Industrial IoT Market was Valued at $72.34 billion in 2018

Internet of Things (IoT) ecosystem is a vast and diversified area that comprises hardware vendors, platform providers, service providers, and connectivity providers. Every component plays a vital role in the ecosystem and each vendor is responsible for providing necessary components for Industrial IoT.

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For instance, the vendors are responsible for providing hardware, platform, services, and connectivity. Hardware is responsible for carrying out data recording and providing means of communication. Similarly, the connectivity and services have their own vital role. When all of these components work together in synchronization and harmony, an ecosystem is formed. For instance, a company providing semiconductor component for a hardware is not directly involved with IoT, but is a part of the IoT ecosystem. The main difference underlying IoT ecosystem and platform is their functionalities. An IoT platform is responsible for integration of different applications together, whereas connecting and integrating all these platforms is the responsibility of an ecosystem.

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Hardware, platforms, services, and connectivity form the base of Industrial IoT (IIoT) ecosystem. They are responsible for driving the Industrial IoT ecosystem by performing numerous tasks in diversified industries such as oil and gas, manufacturing, and mining. The proper implementation of an Industrial IoT ecosystem has helped industries to achieve great heights of profitability via optimization of assets, supply chains, and inventories, among others.

The global IIoT market accounted for $72.34 billion in 2018. The high growth rate is attributed to the increasing demand for IoT and cloud computing platforms to manage and analyze the data in various industries. Moreover, the industries and enterprises have become more concerned toward productivity and efficiency and are adopting IIoT to make informed business decisions.

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