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Market Overview:
The Industrial IoT Market size is estimated to reach $137.5 billion by 2030, growing at a CAGR of 6.7% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Industrial IoT Market –By Offering (Services (Managed Services, Professional Services), Solutions (Data Management, Security Solutions, Remote Monitoring, Analytics, Others, Platform (Application Management, Device Management, Connectivity Management)), By Deployment (On-Premises, Cloud), By Connectivity (Wired, Wireless, Hybrid), By End User (Chemical, Metal & Mining, Oil & Gas, Energy & Power, manufacturing, Healthcare, Agriculture, Transportation & Logistics, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030”
Increased adoption of big data analytics and artificial intelligence and advancements in connectivity and communication technologies are fueling the growth of the Industrial IoT industry during the forecast period.
North America Dominated the Market in 2022:
North America accounted for the largest share of the Industrial IoT Market in 2023 due to its advanced technological infrastructure, robust economy, and high level of investment in research and development. The presence of numerous leading technology companies and industrial giants in the region fosters innovation and the development of cutting-edge IIoT solutions. Additionally, North America benefits from a strong focus on automation and digital transformation across various industries, including manufacturing, healthcare, and energy. The supportive regulatory environment, coupled with substantial government and private sector funding for smart infrastructure projects, further accelerates the adoption of IIoT technologies. This combination of factors makes North America a leader in the IIoT market, driving significant growth and innovation.
Industrial IoT Market: Key Takeaways
Advancements in Connectivity and Communication Technologies:
The evolution of communication technologies, especially the deployment of 5G networks, is a major driver for the Industrial IoT (IIoT) market. The high-speed, low-latency, and reliable connectivity provided by 5G enables seamless data transmission between devices, sensors, and central systems. This allows for real-time monitoring, control, and automation of industrial processes. Enhanced connectivity also supports the integration of more devices into the IIoT ecosystem, facilitating more extensive data collection and analysis. As industries increasingly rely on real-time data for operational efficiency and decision-making, the role of advanced communication technologies becomes critical in driving the growth of the IIoT market.
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Enhanced Focus on Predictive Maintenance:
Predictive maintenance has become a focal point for industries looking to improve operational efficiency and reduce maintenance costs. Traditional maintenance practices, such as reactive or scheduled maintenance, are often costly and inefficient. IIoT-enabled predictive maintenance leverages data from sensors and equipment to forecast potential failures and schedule maintenance activities proactively. This approach minimizes unplanned downtime, extends the lifespan of machinery, and optimizes maintenance resources. As industries recognize the financial and operational benefits of predictive maintenance, the adoption of IIoT solutions continues to grow, driving market expansion.
Scope of the Report:
Recent Developments:
- In February 2024, the commercial launch of the 5G edge computing industrial Internet of Things cellular router solution, Digi IX40, was announced by Digi International. The Digi IX40 is designed to meet the needs of Industry 4.0 applications, including smart manufacturing, industrial automation, predictive maintenance, advanced robotics, and asset tracking.
- In September 2023, the Leading provider of IoT and imaging solutions worldwide, Lexmark, announced a new collaboration with HARMAN Digital Transformation Solutions. Under this agreement, HARMAN will use Lexmark's IoT technology on targeted projects for clients in a range of industries as part of its IoT products portfolio.
- In April 2023, Modern IoT Solutions from Qualcomm are launched to Support the Growth of the IoT Ecosystem and Allow New Industrial Applications. Offering best-in-class performance, scalability, and user-friendliness, the solutions seek to further extend IoT ecosystems.
Industrial IoT Market: Competitive Landscape
Key companies profiled in the Industrial IoT Market are ABB Group, Cisco Systems Inc, Siemens AG, Microsoft Corporation, Rockwell Automation Inc., IBM Corporation, General Electric Company, Intel Corporation, Emerson Electric Co., Schneider Electric SE, Oracle Corporation, Honeywell International Inc., KORE Wireless, Robert Bosch GmbH, Amazon Web Services, Inc. and others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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IndustryARC
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