The Industrial Internet Of Things (IIoT) refers to interconnected sensors, instruments, and other devices networked together with computers. This connectivity allows for data collection, exchange, and analysis, potentially facilitating improvements in productivity and efficiency as well as other economic benefits.

Industrial Internet of Things opens plenty of opportunities in automation, optimization, intelligent manufacturing and smart industry, asset performance management, maintenance, industrial control, moving towards an on demand service model, new ways of servicing customers and the creation of new revenue models, the more mature goal of industrial digital transformation.

The IIoT market is expected to grow from USD 76.7 billion in 2021 to USD 106.1 billion by 2026, at a CAGR of 6.7% during the forecast period. The growth of the IIoT industry is driven by factors such as technological advancements in semiconductor and electronic devices, increased use of cloud computing platforms, standardization of IPv6, and support from governments of different countries for R&D activities related to IIoT.