The Industrial Internet Of Things Market Is Driven By Rising Connectivity And Cloud Computing
The industrial internet of things (IIoT) includes interconnected machinery, equipment, and devices found in industrial operations that are integrated with sensors, software, and networking capabilities that allow them to exchange data with operators, enterprise systems, and analytics platforms. IIoT helps manufacturers optimize production planning and quality control by gathering real-time data from connected assets on the plant floor and enables remote monitoring of industrial equipment to predict maintenance needs and downtime. Condition monitoring, asset management, and predictive maintenance applications are growing as IIoT deployments expand across industries like manufacturing, oil & gas, and energy & utilities.
The Global Industrial IoT Market is estimated to be valued at US$ 140.84 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the industrial IoT market are Aviation Industry Corporation of China, Clearpath Robotics, General Atomics Aeronautical Systems, Hi-Tech Robotic Systemz, Softbank Robotics, SMP Robotics, and Aethon. The widespread adoption of IIoT by manufacturing plants across sectors to optimize operations and reduce downtime has been a major factor driving the growth of industrial IoT solutions. There has also been a significant increase in the adoption of IIoT technology by oil & gas companies to remotely monitor offshore rigs and pipelines. Furthermore, the growing popularity of smart city initiatives around the world is augmenting the IIoT market's expansion into new verticals like energy management and utilities.
The growing demand for streamlining industrial processes and improving productivity levels has accelerated Industrial IoT Market Size adoption among manufacturers. Connected devices and sensors on the plant floor help collect real-time production data that is analyzed to gain business intelligence for making informed decisions. Remote asset monitoring and condition-based predictive maintenance offerings have also found increasing relevance as companies aim to minimize unplanned downtime. Furthermore, IIoT enables advanced analytics for quality control and predictive failure analysis of industrial equipment.
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