IO-Link Market Size is projected to reach USD 33.9 billion by 2028
Overview IO-Link is a standardized communication technology (IEC 61131–9) used to connect sensors and actuators in industrial automation systems. It enables seamless and efficient data exchange, contributing to the enhancement of smart manufacturing and Industry 4.0 initiatives. The IO-Link market is growing rapidly, driven by the increasing adoption of automation technologies across various industries. Market Size and Growth Projections The IO-Link market is expected to witness substantial growth in the coming years. According to recent market research reports, the global IO-Link market was valued at approximately USD 4 billion in 2022 and is projected to reach around USD 12 billion by 2027, growing at a CAGR of over 25% during the forecast period Key Drivers Industry 4.0 and Smart Manufacturing: The push towards Industry 4.0 and smart manufacturing is a significant driver for the IO-Link market. IO-Link facilitates real-time data exchange and communication between devices, enabling ...