Global Industrial Internet of Things (IIoT) Market

Industrial Internet Of Things (IIoT) Market Size, Share, Growth Analysis, By Component(Hardware, Platform), By Industry Vertical(Agriculture, Manufacturing) - Industry Forecast 2024-2031


Report ID: SQMIG45A2329 | Region: Global | Published Date: April, 2024
Pages: 201 | Tables: 70 | Figures: 75

Industrial Internet Of Things (IIoT) Market Insights

Global Industrial Internet Of Things (IIoT) Market size was valued at USD 261.21 billion in 2019 and is poised to grow from USD 321.81 billion in 2023 to USD 2104.25 billion by 2031, growing at a CAGR of 23.2% in the forecast period (2024-2031).

The expansion of the internet of things (IoT) into industries and manufacturing sectors is referred to as the industrial internet of things (IoT). it is an advanced kind of operational and information technology integration (OT). Industrial features like machine-to-machine (M2M) communication, big data, machine learning, automation, and optimization services are made available through this integration, along with improved supply chain and logistics operations visibility.

Advanced Al sensors that are part of the IoT technology allow it to detect changes in the logical and physical relationships between objects or with the environment. Temperature, light, pressure, sound, motion, the presence or absence of an electrically traceable entity, location, etc. are examples of physical changes.

The increasing expenditures made in the industrial internet of things (IoT) sector by various industry titans will fuel market progress. Additionally, it is expected that the industrial internet of things (IIoT) would be used more frequently by numerous manufacturing sectors, as well as the aviation and transportation industries, to fuel the market's overall expansion. The lot technology market is expected to be driven by growth in IT investment supported by growing cloud adoption.

US Industrial Internet Of Things (IIoT) Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 261.21 billion

Largest Segment

Hardware

Fastest Growth

Hardware

Growth Rate

23.2% CAGR

Global Industrial Internet of Things (IIoT) Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Industrial Internet of Things (IIoT) Market Size by Component 2021-2028 ($ Mn)
Global Industrial Internet of Things (IIoT) Market Size by Component 2021-2028 (%)

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Industrial Internet Of Things (IIoT) Market Segmental Analysis

Industrial Internet of Things (IIoT) Market  segmentation is based on component, industry vertical, and region. Based on components the Industrial Internet of Things (IIoT) Market is segmented into hardware, platform, services, and connectivity. Based on industry vertical the Industrial Internet of Things (IIoT) Market is segmented into agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and others. Based on region the global industrial internet of things (IIoT) market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Industrial Internet of Things (IIoT) Market Analysis by Component

The Industrial IoT market's hardware category is expected to hold the largest market share in 2021. The industrial sector's ongoing efforts to increase productivity, save costs, and increase Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions are some of the factors contributing to the growth of this market. However, during the projected period, the platform segment is expected to increase at the largest CAGR. The expansion of this market is being driven by the increasing adoption of industrial IoT platforms by different industry verticals to increase operational efficiency and the rising demand for better monitoring technologies.

Industrial Internet of Things (IIoT) Market Analysis by Industry Vertical

Manufacturing is expected to hold the largest market share of the Industrial IoT market in 2021 and increase at the highest CAGR throughout the projected timeframe. The development of Industry 4.0, the rise of smart factories, the increased use of autonomous robots for industrial automation, and the growing demand for centralized asset monitoring and predictive maintenance are all factors contributing to the growth of this market. Digital manufacturing innovations are being quickly adopted by the manufacturing industry, and the Internet of Things (IIoT) is essential to these cutting-edge innovations. Due to the strategic collaborations and alliances that stakeholders are building, as well as the rising demand for Industrial IoT to provide flexibility, operational efficacy, and regulatory compliance, the market is predicted to experience considerable growth over the next few years.

Global Industrial Internet of Things (IIoT) Market By Component, 2021 (%), 2019 (%)

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Industrial Internet Of Things (IIoT) Market Regional Insights

North America dominated the global IIoT market in 2021 with a revenue share of over 33%. North America is home to several seasoned market players. The area also embraced the IIoT early and has developed into a hub for innovation. As a consequence of federal initiatives to encourage the adoption of IIoT solutions throughout the nation, Canada has also experienced great growth.

Asia Pacific is expected to have the highest CAGR among all regional markets during the period of forecasting. The expansion of big data analytics and cloud-based services in the area is likely to be fueled by the booming population, increased R&D spending, and increasing attention from domestic and international IT firms. The popularity of advanced factory automation systems is rising in the region, especially in China, Japan, and Taiwan. Manufacturing businesses all around the area are starting to recognize the benefits of using robot arm innovation.

