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Industrial IoT (IIoT) Market Worth $263.4 Billion by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

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Redding,  California, Sept. 30, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled Industrial IoT (IIoT) Market by Component, Application (Robotics, Maintenance, Monitoring, Resource Optimization, Supply Chain, Management), Industry (Aerospace, Automotive, Energy, Healthcare, Manufacturing, Retail), and Geography – Global Forecast to 2027”, published by Meticulous Research®, the Industrial IoT market is expected to grow at a CAGR of 16.7% from 2021 to 2027 to reach $263.4 billion by 2027.

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Industrial IoT (IIoT) incorporates IoT with numerous industrial processes, including automation, optimization, monitoring, maintenance, and networking. With a strong focus on machine-to-machine (M2M) communication, big data, and machine learning, the IIoT enables industries and enterprises to have better efficiency and reliability in their operations. The IIoT encompasses industrial applications, including robotics, medical devices, and software-defined production processes. In the context of Industry 4.0, the IIoT is integral to how cyber-physical systems and production processes are set to transform with the help of big data and analytics. Real-time data from sensors and other information sources helps industrial devices and infrastructures make decisions in coming up with insights and specific actions. 

The growth of the overall industrial IoT market is primarily attributed to the high adoption of IIoT solutions that are consistently engaged with numerous technological developments. In addition, the growing adoption of cloud-based IoT devices has revolutionized the market by raising the bar in the competition to offer the best solutions to end-use customers. Moreover, extensive government initiatives in enhancing the industrial sector with advanced technologies are expected to offer immense growth opportunities for players operating in this market. Similarly, government efforts in digitalizing the industries and businesses are also anticipated as one of the key factors responsible for the significant growth of the IIoT market.

The Impact of COVID-19 on the Industrial IoT Market

The outbreak of COVID-19 adversely affected industrial IoT solution providers on different levels as most of the manufacturing operations was suspended across major manufacturing hubs, leading to a substantial slowdown in production. The effects of COVID-19 on the supply chain were significant and wide-ranging. They included such challenges as difficulty in the procurement of procuring necessary materials, spikes in pricing due to increased demand, and limited fulfillment capacity by suppliers. Abandoned and delayed shipments resulted in a lag of 4-6 weeks in receiving supplies, further impacting manufacturers’ ability to maintain operational efficiency. The COVID-19 pandemic also presented staffing challenges that restricted manufacturers’ ability to preserve business continuity. Such challenges included government regulations, such as social distancing requirements, and organized labor disputes, such as worker walkouts and sickouts, as seen with Amazon and Target workers.

In addition, changing demands and unavailability of raw materials, workforce, and assets, production plans are expected to change on a much higher frequency. This is expected to sluggish the adoption of IIoT solutions, as the industries would manage their business with the existing technologies and resources. Besides, manufacturing has a much higher volume and frequency of transactions than the supply chain. Thus, the IIoT market in the manufacturing industry is likely to get affected to a minimal extent. Furthermore, companies that have incorporated IIoT solutions in the severely affected regions are expected to explore a proactive deployment of automation technologies to decrease worker density throughout their operations.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5102

Extensive government support for industrial automation is one of the major factors driving the IIoT market

Various governments have encouraged adopting disruptive technologies, such as IIoT, to promote industrial automation across different organizations. Encouragement programs, such as R&D investments, tax benefits, and organization of promotional ventures and platforms are some of the several activities undertaken by governments worldwide to promote automation, thus triggering the adoption rate of industrial IoT.

The 7th Framework Programme for Research and Technological Development (FP7) in Europe invested more than USD 55 billion into R&D across all areas of science and technology, while more than USD 145 million into IoT-related projects are still in process. This reform enforced the industrialists from the EU to adopt IoT solutions in their business operations. Besides, the Indian government is engaged in undertaking numerous initiatives, such as Digital India, Make in India, and Smart city projects, which are expected to increase the adoption of emerging technologies, including IoT.

To provide efficient analysis, Meticulous Research® has segmented this market based on component (solutions, services, and connectivity), application (smart robotics, predictive maintenance, plant maintenance, remote monitoring, asset & resource optimization, logistics & supply chain, inventory management, and production flow management), industry vertical (aerospace & defense, automotive, agriculture, energy & utilities, healthcare, manufacturing, oil & gas, transportation, retail, and others ), and geography.

