Industrial Internet of Things Market Worth $1,693.30 Billion by 2030: Grand View… – Press Release

[ad_1]

SAN FRANCISCO, Feb. 8, 2023 /PRNewswire/ — The global industrial internet of things market size is anticipated to reach USD 1,693.30 billion and is expected to expand at 23.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Major emphasis on predictive maintenance, automation, and proficient supply chain management across a number of industrial verticals, including manufacturing is driving the market growth. Several organizations have accepted the benefits of adopting IIoT in productivity improvement and have implemented a range of advanced IIoT solutions based on hardware, which are compatible such as actuators and sensors combined with software, contributing to the growth of the industrial IoT industry.

Key Industry Insights & Findings from the report:

  • The market is driven by the growing automation techniques used in various industry verticals such as manufacturing and automobile.
  • Based on the component segment, the services segment is anticipated to record the highest CAGR of over 24% from 2023 to 2030, owing to a significant increase in the number of connected gadgets.
  • Based on end-use segment, the manufacturing sub-segment accounted for the largest market share of 18% in 2022 as companies are rapidly adopting digital manufacturing technologies, while logistics & transport is poised to grow with the highest CAGR of over 26% during the forecast period.
  • North America held the largest revenue share in 2022 closely followed by Europe owing to the early adoption and implementation of industrial IoT technology.

Read 140-page market research report, “Industrial Internet Of Things Market Size, Share & Trends Analysis Report By Component (Solution, Services, Platform), By End-use (Manufacturing, Logistics & Transport), By Region, And Segment Forecasts, 2023 – 2030”, published by Grand View Research.

Industrial Internet Of Things Market Growth & Trends

The management of several industrial processes is undergoing a paradigm shift owing to…

[ad_2]