Global Industrial Internet of Things (IIoT) Market By Geography, 2021 - 2028, 2024-2031
  • Largest
  • Fastest

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Industrial Internet Of Things (IIoT) Market Dynamics

Industrial Internet of Things (IIoT) Market Driver

  • Since the advent of Industry 4.0, the implementation of artificial intelligence (AI) and internet of things (IoT) technologies in the industrial sector has increased. Systems that combine artificial intelligence (AI) and the internet of things (IoT) allow for the optimization of production processes, provide early warnings, help with quality control, and forecast the breakdown of machine equipment. By gathering precise data, manufacturers can differentiate themselves from the competition by developing cutting-edge AI applications. Artificial intelligence (AI) and machine learning (ML) algorithms are used to fulfill activities like condition monitoring and equipment maintenance in industrial plants without a normal squad.
  • With the advent of Internet Protocol version 6 (IPv6), the industrial internet of things (IIoT) business has grown as a result of the exponential global growth of internet-connected devices. The IP version 4 (IPv4) protocol was unable to handle the exponential increase in the number of linked items. Furthermore, it is predicted that the implementation of IPv6 would result in a sharp rise in global demand for the industrial internet of things technology. This protocol allows for an open architecture and is the most efficient for the internet of things (IoT).

Industrial Internet of Things (IIoT) Market Restraint

  • To facilitate M2M communication, industrial machinery must have built-in components. The connected components collect important information from the device and transmit it to a central computer for archival and analysis. Older industrial units might not have these data communication components built into the machinery, making external installation necessary. To refit these components, it might also be necessary to modify certain legacy equipment, which would increase the cost. This presents a big challenge for companies with out-of-date machinery. This element raises obstacles to the projected market growth rate.
  • Poor internet architecture and a lack of qualified people severely limit the growth of the industrial internet of things (IoT) sector. There is a dearth of fundamental IT infrastructure in many developing countries, which is necessary for reliable connectivity. For high-quality data exchange between sensors and control systems, power supply systems must also be durable and dependable. Therefore, it is projected that limited internet connection in countries like Africa, Malaysia, Chile, and Brazil will restrict the growth of the industrial internet of things market.

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Industrial Internet Of Things (IIoT) Market Competitive Landscape

The Industrial Internet of Things (IIoT) industry's leading players makes an effort to develop in this area so they can offer a similar or higher level of competence in the service sector and increase their market share. To expand their product portfolios and market reach, players in the Industrial Internet of Things (IIoT) market are concentrating on inorganic growth tactics including strategic alliances and merger & acquisition activities with tech partners. For instance, Ivanti purchased an IIoT platform from WIIO Group in August 2021. Supply chain companies will benefit from this acquisition as they develop no-code or low-code apps. With a unique IIoT platform that boosts operational effectiveness and provides application enablement, Ivanti is concentrating on adding value. The corporation is also concentrating on enhancing parcel transportation tracking, which will aid in certifying operational decision-making effectiveness.

Industrial Internet of Things (IIoT) Market Top Player’s Company Profiles

  • General Electric Company
  • Intel Corporation
  • Cisco Systems, Inc.
  • IBM Corporation
  • Siemens AG
  • Microsoft Corporation
  • Honeywell International Inc.
  • Schneider Electric SE
  • ABB Ltd.
  • Rockwell Automation, Inc.
  • Bosch Rexroth AG
  • Mitsubishi Electric Corporation
  • Accenture PLC
  • Huawei Technologies Co. Ltd.
  • AT&T Inc.
  • SAP SE
  • Amazon Web Services, Inc.
  • Oracle Corporation
  • Fujitsu Ltd.
  • Hitachi, Ltd.

Industrial Internet of Things (IIoT) Market Recent Development

  • In February 2022, incorporating CyberMDX Technologies Inc. into Forescout Forescout wants to broaden the market for its products and concentrate on dominating the global market for IOMT (Internet of Medical Things) device security.
  • In January 2022, a venture capital fund called Move Capital that supports B2B digital startups in Europe received funding from Orange. Cybersecurity, data analytics, Industry 4.0, cloud, and IoT are all areas where Move Capital is working.
  • In April 2021, with the support of John Deere and Intel, a costly, long-standing issue with the factory welding process was resolved. In its manufacturing facilities, Deere is testing a technology that employs computer vision to automatically detect typical flaws in the automated welding process.

Industrial Internet Of Things (IIoT) Key Market Trends

  • Manufacturing is one of the sectors with a significant market share and investment, with both discrete and process manufacturing investing heavily in IoT adoption. The decision-makers in the manufacturing sector supported adoption, with the main use cases being industrial automation, quality & compliance, production planning & scheduling, supply chain and logistics, and plant safety & security. With the introduction of Industry 4.0, IIoT is becoming more popular in discrete manufacturing as well as process manufacturing because it provides ways to optimize operations, decrease downtime, increase efficiency, and assist in making data-driven decisions, which increases profit margins and lowers costs with quick returns on IoT adoption. Due to the growing tendency of decision-makers to use IoT solutions, the industry adoption rates are expected to be on the higher side when compared to any other industries.

