An overview of the global IIoT industry market
According to Berges, the global industrial IoT industry market size will be 1596 in 2023$3.5 billion, with a projected CAGR of 1589%。
IIoT refers to the use of IoT and its technologies in manufacturing to achieve higher levels of efficiency, maximize product quality, and minimize resource waste. The growth of cloud computing and IoT contributes to the growth of IIoT deployments and creates opportunities for new business models for companies.
Technological advancements in semiconductors and electronic devices are driving the development of the industrial Internet industry
The Industrial Internet of Things requires deep integration of industrial systems and IT systems. The industrial Internet of Things cloud platform is based on the industrial system, using sensors, the Internet, cloud computing and other information technologies and products to realize information collection, transmission, analysis and processing, manufacturing resource informatization, and efficient data flow. Therefore, the technological advancement of semiconductors and electronic devices has played an important role in promoting the development of the industrial Internet of Things industry.
The utilization and demand for edge computing in the Industrial Internet of Things is increasing rapidly. Market incumbents such as Google, Amazon Web Services, and Microsoft have had to build more partnerships with edge computing companies to provide one-stop solutions for industry users.
Data**: Bergers Consulting.
North America dominates the market
North America dominates the Industrial IoT market with a market share of 3439%, which is attributed to the early start of IIoT technology adoption and implementation in North America. Moreover, strong support for the digitalization of the entire industrial sector, increasing use of IIoT devices, and increasing adoption of cutting-edge technologies such as cloud computing and artificial intelligence are expected to drive the market growth during the period.
Manufacturing dominates the market
In terms of application, manufacturing occupies the major market with a market share of 2866%。With Industry 4With the advent of 0, the Industrial Internet of Things is becoming increasingly popular in discrete and process manufacturing as it offers several solutions to optimize operations, reduce downtime, increase efficiency, and help make data-driven decisions that can quickly increase return margins and reduce costs. Moreover, the manufacturing industry is rapidly adopting digital manufacturing technologies, and the implementation of the Internet of Things plays an important role in these advanced technologies, which is expected to drive the market growth.