Industrial Internet of Things (IIoT) Market is Expected to Surpass USD 191.6 Billion Valuation by 2031
The rapid adoption of smart manufacturing practices in multiple industries and growing demand for automation have set the tone for industrial internet of things (IIoT) market growth. IIoT devices and solutions are specifically designed to enhance industrial operations and promote operational efficiency and productivity as well. Advancements in IoT and IoT connectivity technologies are also slated to create new business scope for industrial internet of things (IIoT) companies in the future. The global industrial internet of things (IIoT) market is segmented into component, technology, connectivity technology, software, vertical, and region.
Industrial internet of things (IIoT) requires specialized connected devices made from dedicated sensors and controllers. Growing investments in the development of new IIoT infrastructure are projected to bolster the demand for hardware components and allow this segment to lead the market in terms of revenue generation. Advancements in connectivity technologies are also predicted to bolster the demand for novel IIoT hardware components across the forecast period and beyond.
Meanwhile, industrial internet of things (IIoT) companies can also invest in the development of novel platforms and services to strengthen their business potential. The need for IIoT platforms and services will only get stronger by the day as the adoption of IoT technology in industrial settings increases.
Manufacturing to Take the Crown for Industrial Internet of Things (IIoT) Sales Owing to the Rise of Smart Factories
The manufacturing industry vertical is estimated to take center stage when it comes to industrial internet of things (IIoT) adoption. High demand for better productivity and operational efficiency in manufacturing facilities is estimated to make this segment a highly lucrative one. From remote monitoring to predictive maintenance, all of these features can only be added to a manufacturing facility through the use of industrial internet of things (IIoT). Energy and oil & gas industry verticals are also forecasted to provide moneymaking opportunities for industrial internet of things (IIoT) companies in the future as digitization increases in them. Apart from these industry verticals, industrial internet of things (IIoT) providers can also explore retail, healthcare, agriculture, and transportation industry verticals to maximize their business scope and boost revenue generation going forward.
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