Industrial Internet of Things Market is estimated to hit $ 186.32 billion by 2023
The global Industrial Internet of Things market is estimated to reach $186.32 billion in 2023, growing at a CAGR of 21% from $57.215 billion in 2017. The increase in the operational efficiency, collaboration between humans and machines, connected eco-systems, is projected to drive the market growth rate for IIoT. Manufacturing remained the dominant end-user industry for Industrial IoT market, with $29.140 billion in 2017, and will reach $121.534 billion, followed by Oil & Gas. Healthcare will remain the fastest growing industry vertical for Industrial IoT, with a CAGR of 59.8%, followed by Energy having a CAGR of 39.7% in the forecast period.
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Selected Analysis done in the full Report: Patent analysis of Industrial Internet of Things (IIoT) was conducted to analyze the developments being carried out in the market, thereby reflecting the growth of the same during the period. Network Management Protocols and Wireless Communication Network domains in the IIoT market witnessed significant number of patents over the period of ten years. Samsung Electronics, Cisco , Intel and other electronic goliaths have invested substantially in the R&D to develop industrial IoT solutions that can create product differentiation in the IIoT market.
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Excerpts on Market Growth Factors Mentioned in the Full Report:
The high adoption of IIoT in transportation is acting like a major driving force that propels the industrial Internet of Things market growth. Growing need for automation for operations for power generation and transmission will drive the market for IIoT in the Energy sector. The growing IoT revolution in manufacturing, transport and energy sectors will drive the significant growth for Industrial Internet of Things Market during the forecast period.
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Key Players of the PCB Market
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MICROSOFT CORPORATION ORACLE CORPORATION
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ROCKWELL AUTOMATION, INC
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REAL-TIME INNOVATIONS, INC. (RTI)
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OMRON CORPORATION and More
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