Rising Adoption Of Adoption Of Digital Twin Solutions Are Fueling The Growth Of Industrial Iot Market
Industrial Iot Market The global Industrial IoT Market is estimated to be valued at US$ 122.25 Bn in 2023 and is expected to exhibit a CAGR of 20.% over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: The Industrial IoT market involves connecting physical assets such as industrial equipment, machines, and products to digital systems that can monitor performance, collect data, enable predictive maintenance, and more. This helps drive efficiency, maximize asset utilization, reduce downtime, and control costs. Market key trends: One of the major trends in the Industrial IoT market is the adoption of digital twin solutions. Digital twin refers to a virtual representation of a physical object or system which helps analyze and optimize the physical counterpart's performance. It mirrors the physical twin's characteristics, geometry, kinematics and behavior thus providing insights by running simulations on...