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Industry Landscape
The Industrial IoT (IIoT) industry is currently experiencing rapid growth, driven by the increasing need for operational efficiency, data-driven decision-making, and new revenue models like Asset-as-a-Service. Companies are investing heavily in connecting physical assets to digital platforms to gain insights, optimize performance, and enable automation. Challenges include cybersecurity, interoperability, and the high initial investment, but the long-term benefits in productivity and innovation continue to fuel expansion across manufacturing, energy, and logistics sectors.
Total Assets Under Management (AUM)
Industrial IoT Market Size in United States
~37.5 Billion USD (2023)
(22.5% CAGR)
• Driven by digital transformation initiatives.
• Increased adoption of AI/ML in industrial applications.
• Focus on real-time data and automation.
Total Addressable Market
37.5 Billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Edge AI
Processing AI/ML models directly on industrial edge devices for real-time analytics, reduced latency, and enhanced data privacy.
Digital Twins with Generative AI
Integrating generative AI into digital twin models to simulate complex industrial scenarios, predict outcomes, and optimize operations with higher fidelity.
Industrial Metaverse
Creating immersive, persistent virtual environments for industrial operations, enabling remote collaboration, predictive maintenance simulations, and advanced training.
Impactful Policy Frameworks
Cybersecurity and Infrastructure Security Agency (CISA) Industrial Control Systems (ICS) Cybersecurity Directives (Ongoing)
CISA issues ongoing directives and advisories aimed at strengthening the cybersecurity of critical infrastructure, including ICS, against evolving threats, often requiring specific cybersecurity practices and reporting.
This pushes industrial clients to prioritize robust cybersecurity measures, making IoT83's secure-by-design platform and emphasis on data security a more critical value proposition.
NIST Cybersecurity Framework 2.0 (2024)
NIST updated its Cybersecurity Framework in 2024 to provide a more comprehensive and adaptable guide for organizations to understand, manage, and reduce cybersecurity risks, applicable across all sectors.
The updated framework will influence how industrial enterprises design and implement their IIoT security, potentially leading to higher demand for platforms that align with these best practices, benefiting IoT83.
Executive Order on Improving the Nation’s Cybersecurity (EO 14028) (2021)
This U.S. Executive Order, while broader, has significant implications for industrial software and cloud services, emphasizing supply chain security, software bill of materials (SBOMs), and enhanced information sharing.
The EO's focus on software supply chain security and transparency will drive industrial customers to seek platforms like Flex83 that offer strong security assurances and a clear understanding of their software components.
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