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Industrial IoT Market worth $286.3 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, June 24, 2024 /PRNewswire/ — The industrial IoT market is valued at USD 194.4 billion in 2024 and is projected to reach USD 286.3 billion by 2029; it is expected to grow at a CAGR of 8.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. Increasing adoption of IPv6, growing adoption of cloud platforms, increased IoT-related government initiatives and R&D activities worldwide, rise in demand for automation in industries, and global rise in internet penetration.

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Browse in-depth TOC on “Industrial IoT Market” 
132 – Tables
69 – Figures
243 – Pages

Industrial IoT Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 194.4 billion

Estimated Value by 2029

$ 286.3 billion

Growth Rate

Poised to grow at a CAGR of 8.1%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Offering, Software, Connectivity Technology, Deployment, Vertical and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Maintenance and updates of IIoT systems

Key Market Opportunities

Predictive maintenance of machinery

Key Market Drivers

Rise in demand for automation in industries

The industrial IoT market for platforms segment is expected to grow at the highest CAGR during the forecast period.

The platforms segment is expected to experience the highest growth rate during the forecast period. The IIoT platform landscape is still maturing compared to hardware. As IIoT adoption grows, the need for robust platforms to manage and analyze the increasing data volume becomes more critical. IIoT generates vast amounts of data, driving the demand for secure storage, powerful analytics tools, and centralized management capabilities offered by platforms. This demand is expected to accelerate the growth of the platform segment. As industries shift towards data-driven decision-making, platforms become more valuable for extracting insights from IIoT data and optimizing processes. This focus on data utilization will further fuel the growth of the platform segment.

The manufacturing sector holds the largest market share in the industrial IoT market for the Asia Pacific.

The manufacturing sector holds the largest market share in the industrial IoT market for the Asia Pacific region, making it a global manufacturing hub. Countries like China, Japan, and South Korea are leading the way in this sector. Industrial IoT provides significant benefits such as predictive maintenance, process optimization, and improved quality control, all of which are crucial for manufacturers.

Asia Pacific is projected to experience the highest growth rate during the forecast period. Many Asian countries are undergoing rapid urbanization, leading to increased investments in smart city initiatives that heavily depend on industrial IoT. Multiple governments in the Asia Pacific region are encouraging the adoption of industrial IoT across various industries through subsidies and infrastructure development plans. The developing economies in the region offer significant potential for industrial IoT solutions as they construct new infrastructure and modernize existing industries.

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Agricultural sector in North America holds the largest market share in industrial IoT market during the forecast period.

The agriculture sector holds the largest market share in the North American industrial IoT industry. Agriculture in North America has significant potential for industrial IoT adoption and growth due to several factors. Industrial IoT enables data-driven farming practices such as precision irrigation, soil monitoring, and targeted crop management. It can optimize resource utilization (water, fertilizers, pesticides), reduce waste, and improve overall farm productivity. Farmers can use industrial IoT for remote monitoring of crops, livestock, and environmental conditions.

Key Players

Some of the leading companies operating in the industrial IoT companies are ABB (Switzerland), General Electric (US), Emerson Electric Co. (US), Intel Corporation (US), Cisco Systems, Inc. (US), SAP SE (Germany), Honeywell International Inc. (US), Siemens (Germany), Huawei Technologies Co., Ltd. (China), Rockwell Automation (US), Arm Limited (UK), PTC (US), Dassault Systèmes (France), IBM (US), Robert Bosch GmbH (Germany), NEC Corporation (Japan), ANSYS, Inc. (US), Worldsensing (Spain), Arundo (Norway), Software AG (Germany), among others.

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Correction: April 2025 U.S. Travel Agencies Air Ticket Sales Total $8.8 Billion

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Year-Over-Year Passenger Trips Rose Despite Decline in Sales

ARLINGTON, Va., May 16, 2025 /PRNewswire/ — Today, Airlines Reporting Corp. (ARC) released data showing U.S.-based travel agency air ticket sales reached $8.8 billion in April 2025 – a 4% decrease compared to April 2024.* April’s passenger trips settled by ARC increased 1% year over year, totaling 25.7 million.

Results for April 2025 showed:

ARC Ticketing Metric

Total

Month-Over-Month Variance

Year-Over-Year Variance

Total Sales

$8.8 billion

-6 %

-4 %

Total Passenger Trips

25.7 million

-5 %

+1 %

U.S. Domestic Trips

16.2 million

-4 %

+1 %

International Trips

9.5 million

-8 %

+1 %

Average Ticket Price

$536

0 %

-3 %

Average Economy Class Ticket Price**

$476

+1 %

+2 %

Average Premium Class Ticket Price***

$1,233

0 %

0 %

Passenger trips issued through online travel agencies rose 6% year over year, while passenger trips for leisure and corporate travel decreased 4% and 6%, respectively, over the same period.

“Business travel contended with increased economic uncertainty and the Easter holiday falling in late April, which affected year-over-year corporate passenger trip comparisons,” said Steve Solomon, chief commercial officer at ARC. “Despite some macroeconomic headwinds, overall passenger trips for domestic and international travel remained above 2024 levels, showing the resilience of travel demand.”

