By 2025, the global industrial IoT market is expected to reach 933.62 billion dollars. The scope of cloud applications and scalability are two of the factors that will drive the additional growth across all industries within it.
The sectors that benefit from industrial IoT solutions the most right now include manufacturing, healthcare, energy and power production, logistics and transportation, oil and gas, and agriculture. Over the coming few years, the manufacturing sector is expected to emerge as the dominant one. According to analytical reports, the industrial internet of things will reinvent many sectors that account for approximately two thirds of the global economic output, driving economic gains of 14.2 trillion dollars by 2030.
What are the reasons for the prominence of industrial IoT solutions? Some of them have been touched upon in the intro but let’s take a more thorough look.