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According to the research report, the global Industrial IoT (IIoT) market size is estimated to be USD 114.2 billion in 2017 and is estimated to reach USD 771.7 Billion By 2026, to grow at a CAGR of 24.3% during the forecast period.

The industrial internet of things indicates the augmentation and usage of items in industrial applications and sectors. With undivided attention to big data, machine-to-machine communication, and machine learning, the IIoT warrants enterprises and industries to have better efficiency and reliability in their operations. The IIoT encloses applications that are industrial, including medical devices, robotics, and software-defined processes of production.

About the fourth industrial revolution, the IIoT is essential to how production processes and cyber-physical systems will convert with the assistance of big data and analytics. Real-time data from sensors and alternative information roots assist infrastructures and industrial devices in their decision-making, emerging with perceptions and particular actions. Machines are additionally sanctioned to engage and automate tasks that former industrial revolutions could not handle. In the broader context, the IIoT is important to use cases applied to linked environments and ecosystems like how cities became smart cities and how factories became smart factories.

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Key Highlights of the Report

• Market intellect enables decision making that is effective
• Trend analysis and growth opportunities
• Segment and regional revenue forecasts for assessment of the market
• Market share analysis and competition strategy
• For staying ahead of the curve, product innovation listings
• Impact of covid-19 and sustenance of the speedily evolving markets

Top Industry Players Globally Are:

• Corning Incorporated
• ABB Ltd.
• Cisco Systems Inc.
• General Electric Company
• Siemens AG
• Rockwell Automation Inc.
• IBM Corporation
• Microsoft Corporation
• ARM Ltd.
• Intel Corporation
• Kuka AG

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Important Questions Being Answered by The Market Report

• What is the significant global industrial IoT market size and growth?
• Which region attributed to the most significant industrial IoT market share?
• Who are the prominent players in the Industrial IoT market?
• What are the driving factors?
• Which component segment spearheaded the market?
• Which end-use segment of the market is influential?

Industrial IoT Market: Growth Leading Factors

The reach of IoT and AI technologies in the manufacturing sector has been growing speedily. IoT and AI consolidated systems permit the development of manufacturing procedures, dispatch premature alerts, create quality control, and predict equipment failure in machinery. By assembling data that is precise, manufacturers can advance AI applications that are innovative to distinguish themselves from their contenders.

The advancement of internet protocol version 6 has led to the growth of the IIoT market as the number of things associated with the internet is growing steadily globally. The IP version 4 could not successfully reinforce this rampant growth in the number of connected things. With the standardization of IPv6 protocol, the predominant devices still use IPv4 protocol. With the standardization of IPv6, the worldwide demand for IIoT technology is anticipated to flourish outstandingly. This protocol reinforces an open architecture and is validating as the most satisfactory protocol for IoT.

The spread of the covid-19 pandemic proved to be a challenge for the manufacturing sector. Control on movement, strict lockdowns, and unreachability of labor compelled manufacturers to improvise their production procedures. The forefront emergency sectors use telemedicine, drone, and other tools to encounter the pandemic much better. For instance, China and Spain installed drones to trace citizens during the lockdown, but South Korea has positioned drones to assist clean parts of Daegu, an outbreak hotspot.

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Industrial IoT Market: Key Segmentation

• Insight By Technology & Solutions, End-Use, And Region

By technology and solutions, the solution segment dominates the market as the solution suppliers emphasize a total concentration on the commencement of information systems that are innovative for several industries. Industry verticals comply with the endeavors to grow their market share. By end-use, the manufacturing segment is anticipated to dominate the market as manufacturing establishments are assertively adopting digital manufacturing technologies, and IIoT has a prominent part.

By region, North America dominated the global IIoT market as it is a cradle of many established market players. The area has also been a premature supporter of IIoT and has eventually emerged as an axis of innovation. Canada is also witnessing notable growth mainly because of the initiatives being followed by the government to motivate the adoption of IIoT solutions in the country. The Asia Pacific is also emerging as a dominant market as the region is observing a robust adoption of the latest factory automation solutions, particularly in Taiwan, Japan, and China. Manufacturing firms in the area eventually recognize the advantages linked with robot arm technology.

Browse the full “Industrial IoT (IIoT) Market [(By Technology & Solutions); By Service (Consulting, Managed Services); By End-Use Vertical (Manufacturing, Utilities, Oil & Gas, Transportation & Logistics, Retail, Energy & Power, Agriculture, Healthcare, Others); By Regions]: Market Size & Forecast to 2026” Report at https://www.polarismarketresearch.com/industry-analysis/industrial-internet-of-things-iiot-market

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