REDDING,
Calif., July 2, 2024 /PRNewswire/
-- According to a new market 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 —Forecasts
to 2031,' the global industrial IoT market
is projected to reach $408.2 billion by 2031, at a CAGR of
19.3% from 2024 to 2031.
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Industrial IoT (IIoT) refers to sensors, instruments, machines,
and other devices networked via industrial management and business
intelligence (BI) applications. IIoT is the connectivity between
systems, machines, and people in the manufacturing world that
benefits various sectors, including healthcare, public utilities,
retail, and logistics. IIoT is increasingly being adopted across
industrial environments, subsequently improving operations,
resource utilization, and inventory management through sensors and
smart machinery.
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.
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.
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To provide efficient analysis, Meticulous Research®
has segmented this market based on component (hardware [network
components, sensors & actuators, and other IIoT hardware],
platform, services [professional & managed], and connectivity),
industry verticals (agriculture, manufacturing, retail, energy
& utility, oil & gas, aerospace, transportation &
logistics, telecom, and other industry verticals), and
geography.
Based on component, the global industrial IoT market is
segmented into hardware, platforms, services, and connectivity. In
2024, the hardware segment is expected to account for the largest
share of 32.2% of the industrial IoT market.
However, the platforms segment is slated to record the highest
CAGR during the forecast period. The rising adoption of industrial
IoT platforms by different industry verticals to improve
operational efficiency, along with the increasing need for superior
monitoring technologies, is driving the growth of this segment. In
addition, the rising focus of key players on product development
and enhancement is expected to drive the growth of the platforms
segment.
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 2024, the
manufacturing segment is expected to account for the largest share
of 24.5% of the 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.
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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.
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 2024,
Asia-Pacific is expected to
account for the largest share of 38.2% of the industrial IoT
market. The large share 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.
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 the various
government initiatives and strategic growth plans of several
leading vendors operating in the industrial IoT market. Moreover,
Asia-Pacific is expected to grow
with highest CAGR of 19.8% during the forecast period.
Key Players:
The key players operating in the global 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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Scope of the Report:
Industrial IoT Market Assessment—by
Component
- Hardware
- Network Components
- Sensors & Actuators
- Other IIoT Hardware
- Platforms
- Services
- Professional Services
- Managed Services
- Connectivity
Industrial IoT Market Assessment—by Industry
Vertical
- Agriculture
- Precision Farming
- Livestock Monitoring
- Smart Greenhouse
- Fish Farming
- Smart Irrigation
- Manufacturing
- Surveillance & Safety
- Quality Management
- Resource Optimization
- Inventory & Warehouse Management
- Machine Inspection & Maintenance
- Production Planning
- Energy Management
- Smart Robotics
- Retail
- Operations Management
- Asset Management
- Customer Experience Management
- Energy & Utility
- Predictive Maintenance
- Remote Monitoring
- Worker Safety & Security
- Distribution Management
- Asset Management
- Oil & Gas
- Predictive Maintenance
- Remote Monitoring
- Worker Safety & Security
- Distribution Management
- Asset Management
- Aerospace/Airline
- Performance Management
- Energy Management
- Predictive Maintenance
- Passenger Experience Management
- Transportation & Logistics
- Smart Ticketing & Toll
- Parking Management
- Traffic Management
- Passenger Information
- Freight Information
- Telematics
- Other Applications
- Telecom
- Asset Management
- Remote Monitoring
- Other Applications
- Other Industry Verticals
Industrial IoT Market Assessment—by
Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Poland
- Netherlands
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East &
Africa
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