The global industrial Internet of Things (IoT) market is predicted to reach $933.62 billion by 2025—up from $109 billion in 2016, according to a report from Grand View Research, released Monday.
Adoption of industrial IoT models has grown worldwide, stemming from the technology's ability to reduce costs and increase productivity, process automation, and time-to-market, the report noted.
The affordability and availability of processors, sensors, and other technologies that can facilitate access to real-time information is also key for IoT adoption. Manufacturers are now leveraging the benefits of industrial IoT solutions to consolidate their control rooms, to track assets, and to improve their analytics functionalities through predictive maintenance, according to the report.
General Electric, IBM, Cisco, Siemens, and Intel dominated the global market share in 2016, the report found.