NDC transactions accounted for 19.6% of the total ARC reported and settled transactions in April 2025 — a 2% increase from 19.3% in April 2024. In April 2025, a total of 905 travel agencies reported NDC transactions.

More detailed information is available on ARC’s sales statistics page.

About ARC:
ARC’s data platform is the intelligence behind air travel, connecting the industry ecosystem and powering commercial decisions for airlines and our partners. We manage the world’s most comprehensive airline ticketing dataset, comprised of over 12 billion annual passenger flights operated by more than 480 airlines in over 235 countries. ARC’s trusted reporting and settlement services process over $99 billion annually in U.S.-based agency air sales. ARC leads industry collaboration between airlines, agencies, corporate buyers and other partners to enable a thriving air travel retailing ecosystem. For more information, visit arccorp.com.

Contact:
Randy Spoon

media@arccorp.com

Notes:

A previous version of this press release incorrectly stated that U.S.-based travel agency air ticket sales saw a 6% decrease compared to April 2024.

*Ticket Sales

Results are based on monthly sales data ending April 30, 2025, from 10,144 U.S. retail and corporate travel agency locations and online travel agencies. Results do not include sales of tickets purchased directly from airlines.The average ticket price (USD) is for a round-trip ticket settled through ARC for an itinerary that included only U.S. domestic travel.Passenger trips include the total number of passengers traveling from one airport to another using direct or connecting flights. Newly issued trips are added, and refunded trips are deducted to provide a net view of traveling passengers.U.S. domestic passenger trips include the total number settled through ARC where the itinerary is wholly within the U.S. International passenger trips include the total number settled through ARC where some or all the travel occurs to airports outside the U.S. or originates outside the U.S.Total sales are equal to the total amount paid for a ticket, which includes taxes and fees.

**Average Economy Class Ticket Price

Economy Class is defined as tickets for U.S. domestic travel purchased in April 2025 under fare codes excluding First Class, Business Class and Business Class Premium.

***Average Premium Class Ticket Price

Premium Class is defined as tickets for U.S. domestic travel purchased in April 2025 under fare codes assigned to First Class, Business Class and Business Class Premium.

© Airlines Reporting Corporation (ARC). All rights reserved.

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SOURCE Airlines Reporting Corporation (ARC)

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Top IT Strategies for the Financial and Professional Services Sectors in 2025: Info-Tech’s Industry Best Research Released

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A new report from Info-Tech Research Group, a global research and advisory firm, identifies six research priorities that are enabling IT leaders in financial and professional services to lead digital transformation, adapt to AI disruption, enhance compliance, and drive measurable value in a rapidly shifting economy.

TORONTO, May 16, 2025 /CNW/ – With AI reshaping professional services and financial firms navigating uncertain economic shifts, IT leaders in these sectors are being called to play a more strategic role in enabling business success. In response to these challenges, Info-Tech Research Group has released a curated research report to help organizations meet the moment. The 2025 report, Info-Tech’s Best Research for the Professional and Financial Services Sectors, includes actionable strategies, tools, and frameworks tailored to the industry’s most urgent priorities.

According to Info-Tech’s research, the financial and professional services sectors face a convergence of technology disruption, rising operational risk, and mounting pressure to deliver measurable innovation. Many organizations are moving beyond reactive IT support and redefining the role of IT as a proactive business partner. At the center of this shift is a need for smarter vendor management, more robust data strategy, and responsible AI governance.

“Financial and professional services firms are operating in high-trust environments with rising expectations for performance, transparency, and resilience,” says Info-Tech Research Group’s Chief Research Officer, Gord Harrison. “The research in this report is designed to help IT leaders lead through uncertainty while building the capabilities needed to stay competitive and compliant, whether that means evolving governance models, modernizing risk management, or delivering value with greater agility.”

Info-Tech’s Best Research Tailored for the Financial and Professional Services Sectors in 2025
Info-Tech’s top 2025 resources for the financial and professional services industries include six targeted research blueprints to help firms align IT strategy with business goals and modernize core capabilities:

Build a Business-Aligned IT Strategy – The insights in this blueprint provide guidance on empowering IT to lead with impact by aligning initiatives to business priorities, driving innovation, and building credibility across the organization.

Build a Robust and Comprehensive Data Strategy – This practical blueprint offers a business-first approach to strengthening governance, improving decision-making, and unlocking organization-wide value.

Jump Start Your Vendor Management Initiative – The framework outlined in this detailed guide helps IT leaders implement a right-sized approach to improve vendor oversight, strengthen partnerships, and drive business value within 90 days.

Build an Information Security Strategy – The guidance in this blueprint helps organizations design a holistic, business-aligned security program that reduces risk and supports evolving priorities.

Govern the Use of AI Responsibly With a Fit-for-Purpose Structure – The approach in this guide supports organizations in implementing a fit-for-purpose AI governance structure that reduces risk, ensures compliance, and aligns AI with business values.

