Industrial Internet of Things (IIoT) refers to the use of IoT technologies in manufacturing plants, facilities and other industrial operations to collect and analyze data which helps improve operational efficiency. IIoT helps connect industrial machines, assets and systems to the internet for real-time data collection and analytics. This helps optimize processes, reduce downtime and maintenance costs. The global industrial IoT market consists of various sensors, cameras, software platforms and other intelligent devices that enable remote monitoring and control of industrial assets. The global Industrial IoT Market is estimated to be valued at US$ 122.25 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: Increased Operational Efficiency One of the key opportunities for industrial IoT is increased operational efficiency of manufacturing plants and industrial operations. IIoT enables real-time monitoring of industrial assets and processes which helps identify inefficiencies, bottlenecks and downtime issues. This data can be analyzed to optimize workflows, automate maintenance processes, minimize downtime and reduce costs significantly over time. As industrial companies look to maximize output while minimizing costs, IIoT solutions that deliver improved operational efficiency through data-driven insights are increasingly in demand. This growing need for optimized operations and efficiency gains will continue driving market growth over the forecast period. Porter’s Analysis Threat of new entrants: The industrial IoT market requires highinitial investments in R&D, technology, and skilled workforce which poses significantbarrier for new players. Bargaining power of buyers: Large industrial organizations have significant bargaining power over solutions and service providers due to their strong demand and pricing negotiation abilities. Bargaining power of suppliers: The presence of numerous technology providers, system integrators and other solution providers limits the bargaining power of individual suppliers. Threat of new substitutes: There exist limited threat of substitution currently however evolving technologies have potential to disrupt the market in long run. Competitive rivalry: The market has numerous international and regional players competing on the basis of product differentiation, pricing and services which results in high competitive rivalry. SWOT Analysis Strength: Existing technology providers have strong domain expertise,global footprints and technical skills. Innovation is driving newsolutions for industrial automation. Weakness: High initial investments andlegacy systems integration challenges. Skill shortage is hindering growth. Opportunity: Ongoing digital transformation trends provide massiveopportunities in new applications and global markets. Threats: Cyber security concerns, unclear ROI and reluctance to adoptnew technologies are threats. Rising geopolitical tensions also pose risks. Key Takeaways Global Industrial Iot Market Size is expected to witness high growth due to ongoing digitization and automation demand across major industries globally. The global Industrial IoT Market is estimated to be valued at US$ 122.25 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030. Regional analysis: North America is the dominant regional market currently accounting for over 35% share due to high technology adoption rates. Asia Pacific region is envisioned to be the fastest growing market propelled by rapid industrial growth and government initiatives in countries like China and India. Key players: Key players operating in the industrial IoT market are Honeywell International Inc., Aker Solutions, Baker Hughes, Fluor Corporation, General Electric and Halliburton. Honeywell International Inc. is a leading provider of industrial automation solutions with strong global footprint and innovation capabilities. Get More Insights On This Topic: https://www.newsanalyticspro.com/global-industrial-iot-market-overview/
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