Meticulous Research® has issued a report titled “Industrial IoT Market  by Component (Hardware, Platform, Services, Connectivity), Industry (Agriculture, Manufacturing, Energy & Utilities, Oil & Gas, Aerospace, Retail, Transportation & Logistics, Others) Geography - Global Forecast to 2031.” This report forecasts that the industrial IoT market will grow to $408.2 billion by 2031, with a CAGR of 19.3% from 2024. The growth is spurred by increased investments in Industry 4.0, government support for automation, and a need for greater efficiency. Challenges include the lack of standardization and high operational costs.

Opportunities lie in predictive maintenance and expanding data centers, while challenges include IoT vulnerabilities and a shortage of skilled workers. Trends such as digital twins, edge computing, and smart manufacturing-as-a-service are prominent. The hardware segment will lead in market share, and platforms will see the highest CAGR. Asia-Pacific is anticipated to be the market leader due to its automation trends, robotics adoption, and supportive government policies.

Key Players:

The key players operating in the industrial IoT market are ABB Ltd. (Switzerland), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co, Ltd. (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.)

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Key questions answered in the report-

• Which are the high-growth market segments based on component and industry vertical?
• What was the historical market for industrial IoT globally?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, and opportunities in the industrial IoT market?
• Who are the major players, and what shares do they hold in the industrial IoT market?
• What is the competitive landscape like in the industrial IoT market?
• What are the recent developments in the industrial IoT market?
• What are the different strategies adopted by the major players in the industrial IoT market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the industrial IoT market, and how do they compete with the other players?

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