Key factors driving such technologies include technological development, the growing adoption of connected smart devices and the increased demand for these devices from emerging markets.
Transparency Market Research (TMR) confirms in a recent report that the global market for the Industrial Internet of Things (IIoT) will register a compound annual growth rate of 23.7% between this year and 2025, at which time the sector will move about 783,881.1 million dollars. Key drivers of this include technological development, the growing adoption of connected smart devices and the increased demand for these devices from emerging markets.
Precisely, the IIoT deployment is revolutionizing manufacturing processes, as it helps to improve operational efficiency through the use of data, which is used to plan timely maintenance, leading to a considerable cut in the indirectly translated into business income.
On the other hand, of the entire IIoT market, the company estimates that the software segment, which can be further divided into IoT platform, embedded software and analysis, will achieve the highest growth rate during the forecast period. This is due to the growing trend of adoption by large industries, with the aim of improving their existing infrastructure in order to employ IIoT in their processes.
By sector, the manufacturing industry will represent the leading share, with about 35% of the global IIoT market. However, it is expected that health care will also increase its participation due to advantages such as the possibility of offering better diagnoses and health services.
Finally, the increase in technology investments by industries to improve operational efficiency and asset performance is expected to favor the global IIoT market. Of course, there is also the drawback of interoperability failures between machines and devices connected to different architectures and protocols. However, the data collected through IIoT can be useful in terms of generating savings and increasing productivity.
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