The global Industrial Internet of Things (IIoT) market size is anticipated to reach $1,69-trillion and is expected to expand at 23,2% CAGR from 2024 to 2030, according to a new report by Grand View Research.

Major emphasis on predictive maintenance, automation, and proficient supply chain management across a number of industrial verticals, including manufacturing is driving the market growth.

Several organisations have accepted the benefits of adopting IIoT in productivity improvement and have implemented a range of advanced IIoT solutions based on hardware, which are compatible such as actuators and sensors combined with software, contributing to the growth of the industrial IoT industry.

The management of several industrial processes is undergoing a paradigm shift owing to machine-to-machine (M2M) communication. The growing use of M2M communication for applications like smart grids, along with other industry verticals such as healthcare, security, and automotive, is expected to propel industrial IoT market growth.

The Covid-19 outbreak has adversely impacted the Industrial Internet of Things industry. The pandemic has caused supply chain management difficulties for several businesses across the globe. Vendors are placing numerous orders, but the businesses are unable to fulfill them, which eventually led to financial difficulties.

However, cognitive industrial IoT can help organisations track products for increasing total yield in transit along with accurately evaluating orders issued. As a result, organisations are anticipated to adopt cognitive industrial IoT solutions as part of their efforts to reform their operations and strategies, which is projected to fuel the industrial IoT market growth over the forecast period.

Edge Analytics provides the same capability as a traditional analytics tool, with the exception of where the analytics are conducted. The key distinction is that edge analytics programmers must run on edge devices that may be limited in storage, computing power, or connection.

Digitisation has been the driving force behind the most recent revolutions. Companies have long struggled with how to extract relevant insights from the millions of nodes of data created each day by IoT-connected devices.

The number of linked gadgets, from a smartwatch to a smart speaker, is increasing the volume of data to be mined. Many new technologies, like AI and Big Data, have become indispensable for gathering insights.

North America will gain a larger market share in the edge analytics market due to an increase in the need for predictive analytics, which will increase the adoption of edge analytics solutions with a higher concentration of industrial and telecommunications industries.

With the rise of IoT, there has been a surge in interest in edge analytics. For many firms, streaming data from different IoT sources produces a massive data repository that is challenging to manage.

Highlights from the Industrial Internet of Things Market Report include:

* The market is driven by the growing automation techniques used in various industry verticals such as manufacturing and automobile.

* Based on the component segment, the services segment is anticipated to record the highest CAGR of over 50% from 2023 to 2030, owing to a significant increase in the number of connected gadgets.

* Based on end-use segment, the manufacturing sub-segment accounted for the largest market share of 18% in 2022 as companies are rapidly adopting digital manufacturing technologies, while logistics & transport is poised to grow with the highest CAGR of over 26% during the forecast period.

* North America held the largest revenue share in 2022 closely followed by Europe owing to the early adoption and implementation of industrial IoT technology.