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The use of industrial IoT for predictive maintenance and the proliferation of data centers are expected to create market growth opportunities. However, vulnerability issues with IoT devices and the lack of skilled professionals are major challenges for market growth. Additionally, the rising popularity of IIoT digital twins, the emergence of edge computing, and the rising adoption of smart manufacturing-as-a-service are some of the major trends in this market.
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Breaking Ground in Industry Insights: Meticulous Research® Unveils 'North America Industrial IoT Market' Forecast till 2030! Meticulous Research®, a globally renowned market research powerhouse, proudly presents its latest research report: 'North America Industrial IoT Market by Component (Hardware, Platform, Services, Connectivity), Industry (Agriculture, Manufacturing, Energy & Utilities, Oil & Gas, Aerospace, Retail, Transportation & Logistics, Others), & Geography - Forecast to 2030.' Market Projections & Dynamics: According to the report, the North America industrial IoT market is poised to soar to $86.3 billion by 2030, exhibiting a robust CAGR of 16.6% from 2023 to 2030. The growth is fueled by escalating investments in Industry 4.0 technologies, governmental impetus towards industrial automation, and the compelling need to enhance productivity and efficiency. Nonetheless, challenges such as lack of standardization and substantial capital & OpEx requirements present hurdles to the accelerated growth of the IIoT market. Read the Full Report: https://www.meticulousresearch.com/download-sample- report/cp_id=5660 Exploring Growth Avenues: The report identifies the use of Industrial IoT for predictive maintenance and the proliferation of data centers as key growth opportunities. However, challenges like vulnerability issues with IoT devices and a shortage of skilled professionals pose hurdles to market expansion. Emerging trends include the rising popularity of IIoT digital twins, the advent of edge computing, and the increasing adoption of smart manufacturing-as-a-service. In-Depth Market Segmentation: The North America industrial IoT market is meticulously segmented by component and industry vertical. In 2023, the hardware segment is anticipated to dominate the market, driven by the industrial sector's commitment to efficiency improvement and cost reduction through real-time solutions. Notably, the platforms segment is expected to register the highest CAGR during the forecasted period. Industry Vertical Insights: In 2023, the manufacturing segment takes the lead in the North America industrial IoT market. The adoption of automation and robotics systems in manufacturing is widespread, enhancing product quality, reducing work-in-progress time, and improving equipment reliability. The manufacturing segment is projected to maintain the highest CAGR, driven by the growing need for centralized monitoring and predictive maintenance. Geographical Landscape: The U.S. is set to spearhead the North America industrial IoT market in 2023, fueled by leading players, Industry 4.0 initiatives, and robust government support. Conversely, Canada is anticipated to witness the highest CAGR during the forecast period, pointing towards a dynamic market landscape. Key Players Driving Innovation:
The North America industrial IoT market is enriched with key players driving innovation, including ABB Ltd., General Electric Company, Intel Corporation, Cisco Systems, Inc., SAP SE, IBM Corporation, and more. Read Similar Report: https://www.meticulousresearch.com/download-sample- report/cp_id=5624 Join us in shaping the future of industrial IoT! Explore the comprehensive insights and navigate the path to unparalleled success. Contact Us: Meticulous Research® Email-sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn-https://www.linkedin.com/company/meticulous- research
