According to the new market research report by IMARC Group, titled “Global Industrial IOT Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” that the global industrial IoT market size reached US$ 221.7 Billion in 2022. Looking forward, the market expected to reach US$ 516.6 Billion by 2028, exhibiting a growth rate (CAGR) of 15.49% during 2023-2028.
Industrial Internet of Things (IIoT) is a network of interconnected sensors and devices, which are used to enhance industrial and manufacturing processes. The network’s smart sensors and actuators make it possible to monitor, gather, analyse, and exchange data, which boosts operational performance and visibility overall.
The emergence of cutting-edge technologies such as big data, sensor data, machine learning, and automation allows for a large increase in production while lowering several recurring complications. It also provides other benefits, such as proactive maintenance, real-time monitoring, asset optimization, remote diagnostics, and cost-effectiveness. Owing to these benefits, it is widely adopted across diversified industry verticals, including healthcare, retail, advertising and agriculture.
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Industrial IOT Market Trends:
There are many benefits associated with IIoT, which can be credited for its quick global acceptance. Through value addition to the businesses, its use helps an industry’s safety, quality, and productivity, which results in higher customer satisfaction and retention. This is assisting in the creation of successful business models and giving the market growth a boost, especially in light of the growing desire for cloud integration.
Furthermore, a bright prognosis for the market is anticipated as a result of linked automobiles’ recent rise in popularity. The sharing of real-time status and data, which greatly lowers on-road traffic and enables structured fleet management, is made possible by the IIoT.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial IoT market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on components and end-user.
Breakup by Component:
The hardware component currently dominates the market due to the rising focus of the industrial sector on minimizing costs and improving overall equipment efficiency through better access to information from real-time solutions. In addition, the rising adoption of industrial IoT platforms by various industries is driving the market segment.
Breakup by End-User:
- Energy and Utilities
- Automotive and Transportation
The manufacturing industry accounts for the majority of the market share due to the increasing number of smart factories, the advent of Industry 4.0, increasing adoption of autonomous robots for industrial automation, and the rising need for centralized monitoring and asset management.
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Europe holds a clear dominance in the market due to the expansion of various industry verticals and continuous upgradation in industrial technologies across the region.
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The report has also analyzed the competitive landscape of the market with some of the key players being 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 and NEC Corporation.
IMARC Group’s latest report provides a deep insight into the global industrial IoT market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global industrial IoT market in any manner.
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