Based on component, the IIoT market is segmented into solutions, services, and connectivity. In 2020, the IIoT solutions segment accounted for the largest share of the overall industrial IoT market. This is due to the growing need for real-time communication, reducing downtime and subsequent operational costs, and increasing adoption of IoT-enabled industrial automation and control systems. Moreover, this segment is also expected to grow with the fastest growth rate over the forecast period due to increasing demands for customized solutions by industries and growing number of start-ups ready to invest in this technology for their business growth.

Quick Buy – Industrial IoT (IIoT) Market Research Report: https://www.meticulousresearch.com/Checkout/60185050

Based on application, the industrial IoT market is segmented into smart robotics, predictive maintenance, plant maintenance, remote monitoring, asset & resource optimization, logistics & supply chain, inventory management, production flow management. In 2020, the predictive maintenance segment accounted for the largest share owing to increased adoption of innovative and disruptive solutions that assist companies in managing, designing, and predicting failures and retrieving insights regarding the assets. Moreover, this segment is also projected to witness the fastest growth in the coming years.

Based on end user, the industrial IoT market is segmented into aerospace & defense, automotive, agriculture, energy & utilities, healthcare, manufacturing, oil & gas, transportation, retail, and others. In 2020, the manufacturing segment accounted for the largest share of the overall industrial IoT market owing to the growing reliability of organizations on advanced tools and techniques that support effective equipment managing and help in reducing overheads caused due to system failures or downtimes.

Geographically, the global industrial IoT market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, the North America accounted for the largest share of the global Industrial IoT market. The large share of this region is primarily attributed to the presence of major IIoT manufacturing companies and their focus on developing advanced IIoT technology, along with increasing funding by governments for IIoT development. However, the Asia-Pacific region is estimated to grow at the highest CAGR owing to growing awareness regarding the usage of internet services, increasing number of start-ups engaging with Industrial IoT platforms, and rising government initiatives in up-bringing and protecting the non-digitalized businesses.

The key players operating in the global industrial IoT market are General Electric Digital (U.S.), IBM Corporation (U.S.), PTC, Inc. (U.S.), Microsoft Corporation (U.S.), Cisco Systems, Inc. (U.S.), Robert Bosch GmbH (Germany), Dassault Systemes (France), ABB Ltd. (Switzerland), Huawei Technologies Co. Ltd (China), KuKa AG (Germany), Rockwell Automation Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), and Intel Corporation (U.S.), among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/industrial-iot-market-5102

Key questions answered in the report-

  • Which are the high growth market segments in terms of the component, application, industry verticals, and regions/countries?
  • What is the historical market for industrial IoT across the globe?
  • What are the market forecasts and estimates from the period of 2020-2027?
  • How is ‘industry 4.0’ revolution impacting the growth of the industrial IoT market?
  • Are there any government initiatives supporting IoT and its complementary technologies?
  • What are the major drivers, restraints, and opportunities in the global industrial IIoT market?
  • Who are the major players in the global industrial IIoT market and what share of the market do they hold?
  • Who are the major players in various countries and what share of the market do they hold?
  • How is the competitive landscape in the global industrial IIoT market?
  • What are the recent developments in the global industrial IIoT market?
  • What are the different strategies adopted by the major players in the market?
  • What are the geographic trends and high growth countries?
  • Who are the local emerging players in the global industrial IoT market and how do they compete with the other players?

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     Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research

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Industrial Automation Market by Component (Plant-level Controls, Enterprise-level Controls, Plant Instrumentation), Mode of Automation (Semi-automatic, Fully-automatic), and End User (Oil & Gas, Automotive, Food & Beverage, Chemicals & Materials)—Global Forecast to 2027
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Agriculture IoT Market by Component (Hardware, Software, Services), by Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, Other Applications), and Region – Global Forecast to 2027
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https://www.meticulousresearch.com/product/digital-twin-market-5060

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
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Artificial Intelligence

Identity Governance & Administration Market Projected to Reach $24.42 billion by 2030 – Exclusive Report by 360iResearch

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PUNE, India, April 25, 2024 /PRNewswire/ — The report titled “Identity Governance & Administration Market by Component (Services, Solution), Modules (Access Certification & Compliance Control, Access Management, Identity Lifecycle Management), Organization Size, Deployment, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $8.46 billion in 2023 to reach $24.42 billion by 2030, at a CAGR of 16.34% over the forecast period.

