Industrial Iot Market to Reach Valuation of USD 171.3 Billion by 2030 – Increasing Awareness Related to IoT Solutions and Widespread Adoption of Different IoT Solutions in Various Industrial Applications Drives the Market

In terms of revenue, the Global Industrial Iot Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 6.3% from 2023 to 2030.

The significant advantages of the Industrial Iot are poised to drive market growth. These advantages include automated quality assurance monitoring, the potential for increased profitability through improved power efficiency, heightened productivity, and enhanced efficiency within the manufacturing sector, among others. Moreover, Industrial Iot has the potential to help industries lower their operational costs, ensure worker safety, and increase production output. Companies are increasingly introducing innovative product and service combinations that provide measurable results rather than just selling solutions. This not only strengthens their positions in the market but also creates new sources of revenue. As a result, market growth is expected to surge in the upcoming years.

Key Highlights from the Report

• Based on Devices & Technologies, the Sensors segment dominates the Industrial Iot market owing to the increasing Focus on Real-Time Data Collection Applications.
• Based on Connectivity Technologies, the Wireless Technologies segment accounted for the substantial growth of the market in 2022 owing to having greater flexibility & scalability and facilitating seamless interaction across a wide range of devices across significant industrial locations.
• Based on the Software, the Product Lifecycle Management (PLM) segment was the largest growing segment in 2022 owing to the increased product lifespan.
• Based on Vertical, the Manufacturing segment led the market in 2022, owing to its rising need for Industrial Iot solutions to digitize and connect diverse production.
• Based on Region, Asia Pacific holds the significant market share within the Industrial Iot market in 2022 owing to its popularity of advanced factory automation systems. 

Market Dynamics

The adoption of the Industrial Iot market is steadily increasing due to various factors. These include advancements in wireless network technologies and the widespread use of Wi-Fi connectivity for factory machine sensors. Additionally, the rise of smart cities and improved transportation systems is leading to greater adoption of IoT, which is expected to drive the growth of the Industrial Iot industry in the coming years.

Furthermore, organizations can now utilize advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) with the help of this technology. This allows them to offer prescriptive and predictive analytical solutions, creating new opportunities for the sector. The continuous learning process of ML and AI, which is uninterrupted and free from downtime, makes it a precious tool in the Industrial Iot market and contributes to market growth during the forecast period.

Moreover, edge computing is becoming increasingly popular in the Industrial Iot field due to its advanced capabilities. This includes giving IoT devices the ability to analyze and manage data independently. The edge computing architecture allows for rapid response times and reduced data processing latency, enabling engineers to detect immediate and unexpected power flow changes quickly. This facilitates more informed decision-making and is expected to generate significant demand and drive market growth in the forecast period.

Asia Pacific led the Industrial Iot market in 2022. Asia Pacific, led by China, has become a prominent global manufacturing center. Likewise, India presents promising opportunities for the manufacturing industry, owing to its affordable resources like land, labour, and machinery, making it an appealing destination for setting up manufacturing plants. As a result, many companies have expanded their presence in this region. Additionally, governments in countries such as China and India offer incentives and tax advantages to companies developing their businesses, creating a future market growth pathway.

The Global Industrial Iot Market is Segmented as follows

• 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
• Connectivity Technologies
  • Wired Technologies
  • Wireless Technologies
• 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
• Vertical
  • Manufacturing
  • Energy
  • Retail
  • Transportation
  • Agriculture
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Industrial Iot Market is

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.)

The Global Industrial Iot Market Scope can be Tabulated as below