Establish Data Governance – This blueprint offers a structured approach to aligning governance practices with enterprise strategy and fostering a culture of data accountability and excellence.

Info-Tech’s Best Research for the Professional and Financial Services Sectors 2025 report highlights the firm’s top research blueprints that offer practical frameworks, tools, and use cases that build on each other to support strategy execution across IT functions. Collectively, they serve as a roadmap for IT leaders to strengthen governance, reduce risk, and deliver measurable outcomes in professional and financial services.

To request exclusive and timely commentary from Info-Tech’s experts on these blueprints or to download Info-Tech’s Best Research for Professional and Financial Services 2025 resource, please contact pr@infotech.com.

Media Passes for Info-Tech LIVE 2025 in Las Vegas
Media professionals, including journalists, podcasters, and influencers, are invited to attend Info-Tech LIVE 2025 to gain exclusive access to research, content, and interviews with industry leaders. For those unable to attend in person, Info-Tech offers a digital pass option, providing access to live-streamed keynotes, select sessions, and exclusive virtual interviews with speakers and analysts.

Media professionals looking to apply for in-person or digital passes can contact pr@infotech.com to secure their spot and cover the latest advancements in IT directly from the event or remotely.

About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

To learn more about Info-Tech’s divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software-buying insights. 

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

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SOURCE Info-Tech Research Group

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Eastern Michigan University unveils Way Forward@EMU, empowering youth health leaders with $1M Toyota grant

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YPSILANTI, Mich., May 16, 2025 /PRNewswire/ — Eastern Michigan University is revolutionizing health education for young leaders with the launch of Way Forward@EMU, an innovative initiative supported by a $1,016,850 grant from the Toyota Way Forward Fund. Designed to empower high school students from Ypsilanti, Wayne/Westland, and Romulus, the program bridges health education with career readiness, equipping participants with tools to drive real community impact.

Housed within Engage@EMU and supported by EMU’s Robert Thomson Center for the Advancement of Neurobehavioral Health, the program offers a six to eight-week paid learning experience with weekly sessions covering traumatic brain injury (TBI) awareness, mental health, nutrition, and wellness. Students will creatively showcase their knowledge, earn a $100 stipend, and gain opportunities to transform their communities as peer health educators.

“Way Forward@EMU represents a bold step in developing the next generation of healthcare leaders by putting tools, training, and mentorship directly into the hands of young people,” said Sondrea Singleton, director of Way Forward@EMU. “When we equip youth to educate their peers and communities, we’re not just raising awareness—we’re creating lasting change.”

Built on a hub-and-spoke model for community-based healthcare transformation, the program taps into EMU’s faculty expertise, mentorship programs, and partnerships with organizations like Corner Health Center. Its SMART goals include:

Certifying 75+ students as Community Health Educators (CHEs) by December 2025

Reaching more than 800 youth, families, and community members with TBI-focused education

Providing experiential opportunities with at least 10 healthcare organizations

Supporting college readiness through structured mentorship

Participants earn digital credentials through EMU’s Office of Professional Programs and Training, creating a direct pathway to postsecondary success. CHEs deliver peer education across schools, community centers, and faith-based organizations, using a curriculum co-developed with Corner Health Center. Ongoing mentorship through EMU’s Pre-Service Health Center reinforces academic and career preparedness.

The Toyota Way Forward Fund is a multi-year initiative established in 2023 that strengthens access to specialized healthcare and recovery support for individuals and families affected by traumatic brain injuries. Eastern Michigan University was selected for this substantial grant due to its demonstrated excellence in healthcare innovation and community-focused programming.

“With more than 2.5 million Americans visiting emergency departments for TBIs each year—32% of them children—the need for prevention and early education is critical,” said Michael Speigl, dealer principal at Toyota of Ann Arbor. “EMU’s forward-thinking approach to pediatric health education aligns seamlessly with Toyota’s mission to drive impactful change.”

Way Forward@EMU specifically targets communities with high poverty rates and limited healthcare pathways. With education efforts planned through 2026 and a vision for statewide expansion, the program is positioned to become a national model for sustainable, equity-driven health education.

The University will formally celebrate the launch of Way Forward@EMU and the Toyota Way Forward Fund grant during a special event beginning at 9:30 a.m. on Friday, May 16, 2025, at the EMU Student Center, Room 352, located at 900 Oakwood, Ypsilanti.

For more information about the Way Forward Fund, pioneered by Toyota, visit the website.

About Eastern Michigan University

Founded in 1849, EMU is the second oldest public university in Michigan. It currently serves nearly 13,000 students pursuing undergraduate, graduate, specialist, doctoral and certificate degrees in the arts, sciences and professions. In all, more than 300 majors, minors and concentrations are delivered through the University’s Colleges of Arts and Sciences; Business; Education; Engineering and Technology; Health and Human Services; and its graduate school. National publications regularly recognize EMU for its excellence, diversity, and commitment to applied education. Visit the University’s rankings and points of pride websites to learn more. For more information about Eastern Michigan University, visit the University’s website. To stay up to date on University news, activities and announcements, visit EMU Today.

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SOURCE Eastern Michigan University

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