Industrial IoT Market Size, Share, Top Companies and Forecast 2024-2032

The latest report by IMARC Group, titled “Industrial IoT Market Report by Component (Hardware, Software, Services, Connectivity), End User (Manufacturing, Energy and Utilities, Automotive and Transportation, Healthcare, and Others), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market. The global Industrial IoT market size reached US$ 255.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 806.0 Billion by 2032, exhibiting a growth rate (CAGR) of 13.2% during 2024-2032.

Factors Affecting the Growth of Industrial IoT Industry:

• Increasing Demand for Operational Efficiency:

The quest for operational efficiency is a key driver propelling the adoption of IIoT solutions across industries. Businesses are constantly seeking ways to optimize their processes, reduce downtime, and enhance productivity. IIoT technologies offer a myriad of solutions to address these challenges. By leveraging sensors, actuators, and connected devices, companies can monitor equipment performance in real-time, predict maintenance needs, and proactively address issues before they escalate. Predictive maintenance, enabled by IIoT, helps minimize unplanned downtime, saving businesses significant costs and enhancing overall operational efficiency. Furthermore, IIoT facilitates the implementation of smart manufacturing practices such as Industry 4.0, enabling the seamless integration of production systems with digital technologies. Through the interconnection of machines, systems, and humans, manufacturers can achieve greater agility, flexibility, and responsiveness in their operations.

• Rising Prominence of Data-Driven Decision-Making:

In the data-centric era today, organizations are increasingly relying on data-driven insights to inform strategic decision-making and gain a competitive edge. IIoT plays a pivotal role in this paradigm shift by enabling the collection, aggregation, and analysis of vast volumes of operational data from disparate sources. By harnessing advanced analytics, machine learning, and artificial intelligence (AI) algorithms, businesses can derive actionable insights from this data to drive informed decisions and improve performance. IIoT facilitates the creation of digital twins, virtual replicas of physical assets or processes, which enable predictive modeling, scenario analysis, and optimization. Through continuous monitoring and analysis of data generated by these digital twins, organizations can identify patterns, detect anomalies, and optimize processes in real-time. This proactive approach empowers businesses to preemptively address issues, capitalize on opportunities, and drive continuous improvement across their operations.

• Advancements in Connectivity and Communication Technologies:

The proliferation of advanced connectivity technologies such as 5G, Wi-Fi 6, and Low-Power Wide-Area Networks (LPWANs) is another significant driver propelling the expansion of the industrial IoT market. These technologies offer higher bandwidth, lower latency, and greater reliability, enabling seamless connectivity and communication between devices, sensors, and systems in industrial environments. With faster and more reliable connectivity, businesses can deploy IIoT solutions at scale, connecting a diverse array of assets and extracting valuable insights from their operations. Moreover, LPWAN technologies provide long-range connectivity and support for battery-operated devices, making them ideal for remote monitoring and asset tracking applications in industrial settings.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

• Cisco Systems, Inc.
• General Electric
• Honeywell International Inc.
• Intel Corporation
• International Business Machines Corporation
• ABB Group
• Rockwell Automation
• Siemens AG
• Huawei Technologies Co., Ltd.
• Bosch
• KUKA Robotics
• Texas Instruments Incorporated
• Dassault Systèmes SE
• PTC
• Arm Limited
• NEC Corporation

Industrial IoT Market Report Segmentation:

By Component:

• Hardware
• Software
• Services
• Connectivity

Hardware dominates the market due to the extensive demand for sensors, devices, and infrastructure necessary to enable the connectivity and data collection essential for Industrial Internet of Things (IIoT) applications.

By End User:

• Manufacturing
• Energy and Utilities
• Automotive and Transportation
• Healthcare
• Others

Manufacturing industry holds maximum number of shares due to its extensive utilization of industrial IoT solutions to optimize production processes, enhance operational efficiency, and drive innovation.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Europe’s dominance in the industrial IoT market is attributed to its extensive industrial base, robust regulatory framework promoting digitalization, and strong investment in advanced technologies such as Industry 4.0.

Global Industrial IoT Market Trends:

Safety and compliance regulations are becoming increasingly stringent across industries, necessitating advanced monitoring and reporting capabilities. Industrial IoT solutions offer real-time monitoring of environmental conditions, equipment performance, and worker safety parameters, enabling businesses to ensure compliance with regulatory standards and mitigate operational risks. By leveraging IoT-enabled sensors and analytics, organizations can proactively identify safety hazards, prevent accidents, and demonstrate adherence to regulatory requirements, thus driving the adoption of IIoT solutions. Additionally, in the globalized economy today, supply chain management plays a crucial role in maintaining competitiveness and meeting consumer expectations. Industrial IoT technologies provide end-to-end visibility into supply chain operations, enabling organizations to track the movement of goods, optimize inventory levels, and streamline logistics processes.

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