Industrial IoT Market to be Worth $331.83 Billion by 2030
Added: (Thu Nov 09 2023)
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Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial IoT Market by Component (Hardware, Platform, Services, Connectivity), Industry (Agriculture, Manufacturing, Energy & Utilities, Oil & Gas, Aerospace, Retail, Transportation & Logistics, Others) Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the global Industrial IoT market is projected to reach $331.83 billion by 2030, at a CAGR of 17.8% from 2023 to 2030. Major factors driving this market's growth are rising investments in Industry 4.0 technologies, government initiatives to promote industrial automation, and the growing need to improve productivity and efficiency. However, the lack of standardization and the high capital and OpEx requirements restrain the growth of the IIoT market.
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The increasing use of Industrial IoT for predictive maintenance and the proliferation of data centers are expected to create market growth opportunities. However, vulnerability issues with IoT devices and the lack of skilled professionals are major challenges for market growth. Additionally, the rising popularity of IIoT digital twins, the emergence of edge computing, and the rising adoption of smart manufacturing-as-a-service are some of the major trends in this market.
The global industrial IoT market is segmented by component and industry vertical. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on component, the global industrial IoT market is segmented into hardware, platforms, services, and connectivity. In 2023, the hardware segment is expected to account for the largest share of the global industrial IoT market. The large market share of this segment is attributed to several factors, including the continuous efforts of organizations in the industrial sector to enhance efficiency, reduce costs, and improve Overall Equipment Effectiveness (OEE) through improved access to real-time information. Moreover, the increasing focus of key players on product development and rising investments in the digital transformation of industries are expected to drive the demand for IIoT hardware.
Some of the recent developments in the market are as follows:
• In September 2023, Intel Corporation (U.S.) launched industrial IoT processors and software packages for various industries.
• In June 2022, Moxa (Taiwan) launched the new AIG-300 Series of Industrial IoT gateways, optimized for seamless integration with the Microsoft Azure IoT Edge computing platform.
• In January 2021, Microsoft Switzerland (Switzerland) partnered with Swiss Smart Factory (Switzerland) to accelerate digital transformation in the manufacturing industry in Switzerland.
However, the platforms segment is expected to record the highest CAGR during the forecasted period.
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Based on industry vertical, the global industrial IoT market is segmented into agriculture, manufacturing, retail, energy & utilities, oil & gas, aerospace, transportation & logistics, telecom, and other industry verticals. In 2023, the manufacturing segment is expected to account for the largest share of the global industrial IoT market. Moreover, the manufacturing segment is also expected to record the highest CAGR during the forecast period. The large market share of this segment is attributed to the increasing adoption of automation and robotics systems extensively throughout production lines in the manufacturing industry to enhance product quality, reduce work-in-progress time, and improve equipment reliability. IIoT can transform traditional, linear manufacturing supply chains into dynamic, interconnected systems—a digital supply network (DSN)—that can more readily incorporate ecosystem partners.
Furthermore, the growing need for centralized monitoring and predictive maintenance of assets, the increasing number of smart factories, the advent of Industry 4.0, and the increasing adoption of autonomous robots for industrial automation contribute to the significant market share of this segment.
Some of the recent developments in the market are as follows:
• In June 2023, ABB Ltd. (Switzerland) and China Telecom, the world's largest and leading communication service operator, unveiled a joint digitalization and industrial IoT laboratory in Hangzhou, China.
• In March 2023, Samsung (South Korea) announced an investment to enable smart manufacturing capabilities at its largest mobile phone plant in Noida (India) to make production more competitive.
Based on geography, the global industrial IoT market is segmented into five major geographies, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global industrial IoT market. The growth of this regional market is attributed to factors such as the rising demand for automation across various sectors in the region, the increasing adoption of industrial robots, the advent of Industry 4.0, the growing adoption of cloud-based industrial solutions, and the presence of prominent market players in the region.
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Asia-Pacific's industrial sector contributes significantly to the economy and is undergoing a rapid transformation. The growing adoption of disruptive technologies such as AI, machine learning, and IoT drives cloud adoption across the region, accelerating the demand for cloud-based industrial IoT solutions. Furthermore, Asia-Pacific is at the center of various government initiatives and strategic growth plans of several leading vendors operating in the industrial IoT market.
Some of the initiatives taken by major market players in this region are as follows:
• In 2021, ABB Ltd. (Switzerland) partnered with dtac TriNet Co., Ltd. (Thailand) to develop robotics and machine automation solutions and accelerate Industry 4.0 in Thailand.
• In July 2020, the Standard and Industrial Research Institute of Malaysia (SIRIM) (Malaysia) launched the smart manufacturing experience center. This center aims to advance Industry 4.0 strategies.
The key players operating in the industrial IoT market are ABB Ltd. (Switzerland), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co, Ltd. (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.)
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Key questions answered in the report-
• Which are the high-growth market segments based on component and industry vertical?
• What was the historical market for industrial IoT globally?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, and opportunities in the global industrial IoT market?
• Who are the major players, and what shares do they hold in the global industrial IoT market?
• What is the competitive landscape like in the global industrial IoT market?
• What are the recent developments in the global industrial IoT market?
• What are the different strategies adopted by the major players in the global industrial IoT market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global industrial IoT market, and how do they compete with the other players?
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