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IoT market size is expected to grow by $421.28 billion

The Industrial Internet of Things (IoT) Market size is expected to grow by USD 421.28 billion at a CAGR of 32.95% as per the latest market report by Technavio. 36% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the global industrial internet of things market in APAC. Market growth in this region will be faster than the growth of the market in regions.

The market in this region will increase at a quicker rate than the market in other regions. The growth in industrial automation will facilitate the global industrial internet of things market growth in APAC over the forecast period.

One of the primary factors driving the global industrial internet of things market is the rise of industrial automation. Manufacturing processes are used in process sectors such as food and beverage to convert raw materials into finished items, which necessitates a high level of automation due to the employment of a range of complicated manufacturing equipment.

Process automation is gaining traction in a variety of industries because it requires less human interaction and improves throughput, efficiency, dependability, and safety. As a result, process sectors are increasingly adopting industrial automation systems.

However, a major obstacle to the worldwide industrial internet of things market growth is a lack of awareness of effective management of IoT efforts and investments.

CT Bureau

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