Industrial Internet of Things (IoT) Market to grow by USD 123.98 billion between 2022 - 2027, The growing importance of data-driven business outcomes to drive growth - Technavio

NEW YORK, Oct. 17, 2023 /PRNewswire/ -- The Industrial Internet Of Things (IoT) Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the industrial Internet of Things (IoT) market between 2022 and 2027 is USD 123.98 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

The growing importance of data-driven business outcomes in the industrial sector notably drives market growth. The data availed from devices can be used by industry managers to improve productivity. This is done by ensuring the optimization of resources and reducing downtime. Currently, various vendors of IoT solutions are looking toward introducing data-driven products,  solutions, as well as services for industrial facilities to enhance efficiency and throughput. 

Market Challenge - 

• The increasing cybersecurity threats challenge market growth. 
• Cybersecurity is a threat to web-based systems, and the same applies to IoT and the inclusion of industrial systems within the scope of IoT increases the risk of data theft.
• There are different anti-malware programs, which promise to protect industrial systems against such cyberattacks but even such solutions are deemed to be unsecured.
• Due to the increasing adoption of IoT in end-user industries, the need for increasing cybersecurity is on the rise. Also, most end-users of IoT are susceptible to cyberattacks in the absence of a failsafe cybersecurity option. Hence, these factors will hinder the growth of the global market during the forecast period. 

Learn about additional key drivers, trends, and challenges available with Technavio. Read the FREE Sample PDF Report Now

The industrial Internet of Things (IoT) market is segmented by End-user (Manufacturing, Automotive and transportation, Energy and utilities, Healthcare, and Others), Component (Hardware, Software, and Services), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). 

• The manufacturing segment is significant during the forecast period. IoT helped organizations in the smooth transition of manufacturing floor operations in a number of ways during the COVID-19 pandemic. For instance, the IoT platforms used in the manufacturing industry supported the continuation of operations even with fewer employees onsite. 
• By Geography, APAC is estimated to contribute 42% to the growth of the global market during the forecast period. View the FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Industrial Internet of Things (IoT) market:

ABB Ltd., Advantech Co. Ltd., Arm Ltd., Dassault Systemes SE, General Electric Co., Honeywell International Inc., Huawei Technologies Co. Ltd., Intel Corp., International Business Machines Corp., KUKA AG, Microsoft Corp., NEC Corp., Qualcomm Inc., Robert Bosch GmbH, Rockwell Automation Inc., Siemens AG, Telefonaktiebolaget LM Ericsson, Texas Instruments Inc., Yokogawa Electric Corp., Cisco Systems Inc.

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The IP multimedia subsystem (IMS) market is estimated to grow at a CAGR of 18% between 2023 and 2028. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Component

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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