Industrial Internet Of Things (IIoT) Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the hardware category of the Industrial IoT market is predicted to have the most market share in 2021. In 2021, the Industrial IoT market is likely to be dominated by the manufacturing sector, which is also expected to grow at the highest CAGR. In 2021, North America held a revenue share of over 33 percent, dominating the worldwide IIoT market. Among all geographic markets, Asia Pacific is predicted to have the highest CAGR during the forecasted period.

Report Metric Details
Market size value in 2019 USD 261.21 billion
Market size value in 2031 USD 2104.25 billion
Growth Rate 23.2%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Hardware, Platform, Services, Connectivity
  • Industry Vertical
    • Agriculture, Manufacturing, Retail, Energy & Utility, Oil & Gas, Aerospace, Transportation & Logistics, Telecom, Others.
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • General Electric Company
  • Intel Corporation
  • Cisco Systems, Inc.
  • IBM Corporation
  • Siemens AG
  • Microsoft Corporation
  • Honeywell International Inc.
  • Schneider Electric SE
  • ABB Ltd.
  • Rockwell Automation, Inc.
  • Bosch Rexroth AG
  • Mitsubishi Electric Corporation
  • Accenture PLC
  • Huawei Technologies Co. Ltd.
  • AT&T Inc.
  • SAP SE
  • Amazon Web Services, Inc.
  • Oracle Corporation
  • Fujitsu Ltd.
  • Hitachi, Ltd.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Industrial Internet Of Things (IIoT) Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Industrial Internet Of Things (IIoT) Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Industrial Internet Of Things (IIoT) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Internet Of Things (IIoT) Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Internet Of Things (IIoT) Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Industrial Internet Of Things (IIoT) Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Industrial Internet Of Things (IIoT) Market size was valued at USD 261.21 billion in 2019 and is poised to grow from USD 321.81 billion in 2023 to USD 2104.25 billion by 2031, growing at a CAGR of 23.2% in the forecast period (2024-2031).

The Industrial Internet of Things (IIoT) industry's leading players makes an effort to develop in this area so they can offer a similar or higher level of competence in the service sector and increase their market share. To expand their product portfolios and market reach, players in the Industrial Internet of Things (IIoT) market are concentrating on inorganic growth tactics including strategic alliances and merger & acquisition activities with tech partners. For instance, Ivanti purchased an IIoT platform from WIIO Group in August 2021. Supply chain companies will benefit from this acquisition as they develop no-code or low-code apps. With a unique IIoT platform that boosts operational effectiveness and provides application enablement, Ivanti is concentrating on adding value. The corporation is also concentrating on enhancing parcel transportation tracking, which will aid in certifying operational decision-making effectiveness. 'General Electric Company', 'Intel Corporation', 'Cisco Systems, Inc.', 'IBM Corporation', 'Siemens AG', 'Microsoft Corporation', 'Honeywell International Inc.', 'Schneider Electric SE', 'ABB Ltd.', 'Rockwell Automation, Inc.', 'Bosch Rexroth AG', 'Mitsubishi Electric Corporation', 'Accenture PLC', 'Huawei Technologies Co. Ltd.', 'AT&T Inc.', 'SAP SE', 'Amazon Web Services, Inc.', 'Oracle Corporation', 'Fujitsu Ltd.', 'Hitachi, Ltd.'

Since the advent of Industry 4.0, the implementation of artificial intelligence (AI) and internet of things (IoT) technologies in the industrial sector has increased. Systems that combine artificial intelligence (AI) and the internet of things (IoT) allow for the optimization of production processes, provide early warnings, help with quality control, and forecast the breakdown of machine equipment. By gathering precise data, manufacturers can differentiate themselves from the competition by developing cutting-edge AI applications. Artificial intelligence (AI) and machine learning (ML) algorithms are used to fulfill activities like condition monitoring and equipment maintenance in industrial plants without a normal squad.

Manufacturing is one of the sectors with a significant market share and investment, with both discrete and process manufacturing investing heavily in IoT adoption. The decision-makers in the manufacturing sector supported adoption, with the main use cases being industrial automation, quality & compliance, production planning & scheduling, supply chain and logistics, and plant safety & security. With the introduction of Industry 4.0, IIoT is becoming more popular in discrete manufacturing as well as process manufacturing because it provides ways to optimize operations, decrease downtime, increase efficiency, and assist in making data-driven decisions, which increases profit margins and lowers costs with quick returns on IoT adoption. Due to the growing tendency of decision-makers to use IoT solutions, the industry adoption rates are expected to be on the higher side when compared to any other industries.

North America dominated the global IIoT market in 2021 with a revenue share of over 33%. North America is home to several seasoned market players. The area also embraced the IIoT early and has developed into a hub for innovation. As a consequence of federal initiatives to encourage the adoption of IIoT solutions throughout the nation, Canada has also experienced great growth.

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