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The Internet of Things market size is forecast to increase by USD 1,554.5 billion, at a CAGR of 18.52% between 2023 and 2028. The Internet of Things (IoT) is revolutionizing industries by enabling the connection and automation of various devices and systems. Key offerings of IoT include real-time data collection and analysis, remote monitoring and control, and predictive maintenance. Technological developments in IoT platforms facilitate seamless integration of various devices and systems, ensuring efficient and effective operations. The exponential growth of Internet-connected and operated devices, driven by advancements in sensors, wireless communication, and cloud computing, is fueling the rise in industrial automation. IoT solutions are transforming industries such as manufacturing, healthcare, transportation, and agriculture, leading to increased productivity, cost savings, and improved customer experiences.
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The industrial Segment holds the largest market share during the forecast period. The market share growth by the industrial segment will be significant during the forecast period. Globally, the industrial segment is reaping the benefits of IoT technology in terms of increasing business productivity and gaining a competitive advantage. The software connects machines and devices to the Internet.
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The industrial segment was valued at USD 188.70 billion in 2018. The data generated and the insights gained into the manufacturing process are used for predictive maintenance and performance optimization on the factory floor. This segment is confronted with a number of challenges, including the need for additional investments, the redesign of business models, security concerns, a lack of standardization, and interoperability issues. Favorable government policies and collaboration among various organizations operating in the IoT space should help to improve the level of expertise and, as a result, aid in overcoming these challenges.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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