Global Industrial Internet-of-Things Market Report Overview

The Global Industrial Internet-of-Things Market size is expected to be worth around USD 1,917.45 billion by 2032 from USD 263.50 billion in 2022, growing at a CAGR of 22.00% during the forecast period from 2022 to 2032.

Growth for the Global Industrial Internet-of-Things Market is expected to be driven by the rapid adoption of IIoT, in line with technological advances and the ease of accessing affordable sensors and processors that can provide real-time information. Market expansion is also expected to be driven by the ever-increasing demand to improve operational competence and concrete cooperation between key market players.

The advancements in the adoption of the latest wireless technology and electronic devices by prominent players in the industry are also aiding to proliferate growth. The strategies being developed to create a digital-human unified workforce will open up immense growth opportunities.

Global Industrial Internet-of-Things Market Scope

Component analysis

On the basis of Component, in 2021, the Solution segment was the dominant branch and accounted for over half of all revenues. This segment is expected to remain the leader over the forecast period. In order to boost their given market share, solution providers have placed a strong emphasis on the development of innovative information systems that can be used in different industries. In order to improve operational efficiency and track real-time data, they are also looking at integrating sensors and other systems in their critical equipment. Industrial IoT solutions will allow manufacturers to automate complex manufacturing processes and ensure efficient monitoring.

From 2023 to 2032, the services segment will experience the highest CAGR at more than 22.0%. This growth is due to an increase in connected devices that are generating large amounts of data. Current IIoT applications use centralized cloud systems, which are responsible for managing the information flow and maintaining quality control of the process. Edge computing will also transform this industry with real-time analytical tools and solutions that decentralize transactions across the network.

End-Use analysis

In terms of End-Use, the market segmentation is done based on manufacturing, energy, power, transport, and agricultural sectors. Over the forecast period, the Manufacturing segment is expected to dominate this market, accounting for almost 29.4% of total revenues by 2032. The IIoT is a key component in digital transformation of smart manufacturing technologies. Manufacturing companies are rapidly adopting digital manufacturing technologies. Market growth is expected to be substantial in the near future due to a growing number of strategic alliances and partnerships. There is also an increasing need for connected supply chains to ensure operational efficiency, flexibility, and regulatory compliance.

From 2023 to 2032, the Logistics & Transport segment is expected to experience the highest CAGR (more than 25.4%). This growth is mainly due to the emphasis that logistics and transport companies place on asset management, and then on the adoption of smart transportation. The logistics industry used RFID tags in the past. These are now being replaced by internet-connected trackers that can support a wide variety of functions. Modern solutions such as Bluetooth tags or beacons are also being adopted more frequently. These solutions not only allow data tracking in small and restricted areas but also contribute to operational management.

Кеу Маrkеt Ѕеgmеntѕ

By Component

• Solutions
• Services
• Platforms

By End-Use

• Manufacturing
• Energy & Power
• Oil & Gas
• Healthcare
• Logistics &Transport
• Agriculture
• Others

Market Dynamics

Industrial IoT could be a tool that companies can use to increase their throughput, reduce operating costs, and ensure safety for their employees. To strengthen their position, and to create new income streams, companies are creating new components and service combinations. They shift from selling solutions to delivering tangible outcomes. IoT plays a crucial role in providing easy access to devices and machine communication. Industry growth is expected to be fueled by favorable initiatives taken by various governments and aggressive efforts being made by companies like General Electric, Cisco Systems Inc., and Huawei Technologies Co. Ltd., in IIoT deployment.

Automotive Industries and new businesses will have new opportunities to capitalize on advances in progressive artificial intelligence algorithms. They are also developing state-of-the-art solutions to address any issues that may arise from the technology market. IIoT is gaining popularity in areas such as asset and predictive maintenance, remote servicing, operational Intelligence, remote monitoring, and remote servicing. This technology also allows companies to use advanced analytics and techniques such as AI and Machine Learning (ML), which allow them to provide prescriptive and predictive solutions. This is expected to open up new opportunities for the industry.

The growth in adoption of remote working policies in the aftermath of the COVID-19 pandemic has prompted the need for transparency in operations. Smart connected solutions will play an important role in increasing operational visibility at the organizational level. Businesses are looking to build resilience and ensure continued growth in the post-COVID age. They are therefore focusing on IIoT adoption in order to attract customers, improve customer experience, and increase brand awareness. These initiatives are positive for the future growth of the industrial IoT industry.

Regional Analysis

With more than 29.3% revenue share, North America held the largest share in the Industrial IoT Market in 2021. There are many established market players in North America across several industry verticals. It has been an early adopter of IIoT and is slowly becoming a center of innovation. Canada has also indexed a significant growth rate due to initiatives taken by their government to promote the adoption of IIoT solutions. Mexico also plays a prominent role in the automotive sector for the North American regional market.

The Asia Pacific will be the fastest growing regional market, with a CAGR exceeding 25.2%, between 2023 and 2032. Advanced factory automation solutions are being adopted in the region, mainly in Japan, China, and Taiwan. The benefits of robot arm technology are slowly being recognized by the manufacturing industry in the region. China is set to become the world’s precision manufacturing center by 2027 thanks to policies such as “Made in China 2030”, which were drafted by their government to encourage the adoption of advanced automation technology in the region.

Many venture capitalists in the region support IIoT-based companies to promote technological advancements in the industrial IoT market. SwitchOn, an AI-powered IIoT platform, was launched by the Abee Research Labs Pvt. Ltd. of India in June 2019., and was awarded US$1 Million by pi Ventures, a venture capitalist firm.

Key Regions and Countries Covered іn This Rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • GCC
  • South Africa
  • Israel
  • Rest of Middle East & Africa

Market Share & Key Players Analysis

Major companies are likely to focus on cost reduction which will make it difficult for new entrants in this IIoT market. Venture capital funding will be a key factor for IIoT startups making it into this market. As they realize the importance of IIoT for providing integrated and sustainable products, both private and public sector companies will need to focus on innovation, productivity, and value.

Market leaders are placing a strong emphasis on making industrial IoT easier and more secure. General Electric Company (GE), for example, launched Predix Edge in November 2018. This new offering is aimed to streamline edge-to-cloud computing platforms and help businesses move efficiently and securely from the production to the trial phase.

Кеу Маrkеt Рlауеrѕ

Mentioned below are the major players in the industrial internet of things market:

• IBM Corporation
• Intel Corporation
• Accenture PLC
• Сіѕсо
• Schneider Electric SE
• Amazon Web Services Inc.
• АТ&Т
• Еmеrѕоn
• ВlасkВеrrу
• NEC Corporation
• Rockwell Automation, Inc.
• Honeywell International Inc.
• Ріvоtаl
• Other Key Players