Reports - Industrial Iot Market
Industrial Iot Market Size, Share & Trends Analysis Report by Devices & Technologies (Sensors, RFID, Industrial Robotics, Distribution Control Systems (DCS), Condition Monitoring, Smart Meters, Electronic Shelf Labels (ESL), Cameras, Smart Beacons, Interface Boards, Yield Monitors, Guidance & Steering, GPS/GNSS, Flow & Application Control Devices, Networking Technologies) by Connectivity Technologies (Wired Technologies, Wireless Technologies) by Software (Product Lifecycle Management (PLM), Manufacturing Execution Systems (MES), Scada, Outage Management Systems (OMS), Distribution Management Systems, Remote Patent Monitoring, Retail Management Software, Visualization Software, Transit Management Systems, Farm Management Systems) by Vertical (Manufacturing, Energy, Retail, Transportation, Agriculture) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2017 - 2022) & Forecast (2023 - 2030)
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USD 105.1 Billion
USD 171.3 Billion
6.3%
Asia Pacific
42.6%
Asia Pacific
USD 44.7 Billion
The global Industrial Iot Market is valued at USD 105.1 Billion in 2022 and is projected to reach a value of USD 171.3 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 6.3% between 2023 and 2030.
Premium Insights
The Industrial Iot (IIoT) market has grown rapidly due to the fast spread of connected devices and the growing integration of digital technology in industrial processes. The global IIoT market is projected to develop at a compound annual growth rate (CAGR) of 11.7% to reach $1.1 trillion by 2025, according to a report from the International Data Corporation (IDC). The greater operational efficiency, predictive maintenance capabilities, and cost savings that IIoT solutions provide to industries are the major reasons for this amazing expansion. Multiple variables contribute to the growth of the IIoT market. First, the adoption of IIoT solutions is being aided by the need for remote monitoring and real-time data analytics in industries like manufacturing, energy, and healthcare. Second, seamless data processing and gathering are now possible thanks to the development of sensor technologies, cloud computing, and edge computing. Furthermore, as 5G networks continue to advance, they will provide high-speed, low-latency connectivity, which will spur further industrial operations transformation and accelerate the expansion of IIoT.
Top Market Trends
Economic Insights
Economic insights have impacted the Industrial Iot (IIoT) market tremendously, with the COVID-19 pandemic having a noteworthy impact. Data from the World Economic Forum indicates that decreased industrial production, supply chain interruptions, and economic uncertainty were the main reasons behind the pandemics early disruption of the IIoT sector. The adoption of IIoT experienced a brief halt as a result, especially in industries like manufacturing and logistics. However, there was a spike in demand for IIoT solutions that might improve supply chain optimization, predictive maintenance, and remote monitoring as businesses sought operational resilience and adapted to remote work. An upsurge in the IIoT market was caused by this change in priorities and higher investment in digital transformation. Even while COVID-19 first presented difficulties, it ultimately sped up digitalization initiatives and brought attention to how crucial IIoT is to creating robust and effective industrial ecosystems.
Market Segmentation
Industrial Iot {{Segmentation_Ext}}
Based on Device & Technology
Sensors to Dominate Sales Due to Increasing Focus on Real-Time Data Collection Applications
In 2022, among the products used most frequently in the Industrial Iot (IIoT) industry are sensors. This supremacy is the result of numerous important causes. Real-time data collection from a variety of industrial processes and surroundings is made possible by sensors, which are crucial for offering crucial insights for improving operations, guaranteeing security, and facilitating predictive maintenance. They are adaptable and have uses in a variety of sectors, including logistics, manufacturing, agriculture, and healthcare. Sensors are essential for process automation and quality control because they monitor temperature, pressure, humidity, and other vital characteristics. In addition, developments in sensor technology—such as reduced size and enhanced communication—have increased their accessibility and affordability, reinforcing their widespread use in the IIoT environment.
