New York, United States – The Global Industrial Internet of Things Market Size, is expected to be worth USD 76.60 Billion in 2021 and is estimated to reach up to USD 130.10 Billion by 2030, at a compound annual growth rate (CAGR) of 6.50% from 2021 to 2030 as per the latest research report by Spherical Insights & Consulting.
An increase in technology investments in developing countries as well as the introduction of big data analytics have contributed to the growth of the industrial internet of things industry on a global scale. The IIoT market is also anticipated to expand as a result of rising healthcare industry demand and the introduction of sector-specific platforms in the developed world. However, operational openness is desired as a result of the COVID-19 pandemic’s aftermath adoption of remote working techniques. At this point, smart linked solutions are anticipated to be essential in achieving operational visibility within organizations. Businesses are eager to build resilience to ensure growth in the post-COVID era, as well as to adapt to remote working and automate their procedures appropriately. They are focusing on IIoT adoption as a result in order to draw in customers, enhance the customer experience, and increase brand awareness. The future growth of the industrial IoT market looks bright thanks to all of these initiatives.
Market expansion is fueled by Urbanization and Industrialization
Due to urbanization and population growth, several nations throughout the world are implementing smart city projects and adopting smart city technologies to manage resources. Among other linked devices, sensors, smart lighting, and smart meters help to improve the functionality and effectiveness of infrastructure and related services. The expanding number of Industry 4.0, smart manufacturing, smart infrastructure, and smart homes and buildings projects is projected to cause profound business changes that will fuel market expansion.
The global market for industrial internet of things has been negatively impacted by the COVID-19 epidemic. The industrial sector is experiencing considerable difficulties as the virus expands to developing Asian countries and North America. Since the third quarter of 2020, the largest auto sector in the world, the US, has been at a standstill. Many automakers have scaled back the size of their production facilities throughout the region, abandoning outmoded IoT, AI, and Blockchain technologies that they had previously implemented in their plants. Mexico mostly benefits from the North American car sector. The Mexican automotive industry has, nevertheless, suffered enormous losses as a result of the sharply decreased manufacturing of automobiles.
IIoT Segmentation Overview
The global industrial internet of things market is divided into manufacturing, energy & power, oil & gas, retail, healthcare, transportation, and others based on vertical sector. Due to the fast adoption of digital manufacturing technologies, which the Internet of Things (IIoT) plays a crucial role in, the manufacturing segment accounted for the largest market share in 2022. Due to the strategic alliances and partnerships that stakeholders are building, as well as the rising desire for a linked supply chain to provide flexibility, operational efficacy, and regulatory compliance, the market is anticipated to experience considerable growth in the near future.
Due to the logistics and transportation industries’ strong focus on improving asset management and, consequently, on the adoption of smart transportation, the transportation industry is predicted to increase at a high rate throughout the course of the projection period. RFID tags, which have been used extensively in the logistics sector, are being phased out in favor of internet-connected trackers that can support a variety of activities. Modern substitutes like Bluetooth tags and beacons are also gaining popularity. These kinds of technologies not only make it possible to track data in more confined, smaller areas, but they can also enhance operational management.
Key Insights
- The Global Industrial Internet of Things Market Size is expected to be worth USD 76.60 Billion in 2021 and is estimated to reach up to USD 130.10 Billion by 2030, at a compound annual growth rate (CAGR) of 6.50% from 2021 to 2030.
- Growing Adoption of Industrial Internet of Things to Manufacture Mass Products Boost Market growth
- High Initial and Maintenance Cost of Industrial Internet of Things Hampering Market Growth
- Growing Rapidly Urbanization and Industrialization Drive Market Growth
- Geographically, North America is anticipated to have the largest market share of the worldwide market for industrial internet of things due to the IIoT’s early adopter and has developed into a hub for innovation.
Key Players of the Industrial Internet of Things (IIoT) Market
The global industrial internet of things IIoT market is competitive, with a number of global & regional players operating. Some of the key players in the market
- Schneider Electric
- IBM Corporation
- Cisco
- Siemens
- GE
- Microsoft
- Intel Corporation
- Rockwell Automation, Inc.
- ABB
- Texas Instruments Inc.
- Dassault Systèmes
- Honeywell International Inc.
- Huawei Technology Co., Ltd.
Segmentation of Industrial Internet of Things (IIoT) Market
The global Industrial Internet of Things Market is segmented by Component, Vertical, and Region. It reveals the market situation and future forecast.
By Component
- Hardware
- Software
- Services
By Vertical
- Manufacturing
- Energy & Power
- Oil & Gas
- Retail
- Healthcare
- Transportation
- Others
Regions Covered
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
Source: SPHERICAL INSIGHTS LLP
