted environments.
Plataine announced a partnership with SAP in March 2021 to integrate industrial IoT and AI-based tools for digital manufacturing into its business offering. Plataine’s cloud-based IIoT and AI-based digital manufacturing software are now accessible on SAP Store. This merged with SAP App Center to create a unified digital store for SAP and partner offerings.
Market Dynamics and Growth Trajectory:
The Industrial IoT market is experiencing exponential growth, fueled by the escalating demand for operational efficiency, cost reduction, and enhanced safety across various industry verticals. According to recent market analyses, the global Industrial IoT market is projected to reach staggering valuation figures, driven by factors such as the proliferation of connected devices, advancements in edge computing and cloud technologies, and the increasing adoption of AI and machine learning algorithms for data analytics.
Navigating Challenges and Ensuring Resilience:
However, amidst the promises of prosperity, the Industrial IoT landscape is not devoid of challenges. Concerns regarding data privacy and security loom large, with cyber threats posing significant risks to connected industrial systems. Furthermore, the interoperability of diverse IIoT devices and protocols remains a persistent hurdle, hindering seamless integration and scalability. To navigate these challenges and ensure the resilience of Industrial IoT deployments, stakeholders must prioritize robust cybersecurity measures, foster industry-wide collaboration for standardization, and invest in talent development to bridge the skills gap.
Comments
0 comment