Industrial Internet of Things (IoT) Market to grow by USD 123.98 billion between 2022 - 2027
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.
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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