The global industrial IoT market size is slated to cross a valuation of US$ 442,934.4 million in 2023. It is likely to attain a valuation of US$ 1,392,133.7 million by 2033. The market is anticipated to thrive at an astounding CAGR of 12.1% from 2023 to 2033.
Industrial IoT makes it possible to link machines, smart devices, and sensors to a network, enabling real-time data extraction and analysis. Businesses may monitor and optimize their processes, detect bottlenecks, and make data-driven choices to simplify operations, which improves organizational effectiveness. Increased productivity is made possible by industrial IoT’s ability to automate and intelligently govern industrial operations.
To respond in real-time to changing circumstances, connected devices and systems may interact with one another. This enables shorter manufacturing cycles, enhanced quality assurance, and improved supply chain management. The ability to innovate, enhance consumer experiences, and develop new income streams provided by industrial IoT gives firms a competitive edge.
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By offering value-added services like remote monitoring, preventative maintenance, and individualized solutions, it enables businesses to stand out in the marketplace. These factors, in essence, boost the adoption of industrial IoT solutions across the end-use industries.
Key Takeaways from Industrial IoT Market:
- The global industrial IoT industry size developed at a notable CAGR of 10.0% from 2018 to 2022.
- In 2018, the global market size stood at US$ 273,286.8 million.
- Global industrial IoT sales accounted for US$ 400,845.6 million in 2022.
- In 2022, the hardware segment by components accounted for 53.6% shares in the global market.
- In 2022, the manufacturing segment by end-use captured 34.6% shares in the global market.
- In 2022, North America captured 27.4% shares in the global market.
- The United States occupied 16.3% shares in the global market.
- In 2022, the United Kingdom captured 13.2% shares in the global market
Key Players in the Global Market
- IBM Corporation
- Intel Corporation
- Schneider Electric SE
- General Electric Company
- Emerson Electric
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Recent Developments Observed by FMI:
- In February 2022, Lantronix launched its G520 Series Smart cellular IoT devices and services. These are application-specific industrial IoT solutions that address problems in the Industry 4.0, Security, and Transport areas.
- As part of an extension of its support for the IoT ecosystem, Qualcomm Technologies unveiled seven new solutions in June 2021. Qualcomm QCS8250, Qualcomm QCS6490/ QCM6490, Qualcomm QCS4290/ QCM4290, and Qualcomm QCS2290/ QCM2290.
- In April 2021, Intel and John Deere released AI technologies to assist in resolving a costly and pervasive issue with the production welding process. Deere is testing a method at its production plants that uses computer vision to detect common mistakes in the automated welding process.
- Cisco and Newark, an Avnet Company, formed a collaboration in February 2021. To offer customers in North America industrial IoT network solutions for challenging non-carpeted environments.
- To include industrial IoT and AI-based capabilities for digital manufacturing into its business offering, Plataine established an alliance with SAP in March 2021. The SAP Store, which combined with SAP App Center formed a single digital store for SAP and partner solutions. It now offers Plataine’s cloud-based IIoT and AI-based digital manufacturing technologies.
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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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