The industrial IoT market is expected to grow significantly, with a notable 12.1% annual growth rate. By the year 2033, it is projected to reach a substantial value of US$ 1,392,133.7 million. This indicates a promising future for IIoT technologies in various industries.
Technological developments in semiconductor and electronic devices, growing usage of cloud computing platforms, standardization of IPv6, and backing from governments of various nations for IIoT R&D efforts are all driving the industrial IoT market forward.
The Industrial IoT Market is predicted to grow at a rapid pace over the forecast period, thanks to advances in technology and the increasing availability of affordable sensors and processors that can provide real-time access to information.
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The industrial IoT market is expected to grow due to the growing requirement to improve operational competence and excellent collaboration among major market participants to achieve the same. Furthermore, the techniques being developed to create a united digital-human workforce are projected to provide significant prospects for industrial IoT market share growth.
Artificial intelligence and the Internet of things are gaining traction in the industrial industry, propelling the market ahead. The breakout of the COVID-19 pandemic in 2020 put the industrial sector to the test. As a result, the usage of AI and IoT in the production industry has accelerated. In the absence of a regular crew in manufacturing plants, activities such as condition monitoring and repair and maintenance were carried out with the help of AI and machine learning (ML) algorithms.
Key Takeaways from the Industrial IoT Market Report:
- The United States garnered 16.3% shares in the global market.
- From 2021 to 2028, the logistics and transportation segment is expected to grow at a CAGR of more than 26%. The considerable emphasis that logistics and transportation businesses are placing on improving asset management and, as a result, on the implementation of smart transportation can be linked to the rise.
- The manufacturing segment of the industrial IoT market is expected to rise at a CAGR of 11.1% throughout the forecast period.
- In 2021, networking technology held the biggest industrial IoT market share. The backbone of the IIoT is networking technology, particularly wireless technology.
- In terms of value, APAC is expected to have the greatest share of the market in 2021. Asia Pacific has become a global focus point for large investments and corporate growth, and it is a major hub for industrial manufacturing.
Major Key Players in the Global Market:
- IBM Corporation
- Intel Corporation
- Schneider Electric SE
- General Electric Company
- Emerson Electric
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Recent Developments in the Industrial IoT Market:
- In February 2022, Lantronix unveiled its G520 Series Smart cellular IoT devices and services, which are application-specific industrial IoT solutions that solve issues in the Industry 4.0, Security, and Transport segments.
- In June 2021, seven new solutions were introduced by Qualcomm Technologies as part of an expansion of its support for the IoT ecosystem. These solutions include Qualcomm QCS8250, Qualcomm QCS6490/ QCM6490, Qualcomm QCS4290/ QCM4290, and Qualcomm QCS2290/ QCM2290.
- Intel, in collaboration with John Deere, introduced AI technology to help fix an expensive, long-standing problem in the production welding process in April 2021. In its manufacturing facilities, Deere is testing a system that employs computer vision to automatically recognize frequent errors in the automated welding process.
- In February 2021, Cisco and Newark, an Avnet Company, established a partnership to provide clients in North America with industrial IoT network solutions for tough and non-carpeted environments.
- Plataine announced a partnership with SAP in March 2021 to integrate industrial IoT and AI-based tools for digital manufacturing into its business offering. Plataine’s cloud-based IIoT and AI-based digital manufacturing software are now accessible on SAP Store. This merged with SAP App Center to create a unified digital store for SAP and partner offerings.
Industrial IoT Market Segmentation:
By Components:
- Hardware
- Software
- Services
By End Use:
- Aviation
- Transportation
- Oil & Gas
- Power Generation & Utility
- Manufacturing
- Healthcare
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
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