by The Industrial IoT market is gaining significant traction owing to growing need for improving operational efficiency and productivity across industries. Industrial IoT technology provides capabilities for remote monitoring and predictive maintenance of industrial equipment and assets. It enables remote asset monitoring, predictive maintenance, process optimization and real-time decision making. Key advantages include reduction in operational costs, downtime and improved worker safety. The global Industrial IoT market is estimated to be valued at US$ 140.84 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Industrial IoT market are Aviation Industry Corporation of China, Clearpath Robotics, General Atomics Aeronautical Systems, Hi-Tech Robotic Systemz, Softbank Robotics, SMP Robotics, Aethon. Industrial IoT offers lucrative opportunities for innovation in predictive maintenance, remote operation and asset performance optimization. Technologies such as AI, analytics, edge computing, blockchain and 5G connectivity are expected to revolutionize industrial automation with Industrial IoT.
Key opportunities in the market include reduction in equipment downtime through predictive maintenance and remote monitoring. Industrial IoT facilitates data-driven decision making by capturing and analyzing asset performance data. Emerging technologies such as additive manufacturing, robotics and augmented reality are finding increasing applications across industries with the support of Industrial IoT infrastructure.
Technological advancements in areas of cloud computing, edge computing, 5G, AI and machine learning are further boosting the Industrial IoT market growth. 5G networks are enabling Industrial IoT at scale through ultra-low latency and massive connectivity. AI and machine learning are optimizing industrial processes and predictive maintenance by analyzing vast volumes of sensor data. Blockchain technology offers opportunities for robust cybersecurity infrastructure for Industrial IoT systems.
Market drivers
The primary driver for the Industrial IoT market is the need for improving operational efficiency of industrial assets and processes. Industrial IoT facilitates remote monitoring of equipment performance, predictive maintenance schedules and optimized operations. This helps reduce equipment downtime significantly. With Industrial IoT, industries can avoid catastrophic failures and improve asset life cycle management. Secondly, Industrial IoT supports data-driven decision making in industries by providing real-time insights into field operations. Remote monitoring and control further enhances worker safety. Overall, improved productivity, optimized costs and enhanced safety are fueling the adoption of Industrial IoT across industries globally.
Current Challenges in Industrial IoT Market
The industrial IoT market faces several challenges currently. There is a lack of common connectivity standards that allow easy integration of devices from different manufacturers. This leads to vendor lock-in issues. Another major challenge is security and privacy of networked industrial devices and systems. As industrial systems get connected to various networks and clouds, there are increasing risks of cyberattacks. Ensuring security updates over the long lifecycles of industrial equipment is also a challenge. Skill gaps in terms of availability of IoT experts and engineers also hamper the growth of this market currently. Enterprises also face integration challenges while connecting legacy industrial equipment to modern IoT platforms and networks. Lack of understanding about ROI from IoT initiatives also holds back many organizations from adopting these technologies presently.
SWOT Analysis
Strength: IIoT enables real-time data collection from physical assets and remote monitoring of industrial operations. It helps improve efficiency, reduce downtime and predict equipment failures.
Weakness: Security remains a big concern as industrial systems become more connected. Lack of common standards leads to integration challenges.
Opportunity: IIoT opens up opportunities for predictive maintenance, remote assistance and over-the-air software updates. This reduces costs and improves productivity across sectors like manufacturing, energy, transport etc.
Threats: Reliance on network connectivity increases vulnerability to outages and cyber threats. Competition from global technology giants can disrupt existing industrial ecosystem over long run.
Geographical Regions
North America currently holds the largest share of the global industrial IoT market, both in terms of value and volume. This is attributed to frontrunning IIoT adoption by manufacturing companies and availability of supporting infrastructure in the region.
Asia Pacific region is growing at the fastest pace for industrial IoT. Countries like China, Japan, South Korea are implementing smart factory and industry 4.0 initiatives, driving the demand. Availability of low-cost sensors, controllers and connectivity options are fueling IIoT adoption in emerging APAC markets.
