July 19, 2024
Global Industrial IoT Market Size

Industrial IoT Market is Projected to Propelled by Rapid Technological Adoption

Industrial Internet of Things (IIoT) refers to the use of internet-connected sensors and actuators to collect data from machinery, vehicles and other physical assets to enable optimal utilization of resources, reduced downtime and predictive maintenance. IIoT offers advantages like ability to monitor assets remotely, predictive maintenance capabilities and reduced unplanned downtime of equipment. The growing need for optimal resource utilization, cost reduction and remote monitoring capabilities is driving demand for IIoT solutions in various industries.

The global Industrial IoT Market is estimated to be valued at US$ 122.25 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Rapid technological adoption is one of the key trends propelling the growth of the industrial IoT market. Various industries are embracing technologies like edge computing, artificial intelligence and blockchain to enhance existing IIoT solutions. For instance, edge computing enables IoT devices to analyze data locally for real-time decision making without having to send all the data to centralized cloud systems. This reduces latency issues and ensures continuity of operations. AI and machine learning further advance predictive capabilities by recognizing patterns in industrial data. Blockchain brings improved security, transparency and traceability to supply chain operations powered by IIoT networks. As technological capabilities evolve rapidly, their integration with IIoT solutions is expected to drive more efficient industrial operations.

SWOT Analysis

Strength: Industrial IoT solutions enable improved operational efficiency and productivity. Real-time monitoring helps minimize downtime and optimize processes.
Weakness: High initial investment and costs associated with IoT infrastructure development and deployment. Many industries still rely on legacy systems lacking integration capabilities.
Opportunity: Adoption of Industrial IoT provides opportunities to enhance customer experience, develop new revenue streams, and expand into adjacent markets. Growing demand for improved asset management also drives the market.
Threats: Data security and privacy concerns could hamper the adoption of Industrial IoT solutions. Lack of common standards poses integration challenges between systems and devices.

Key Takeaways

Global Industrial Iot Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Industrial IoT Market is estimated to be valued at US$ 122.25 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

North America currently dominates the market and is expected to continue its dominance owing to large presence of technology vendors and automated infrastructure. The region’s advanced industrial sectors extensively adopt Industrial IoT solutions. Asia Pacific is anticipated to be the fastest growing region due to rapid industrialization and growing emphasis on factory automation. Countries like China, India, and Japan are major manufacturing hubs implementing Industrial IoT at a rapid pace to optimize production processes.

Key players:

Key players operating in the Industrial IoT market are Honeywell International Inc., Baker Hughes, Fluor Corporation, and Halliburton. These companies offer innovative Industrial IoT platforms and solutions for sensors, network connectivity, data analytics, security, and applications. They focus on developing Industry 4.0 compatible products and solutions to gain a competitive edge in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it