They will represent an overall 107% growth
According to Juniper Research, the global number of Industrial IoT connections will increase from 17.7 billion in 2020 to 36.8 billion in 2025. That’s an overall growth rate of 107%.
The research identified smart manufacturing as a key growth sector of the Industrial IoT market over the next five years; accounting for 22 billion connections by 2025.
Besides, 5G and LPWA (Low Power Wide Area) networks are expected to play key roles in creating attractive service offerings to the manufacturing industry.
They are anticipated to enable the realization of the ‘smart factory’ concept, in which real-time data transmission and high connection densities allow highly-autonomous operations for manufacturers.
The research forecasts that over 80% of global Industrial IoT market value will be attributable to software spend by 2025, reaching $216 billion. Software tools using machine learning for enhanced data analysis and the identification of network vulnerabilities are now essential to connected manufacturing operations.
We’ve reported that the IoT ML and AI market will reach $1.09 billion this year and grow to $10.6 billion in 2026.