Industrial Internet of Things Market to be worth US$ 991,562.0 Million by 2026 – TMR – NewsStoner

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Industrial Internet of Things Market to be worth US$ 991,562.0 Million by 2

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Industrial Internet of Things (IIoT) Market: Snapshot
Deployment of Internet of Things (IoT) in industries to modernize manufacturing processes is referred to as Industrial Internet of Things (IIoT).
IIoT incorporates machine learning, Big Data technology, and machine-to-machine (M2M) communication, adopting the sensor data and automation technologies that already exist in the industries.
IIoT helps to improve visibility, operational efficiency, increases productivity, and reduces complexity in the process.
Rising adoption of IIoT by the transportation sector is driving the market.
However, a major concern that surrounds IIoT is the security and privacy of the data; this concern leads to loss of physical systems and data security.
The global transparencymarketresearch.com/industrial-internet-of-things-iiot-market.html”>Industrial Internet of things market is anticipated to expand at a CAGR of 24.3% during the forecast period (2018-2026) and is expected to reach US$ 991,562.0 Mn by 2026.
Industrial Internet of Things (IIoT) has the primary objective to improve operational efficiency and automate processes in industries.
Furthermore, industries are adopting advanced analyzing tools to understand growth opportunities in various sectors.
In the coming years, companies would deploy IIoT software and services to capture new growth opportunity by increasing production and creating new hybrid business models.
Data analytics would help them guide the optimal resource allocation and utilization, thereby improving the operational efficiency.
The IIoT market has been segmented on the basis of component which includes hardware, software, and services.
End-user segments in the IIoT market are aviation, oil & gas, transportation, power generation & utility, manufacturing, healthcare (medical devices) and others.
Manufacturing is expected to account for market share close to 35% of the global industrial Internet of things (IIoT) market due to larger adoption of IIoT in the manufacturing industry sector

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