The global IIoT market was valued at USD 85.4 billion in 2018 and is expected to reach USD 515.8 billion in 2026, growing at a CAGR of 25.2% during the forecast period. Rising demands for advanced computing and monitoring devices which is coupled with wide range of Industrial Internet of Things (IIoT) applications across multiple industry verticals are some of major factors contributing towards growth of Industrial Internet of Things (IIoT) market globally.
The Industrial Internet of Things (IIoT), also known as Industry 4.0, is developed in order to improve operational efficiencies of manufacturing processes. IIoT also aids in creating unique opportunities to progress in the economic sector. Furthermore, implementation of the industrial internet of things helps in modernizing industry structure by reshaping and improving several key operational segments, such as manufacturing and supply chain, among others. Hence the adoption of IIoT has led into business transformation for numerous OEMs, factories and supply chain providers.
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One of the application segments for the industrial internet of things is automotive and transportation sector wherein the growth trend is found to be positive in last few years owing to continuous investments in rail, road and smart transportation projects in urban areas. Emerging economies are following the footsteps of developed nations while adopting IIoT in the transportation sector which has impacted positively on overall industry growth. However, the IIoT industry faces a major challenge in the form of data management and storage that is produced in huge bulk owing to a tremendous amount of data mining.