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IIoT market to reach $ 118 mio by 2025

   

IIoT market to reach $ 118 mio by 2025

A new report by Valuates predicts that the global Industrial IoT (IIoT) market size will grow from USD 65,452.15 million in 2018 to USD 118,413.63 million by 2025. The Compound Annual Growth Rate (CAGR) is predicted to be 8.83% during the forecast period 2025. The study highlights the demand estimates, industry dynamics, and micro and macro indicators. Moreover, it talks about the factors that drive and inhibit Industrial IoT Market demand.

Networking technologies, and especially wireless technology, are the backbone of IIoT. These technologies are used to link multiple machines and sensor nodes to the internet to facilitate machine-to-machine communication. These technologies also allow large quantities of data to be gathered for better decision-making. Due to these factors, the network technologies are expected to dominate the Industrial IoT (IIoT) market.

The factors expected to drive the growth of the Industrial IoT market are increasing demand for machine-to-machine systems, the need to contextualize the Process Technology (OT) data, and the preference for predictive maintenance. The plummeting prices of sensors and data analytics tools enable businesses to embrace IIoT. As such, the growing emphasis on investing in digital literacy rather than technology, and subsequent investment growth in the adoption of advanced analytics software, turns out to be another emerging trend among manufacturing entities.

APAC is expected to hold the largest market share in terms of volume. The Asia Pacific is a major industrial manufacturing center and has become a regional focal point for substantial investment and expansion of the industry. The growing population, rising R&D investments, and the focus of foreign and domestic IT companies on the growth of big data analytics and cloud-based services in the area are expected to drive this growth.

reports.valuates.com/market-reports/360I-Auto-1O67/industrial-iot-market



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