This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Industrial Internet of Things (IIoT), commonly referred to as Industry 4.0, is the integration of intelligent sensors and actuators with the internet to optimize industrial and manufacturing processes. It forms a network of smart devices that collect, share, exchange, and analyze data from industrial operations, resulting in improved efficiency, increased visibility, reduced costs, and enhanced troubleshooting and maintenance capabilities. In addition, it helps improve productivity, allows business models to save money and time, lowers operating expenses, and enhances security and safety. As a result, industrial IoT is gaining immense traction in several industries across the globe.
Industrial IoT Industry Trends:
The market is primarily driven by the increasing application of industrial IoT across numerous industry verticals, such as retail, transportation, and oil and gas. In addition, the escalating demand for connected devices and data solutions in various industrial applications, including medical devices, robotics, and software-defined production processes, is contributing to the market growth. Moreover, the widespread adoption of artificial intelligence (AI), machine learning (ML), and IoT in the manufacturing sector to aid in optimizing industrial processes, predict machine failure, send emergency alerts, offer quality control, and predictive and prescriptive analytical solutions which represents another major growth-inducing factor. Besides this, the recent outbreak of the coronavirus disease (COVID-19) pandemic accelerated the adoption of these solutions owing to the popularity of remote working. Furthermore, rapid urbanization, automation, extensive research and development (R&D) activities to enhance industrial IoT technology, and increasing productivity in operations are creating a positive market outlook.
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