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NEW YORK, June 20, 2022 /PRNewswire/ — The Industrial Internet of Things (IoT) Market size is expected to grow by USD 421.28 billion at a CAGR of 32.95% as per the latest market report by Technavio. 36% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the global industrial internet of things market in APAC. Market growth in this region will be faster than the growth of the market in regions.
The market in this region will increase at a quicker rate than the market in other regions. The growth in industrial automation will facilitate the global industrial internet of things market growth in APAC over the forecast period.
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One of the primary factors driving the global industrial internet of things market is the rise of industrial automation. Manufacturing processes are used in process sectors such as food and beverage to convert raw materials into finished items, which necessitates a high level of automation due to the employment of a range of complicated manufacturing equipment.
Process automation is gaining traction in a variety of industries because it requires less human interaction and improves throughput, efficiency, dependability, and safety. As a result, process sectors are increasingly adopting industrial automation systems.
However, a major obstacle to the worldwide industrial internet of things market growth is a lack of awareness of effective management of IoT efforts and investments.
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Major Five Industrial Internet of Things Companies:
- ABB Ltd.- The company offers ABB integrated internet platform and cloud infrastructure.
- Cisco Systems Inc.- The company offers a secure and reliable network foundation such as factort networking, edge computing, and others.
- General Electric Co.- The company offers a wide range of IoT solutions through its subsidiary, GE Digital.
- Honeywell International Inc.- The company offers a complete set of secure, IIoT-ready solutions across all elements of the industrial internet.
- Intel Corp.- The company offers road portfolio of technology, solutions, and tools to facilitate more strategic decision-making, operational advancements, and industry-defining disruption.
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Industrial Internet Of Things Market End User Outlook (Revenue, USD bn, 2021-2025)
- Manufacturing – size and forecast 2021-2025
- Energy and utilities – size and forecast 2021-2025
- Automotive and transportation – size and forecast 2021-2025
- Healthcare – size and forecast 2021-2025
- Others – size and forecast 2021-2025
Industrial Internet Of Things Market Geography Outlook (Revenue, USD bn, 2021-2025)
- North America – size and forecast 2021-2025
- APAC – size and forecast 2021-2025
- Europe – size and forecast 2021-2025
- South America – size and forecast 2021-2025
- MEA – size and forecast 2021-2025
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