Industrial IoT Market Overview
An ecosystem of gadgets, sensors, software, and related networking hardware makes up the industrial Internet of things (IoT), which is used to gather, track, and analyze data from industrial processes. Analyzing such data improves maintenance and troubleshooting capabilities and increases visibility. It can also lower expenses, boost productivity, and enhance security and safety.
The Industrial Internet of Things (IIoT) links equipment and machinery in sectors like manufacturing, ports, oil and gas, mining, electricity generation, and transmission. The term Internet of Things, or IoT for short, is used to refer to networked devices found in homes and offices, including HVAC management systems, cameras, and badge scanners.
The Industrial Internet of Things, or IIoT, is an industry that is expanding quickly and has considerable statistical insights that show its impact on several industries. The following are important facts about the IIoT market:
Collaborative robots, or cobots, are expected to account for 34% of all industrial robot sales by 2025, showing a trend in manufacturing settings toward automation and improved human-robot interaction.
Edge computing is expected to become more widely used in IIoT platforms, allowing for faster decision-making and real-time data processing—both of which are essential for businesses trying to maximize operations.
By decreasing downtime and increasing productivity, the integration of AI-driven predictive maintenance is anticipated to transform industrial operations and demonstrate a trend toward more intelligent production techniques.
A growing tendency towards service-oriented business models in the industrial sector is indicated by the $21.2 billion valuation of the equipment-as-a-service (EaaS) industry in 2023. This market is directly tied to the Internet of Things.
The growing significance of data analytics in industrial operations is demonstrated by the projection that the global big data and business analytics market, which supports IIoT applications, will reach $512.04 billion by 2026.
In 2022, the scale of the industrial Internet of Things was estimated to be USD 334.53 billion. By 2031, it is expected to have grown at a compound annual growth rate (CAGR) of 27.2% to reach USD 2916.21 billion (2023-2031).
Competitive Landscape
Some of the prominent players operating in the Industrial IoT Market are
Atmel
ABB Group
ARM Holding plc
Cisco Systems Inc.
Dassault Systems
General Electric
Honeywell International Inc.
Huawei Technology Co. Ltd.
IBM Corporation
Intel Corporation
Microsoft Corporation
Rockwell Automation Inc.
Siemens AG
Silicon Labs
Texas Instruments Inc.
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Latest trends in the Industrial IoT Market
The Industrial Internet of Things (IIoT) is expanding and innovating at a rapid pace, and in 2024, the following major themes will shape the market:
Integration of Artificial Intelligence and Machine Learning
AI and IIoT are collaborating more than ever, and machine learning algorithms are increasingly essential to IIoT systems. Predictive maintenance powered by AI is transforming industrial operations by decreasing downtime and increasing productivity.Edge Computing's Evolution
Edge computing is rapidly being used by IIoT platforms, allowing for faster decision-making and real-time data processing closer to the source. By addressing bandwidth limitations and lowering latency, this trend optimizes industrial operations.Increased Security Protocols
Organizations are concentrating on putting strong cybersecurity safeguards in place to protect IoT networks and devices as the IIoT ecosystem grows. To defend against cyber attacks, sophisticated encryption methods and secure device onboarding procedures are being implemented.Redefining Industrial Communication with 5G Connectivity
In 2024, the IIoT environment will be greatly impacted by the introduction of 5G technology. 5G networks' improved speed, reduced latency, and larger device capacity allow for more dependable and robust communication, which supports the expansion of connected devices.Cobots, or collaborative robots, and human-machine cooperation
Cobot usage is expected to pick up steam and represent 34% of all industrial robot sales by 2025. The way that humans and machines work together is changing, leading to a new era of cooperation where Internet of Things technologies enhance human capacities and streamline complex tasks.Considerations for Data Privacy and Ethical AI
In 2024, industries will be more focused on making sure that data is used responsibly and ethically. To address issues with data collecting, processing, and storage, strong privacy safeguards, open data practices, and moral AI frameworks are being put into place.
Global Industrial IoT Market: Segmentation
As a result of the Industrial IoT Market segmentation, the market is divided into sub-segments based on product type, application, as well as regional and country-level forecasts.
By Type
Solutions
Services
Platform
By Application
Manufacturing
Agriculture
Healthcare
Energy & Utilities
Logistics & Transport
The report forecasts revenue growth at all geographic levels and provides an in-depth analysis of the latest industry trends and development patterns from 2022 to 2030 in each of the segments and sub-segments. Some of the major geographies included in the market are given below:
North America (U.S., Canada)
Europe (U.K., Germany, France, Italy)
Asia Pacific (China, India, Japan, Singapore, Malaysia)
Latin America (Brazil, Mexico)
Middle East & Africa
Regional Analysis
Asia-Pacific:
The largest and fastest-growing market: With the greatest growth rate and the largest proportion of the IIoT market, the Asia-Pacific region is predicted to dominate the industry. From 2024 to 2030, the market is anticipated to expand at a compound annual growth rate (CAGR) of more than 26%.
China is expected to expand at a compound annual growth rate (CAGR) of more than 24% due to its position as a hub for global industry and strong government backing for technical advancements and automation.
Japan: Driven by programs like Society 5.0, which incorporates cutting-edge technologies into a variety of businesses, a CAGR of more than 26% is anticipated.
South Korea: The market is growing quickly as a result of the integration of Industry 4.0 and 5G technologies with the trends of smart factories.
North America Notable Growth:
With an emphasis on automation and smart manufacturing technologies, the North American market is likewise experiencing notable growth. A major player in this market, the United States invests extensively in IIoT solutions.
Europe:
Due in large part to its robust manufacturing base and Industry 4.0 projects, Germany is expected to grow at a compound annual growth rate (CAGR) of about 21% between 2024 and 2030.
France: Due to investments in digital technology and smart manufacturing, this country is predicted to expand at the quickest rate in Europe.
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Key Highlights
To explain the Industrial IoT Market the following: introduction, product type and application, market overview, market analysis by countries, market opportunities, market risk, and market driving forces
The purpose of this study is to examine the manufacturers of the Industrial IoT Market, including profile, primary business, news, sales and price, revenue, and market share.
To provide an overview of the competitive landscape among the leading manufacturers in the world, including sales, revenue, and market share of Industrial IoT Market percent
To illustrate the market subdivided by kind and application, complete with sales, price, revenue, market share, and growth rate broken down by type and application
To conduct an analysis of the main regions by manufacturers, categories, and applications, covering regions such as North America, Europe, Asia Pacific, the Middle East, and South America, with sales, revenue, and market share segmented by manufacturers, types, and applications.
To investigate the production costs, essential raw materials, production methods, etc.
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