The rise in the adoption of digital transformation by various industries is supporting the widespread use of IoT in the industrial sector. Industrial IoT (IIoT) refers to a network of interconnected devices used for designing, maintaining, monitoring, optimizing, and analyzing the industrial operations to gain real-time insights and make effective decisions. London, J(GLOBE NEWSWIRE) - According to a new market research report titled, “ Industrial IoT 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 ”, the industrial IoT market is expected to grow at a CAGR of 16.7% from 2019 to 2027 to reach $263.4 billion by 2027.
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