Industrial Internet of Things Market Size is valued at USD 388.57 Bn in 2023 and is predicted to reach USD 1,930.39 Bn by the year 2031 at a 22.40% CAGR during the forecast period for 2024-2031.
The implimentation of Internet of Things (IoT) technology into industrial and manufacturing processes is known as Industrial Internet of Things (IIoT), or Industrial IoT. The Industrial Internet of Things (IIoT) improves automation, efficiency, and production by allowing for the real-time monitoring and analysis of industrial operations. Essential elements include of intelligent devices, sophisticated connection, data analysis, and automation systems, facilitated by cloud and edge computing for data processing.
The advantages of Industrial Internet of Things (IIoT) encompass enhanced operational efficiency, less downtime, and energy conservation. This is a revolutionary technical notion. The desire to increase productivity and efficiency as well as government measures to promote industrial automation are major drivers driving the growth of this market. Investments in Industry 4.0 technologies are also developing. However the IIoT market's expansion is constrained by a lack of standardization and expensive capital and operating expenditure needs.
Additionally, it is anticipated that chances for market expansion will arise from the growing use of Industrial IoT for predictive maintenance and the expansion of data centers. But two big obstacles to business expansion are IoT device vulnerabilities and a shortage of qualified personnel.
Competitive Landscape
Some Major Key Players In The Industrial Internet of Things Market:
- ABB Ltd.
- ARM Holding Plc
- Cisco Systems, Inc.
- International Business Machines (IBM) Corporation
- Rockwell Automation, Inc.
- General Electric Company (GE)
- Honeywell International Inc.
- Intel Corporation
- Atmel Corporation
- Microsoft Corporation
- Schneider Electric SE
- Siemens AG
- Robert Bosch GmbH
- NEC Corporation
- Kuka AG
- Huawei Technology Co., Ltd.
- Dassault Systèmes
- Texas Instruments Inc.
- Accenture plc
- Tech Mahindra Limited
- Other Prominent Players
Market Segmentation:
The Global industrial internet of things (IIoT) market is segmented on the basis of component, End-use, Software, connectivity technology, and device technology. As per the component, the market is segmented as Hardware, Solution (Remote Monitoring, Data Management, Analytics, Security Solutions, and Others), Services (Professional and Managed), Platform (Connectivity Management, Device Management, Application Management).
By end-use, the market is segmented into Aviation, Metal & Mining, Chemical, Manufacturing, Energy & Power, Smart Grids, Oil & Gas, Healthcare, Logistics & Transport, Agriculture, Retail, and Others. On the basis of software, the market is segmented into Product Lifecycle Management, Manufacturing Execution Systems, SCADA, Outage Management Systems, Distribution Management Systems, Remote Patent Monitoring, Retail Management Software, Visualization Software, Transit Management Systems, and Farm Management Systems.
Based on the connectivity technology, the market is segmented into Wired Technology (Ethernet (Modbus, Profinet, CC-Link), Foundation Fieldbus)), Wireless Technology (Wi-Fi, Bluetooth, Cellular Technologies (4G/LTE, 5G)), and Satellite Technologies. On the basis of device technology, the market is segmented into Sensors, Radio Frequency Identification (RFID), Industrial Robotics, Distributed Control Systems, Condition Monitoring, Smart Meters, Electronic Shelf Labels, Cameras, Smart Beacons, Interface Boards, Yield Monitors, Guidance & Steering, GPS/GNSS, Flow & Application Control Devices, and Networking Technology.
Based On End-Use, The Manufacturing Segment Is Accounted As A Major Contributor In The Industrial Internet Of Things Market.
The manufacturing category is expected to hold a major share in the global industrial internet of things market in 2022. With the advent of Industry 4.0, IIoT is becoming more and more popular in both discrete and process manufacturing. This is because it provides a number of opportunities to optimize operations, reduce downtime, boost efficiency, and support data-driven decision-making, all of which lead to faster returns on IoT adoption and higher profit margins. Furthermore, the industrial sectors are rapidly adopting digital manufacturing technologies, and the Internet of Things is being used extensively in these cutting-edge technologies, which is anticipated to accelerate market expansion.
Solution Segment Witness Growth At A Rapid Rate.
The solution segment is expected to grow at a rapid rate in the global industrial internet of things market. In their quest to capture a larger portion of the market, solution providers are heavily emphasizing the launch of state-of-the-art information systems for a range of sectors and industrial verticals. Another area they are concentrating on is integrating sensors and other devices into critical equipment to track real-time data and increase operating efficiency. Manufacturing businesses should be able to automate complex manufacturing processes while keeping effective monitoring with the help of these technologies.
In The Region, The North America Industrial Internet Of Things Market Holds Significant Revenue Share.
The North America industrial internet of things market is expected to lead with a highest market revenue share revenue in the near future. The early adoption and widespread application of industrial Internet of things technologies in the area are to blame for this. Furthermore, a rise in the use of industrial IoT devices, a strong government push to digitize the whole industrial sector, and a growing uptake of cutting-edge technologies like AI and cloud computing are anticipated to enhance market expansion throughout the forecast year. In addition, Asia Pacific is estimated to grow at a rapid rate in the global industrial internet of things market. Throughout the area, modern factory automation technologies are becoming more and more common, particularly in China and Japan. Due to the country's adoption of industry 4.0 and 5G, as well as the growing popularity of smart factories, IIoT market in South Korea is expanding rapidly.
Recent Developments:
- In June 2023, ABB and China Telecom established a collaborative laboratory in Hangzhou, China, focused on digitalization and industrial Internet of Things (IoT) technologies. The partnership between ABB Measurement & Analytics China Technology Center and China Telecom's Internet of Things subsidiary, E Surfing IoT, aimed at creating comprehensive industrial IoT solutions for Chinese industrial companies.
- In June 2023, The partnership between PTC and Rockwell Automation was expanded to include the implementation of augmented reality (AR) and Internet of Things (IoT) software by the manufacturing sector. Rockwell Automation maintained its reselling of Vuforia® augmented reality (AR) and PTC's ThingWorx® IoT software, which included the Digital Performance Management (DPM)™ manufacturing solution, to both new and existing clients in the process and discrete manufacturing industries.
Industrial Internet of Things Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 388.57 Bn |
|
Revenue Forecast In 2031 |
USD 1,930.39 Bn |
|
Growth Rate CAGR |
CAGR of 22.40% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Component, By End-use, By Software, By Connectivity Technology, By Device and Technology |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
ABB Ltd., ARM Holding Plc, Cisco Systems, Inc., International Business Machines (IBM) Corporation, Rockwell Automation, Inc., General Electric Company (GE), Honeywell International Inc., Intel Corporation, Atmel Corporation, Microsoft Corporation, Schneider Electric SE, Siemens AG, and Other market players. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