Based on Connectivity
Wireless Technology to Dominate IIoT Owing to No Limitation of Wired Connectivity
In 2022, wireless technology is the most popular option in the Industrial Iot (IIoT) sector. The fact that it is widely used is due to several variables. First of all, without the limitations of physical wires, wireless technology allows for greater flexibility and scalability, facilitating seamless interaction across a wide range of devices across large industrial locations. In industries where mobility and adaptability are critical, this flexibility is essential. Furthermore, compared to wired infrastructure, wireless technology offers significant savings on installation and maintenance costs. It enables quick deployment, which makes it simpler to adapt new devices as needed and retrofit current systems. Furthermore, the development of wireless standards such as 5G has significantly enhanced the dependability and data transmission speeds, hence reinforcing wireless technologys leadership in the IIoT industry.
Based on Software
PLM Based Software to be Utilized owing to Increased Product’s Lifespan
In 2022, Product Lifecycle Management, or PLM, is first. PLM is extensively used because of its extensive capabilities to manage a products whole lifespan, from conception and design to production and maintenance. This is especially important for sectors like manufacturing and engineering, where effective product creation, teamwork, and tracking are critical requirements. PLM systems let cross-functional teams collaborate and communicate easily, which speeds up time to market and guarantees product quality. They promote compliance and transparency by offering a consolidated store for important product data. PLM is a vital instrument in the industrial landscape because of its capacity to improve product innovation and streamline procedures.
Based on Vertical
Manufacturing Applications will Dominate Growth due to an Increase in Automation and Robotic
In 2022, manufacturing is one of the most well-known industries in the industrial market among those on the list. Multiple variables lead to its widespread use. The manufacturing sector depends significantly on industrial technology, including automation, robots, and data analytics, to enhance productivity, guarantee product quality, and optimize production processes. Real-time equipment monitoring, predictive maintenance, and data-driven decision-making are made possible by the integration of Industrial Iot (IIoT) solutions in production. These capabilities are critical for lowering costs and maintaining competitiveness. Furthermore, there is a rising need for IIoT solutions to digitize and connect diverse production chain components in order to create smart factories that can react dynamically to changing market demands as manufacturing increasingly adopts Industry 4.0 principles. The manufacturing sector is a pioneer in the adoption of IIoT technologies because of its focus on efficiency and innovation.
Based on Region
North American IIoT Market to Lead Sales Owing to Stronger Manufacturing Infrastructure
In the industrial market, North America is thought to have the highest sales volume. Its strong manufacturing and service industries, early adoption of cutting-edge technologies, and developed industrial infrastructure are all responsible for its success. The region is a prime market for industrial solutions since it has a history of innovation and a strong presence of large industrial players. Its expansion is also accelerated by an emphasis on automation, Industry 4.0 efforts, and government incentives for technology use.
The industrial market is expanding quickly in the Asia Pacific. This growth is facilitated by the regions big workforce, growing manufacturing capacity, and rapid industrialization. The Asia-Pacific region is drawing investments in industrial technologies as it develops into a center for production and export. Furthermore, this region is seeing notable growth due to the growing need for IoT solutions to improve productivity and competitiveness in sectors including manufacturing, electronics, and the automobile industry.
Competitive Landscape
The markets competitive environment is defined by a wide spectrum of participants, encompassing both well-established industrial behemoths and creative innovators. Principal firms such as Siemens, General Electric, and Schneider Electric hold a dominant position in the manufacturing, energy, and healthcare sectors with their all-encompassing IIoT solutions. Microsoft and IBM are two of the biggest tech companies that offer cloud-based data analytics tools. Additionally, dedicated AI-driven predictive maintenance solutions are available from businesses like Uptake and C3.ai. The market is quite dynamic, as seen by the many mergers and acquisitions that show fierce rivalry and a focus on growing service portfolios to satisfy the changing needs of global companies.
The key players in the global Industrial Iot market include - Accenture plc,Apple Inc,Adobe Systems Incorporated,CA Technologies,Dell EMC,Hewlett Packard Enterprise Co,International Business Machines Corporation,Microsoft Corporation,Kellton Tech Solutions Ltd,Google Inc. among others.
Recent Market Developments
Segmentation of the Global Industrial Iot Market
Source: www.vantagemarketresearch.com
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis | |
Pricing and purchase options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
Base Year
2023
Historic Year
2018 - 2022
Forecast Year
2023 - 2032
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