“Navigating Global Identity Governance With Key Strategies for Digital Security and Compliance”
Identity governance and administration (IGA) has emerged as a critical policy-driven approach aimed at fortifying digital identities within organizations, ensuring that proper access is provided to the right individuals for valid reasons. Across the globe, the demand for IGA solutions is on the rise, driven by the need to tackle sophisticated cyber threats, comply with stringent data protection laws, and adapt to the digitization wave sweeping through industries. Challenges include integrating these solutions with pre-existing IT frameworks, primarily in organizations reliant on legacy systems. The North American market, led by the United States and Canada, is at the forefront of this expansion, embracing technological advancements and stringent regulatory standards. Meanwhile, the Europe, Middle East, and Africa (EMEA) region is navigating its unique landscape, with the EU focusing heavily on compliance through GDPR and the Middle East and Africa gradually recognizing the value of digital security. The Asia-Pacific region is witnessing a significant uptrend in IGA solutions adoption, spurred by digital transformation initiatives and cybersecurity awareness, with China and India playing pivotal roles. This global perspective highlights the universal importance of IGA in today’s digital era, highlighting the critical balance between innovation, security, and regulatory compliance in safeguarding digital identities.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“Navigating the New Normal With The Crucial Role of Identity Governance in Securing Hybrid Work Environments”
As businesses globally embrace the fusion of remote and traditional office work, the need for secure, hybrid workspaces becomes paramount. The shift toward flexible working models, accelerated by the COVID-19 pandemic, highlights the importance of cybersecurity and accessibility in ensuring operational continuity and a better work-life balance. Identity governance & administration (IGA) systems emerge as essential tools within this evolving work landscape. They enable organizations to manage digital identities and access rights effectively, safeguarding sensitive data against unauthorized access across diverse working environments. By ensuring that only credentialed employees can access critical information, regardless of their physical location, IGA solutions stand at the forefront of maintaining cybersecurity compliance and operational integrity. This development signifies a growing demand for robust identity governance frameworks, ensuring businesses remain resilient and secure in remote work and beyond.
“Elevating Security and Efficiency in Organizations through Specialized Identity Governance & Administration Services”
Managed and professional services provide organizations with the specialized expertise necessary for optimizing the performance and security of identity governance & administration (IGA) systems, eliminating the need for such in-depth knowledge internally. Businesses benefit from advanced skills that enhance system functionality and safeguard sensitive data by outsourcing specific IGA tasks. From the initial stages of integration and implementation, ensuring seamless incorporation with existing infrastructures, to ongoing support and maintenance for consistent system reliability and up-to-dateness, these services form the foundation of effective IGA strategies. Furthermore, training and consulting play a pivotal role, equipping companies with the understanding and capability to utilize their IGA systems to the fullest. IGA solution is a critical technological tool designed to streamline the management of user access rights across organizations, bolstering security, operational efficiency, and compliance with regulatory standards. This comprehensive approach to IGA facilitates a more secure, efficient, and compliant organizational environment, empowering businesses to focus on core objectives and ensure their data remains protected.
Request Analyst Support @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“International Business Machines Corporation at the Forefront of Identity Governance & Administration Market with a Strong 7.09% Market Share”
The key players in the Identity Governance & Administration Market include Broadcom, Inc., SAP SE, Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Identity Governance & Administration Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Identity Governance & Administration Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Identity Governance & Administration Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/identity-governance-administration
“Dive into the Identity Governance & Administration Market Landscape: Explore 197 Pages of Insights, 654 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsIdentity Governance & Administration Market, by ComponentIdentity Governance & Administration Market, by ModulesIdentity Governance & Administration Market, by Organization SizeIdentity Governance & Administration Market, by DeploymentIdentity Governance & Administration Market, by VerticalAmericas Identity Governance & Administration MarketAsia-Pacific Identity Governance & Administration MarketEurope, Middle East & Africa Identity Governance & Administration MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
Related Reports:
Privileged Identity Management Market – Global Forecast 2024-2030Identity & Access Management Professional Services Market – Global Forecast 2024-2030Digital Identity Solutions Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
Contact 360iResearchMr. Ketan Rohom360iResearch Private Limited,Office No. 519, Nyati Empress,Opposite Phoenix Market City,Vimannagar, Pune, Maharashtra,India – 411014.Email: [email protected]: +1-530-264-8485India: +91-922-607-7550
To learn more, visit 360iresearch.com or follow us on LinkedIn, Twitter, and Facebook.
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Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms

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MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.

SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]

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Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow

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Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.

Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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