Industrial Iot Market

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.

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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 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.

• The increasing demand for real-time data analytics and predictive maintenance to enhance operational efficiency is a significant driver for the Industrial Iot (IIoT) market.
• PLM software will continue to assert its dominance by software, capturing the largest market share globally throughout the forecast period 2023 to 2030.
• In 2022, Asia Pacific exhibited its market prowess, achieving the highest revenue share of over 42.6%.
• The Asia Pacific region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

1. The growing integration of edge computing is one significant current trend in the Industrial IoT (IIoT) sector. Edge computing enhances real-time capabilities by enabling data analysis and decision-making closer to the data source, meeting industry demands for quicker data processing and lower latency. The demand for immediate insights into crucial applications, like manufacturing's predictive maintenance or logistics' autonomous cars, is what's driving this development. IIoT systems can adapt quickly to changing circumstances, optimizing operations and reducing downtime, thanks to the decentralization of processing power.
2. The increasing number of interconnected devices in industrial environments has made cybersecurity a critical issue. Enhancing cybersecurity measures continuously is a trend in the IIoT market. To protect sensitive data and vital infrastructure, industries are investing in strong security procedures, encryption methods, and threat detection systems. In order to ensure the robustness and dependability of industrial processes in a world that is becoming more and more digitalized, this trend is essential for addressing the rising cybersecurity risks that target IIoT networks.

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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 pandemic's 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

The Global Industrial Iot Market is segregated into the below-mentioned segments as:

The global Industrial Iot market can be categorized into Devices & Technologies, Connectivity Technologies, Software, Vertical, Region. The Industrial Iot market can be categorized into 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 based on Devices & Technologies. The Industrial Iot market can be categorized into Wired Technologies, Wireless Technologies based on Connectivity Technologies. The Industrial Iot market can be categorized into 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 based on Software. The Industrial Iot market can be categorized into Manufacturing, Energy, Retail, Transportation, Agriculture based on Vertical. The Industrial Iot market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Device & Technology

Sensors Have Considerable Share in 2022 Due to Increasing Focus on Real-Time Data Collection Applications

In 2022, among the product have the substantial share 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 technology's 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 product's 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

Asia Pacific IIoT Market to Lead Sales Owing to Stronger Manufacturing Infrastructure

In 2022, Industrial Iot market is dominated by the Asia Pacific region and is estimated to witness a substantial share in the coming years. This growth is facilitated by the region's 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.

In the industrial market, North America had a significant share. 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.

Competitive Landscape

The market's 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 - ABB (Switzerland), ARM Holding PLC (UK), Atmel Corporation (U.S.), Cisco Systems Inc. (U.S.), General Electric Company (U.S.), International Business Machines Corporation (U.S.), Intel Corporation (U.S.), Rockwell Automation Inc. (U.S.), Siemens AG (Germany), Microsoft Corporation (U.S.) among others.

Recent Market Developments

• In April 2022, Intel offered its artificial intelligence (AI) technology to John Deere in order to assist in resolving an expensive and long-standing issue with the factory welding process. Deere is testing a system that automatically detects frequent flaws in the automated welding process using computer vision technology.
• Cisco and Newark, an Avnet company, teamed up in February 2021 to provide industrial IoT.

Segmentation of the Global Industrial Iot Market