Global Industrial Internet of Things Market Size to grow USD 130.10 Billion by 2030 | CAGR of 6.50%Category: Information & Technology
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.
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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.
Browse key industry insights spread across 215 pages with 79 market data tables and figures & charts from the report Global Industrial Internet of Things Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Component (Hardware, Software, and Services), By Vertical (Manufacturing, Energy & Power, Oil & Gas, Retail, Healthcare, Transportation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 in detail along with the table of contents https://www.sphericalinsights.com/reports/industrial-internet-of-things-market
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.
The industrial internet of things market size is still expanding as a result of factors like growing Wi-Fi adoption, improvements in wireless network technology, and rising cloud platform popularity. Additionally, IoT use rises as smart city and smart transportation development develops. This propels the Industrial Internet of Things sector ahead in turn. The market is anticipated to expand as a result of the great cooperation among the key industry participants and the growing need to increase operational competence. Additionally, it is anticipated that the strategies being developed to build a combined digital and human workforce would offer major growth opportunities.
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.
Due to the growing enterprise use of solutions, the software sector is expected to grow at the largest CAGR during the forecast period. The introduction of cutting-edge information systems for various industries and industrial verticals is a focus for solution providers. Additionally, they are focusing on integrating sensors and other technologies into crucial machinery in order to track real-time data and boost operational effectiveness. Due to the fast adoption of digital manufacturing technologies, the manufacturing sector held the greatest market share in 2020. The Internet of Things (IIoT) is a key component of these cutting-edge technologies.
The global industrial internet of things market is competitive, with a number of global & regional players operating. Some of the key players in the market includes, 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., and Others.
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North America is predicted to hold a disproportionately large share of the worldwide market due to its early IIoT adoption and status as a hub of innovation. As a result of government initiatives to encourage the adoption of IIoT solutions throughout the nation, Canada has also experienced great growth. Technological advancements, rapid digitalization across the IoT industry's verticals, and rising integration of numerous linked smart devices have all influenced the IoT industry's expanding demand in the North America region. However, Asia Pacific is likely to experience the fastest development of the industrial internet of things market over the course of the projected period due to the popularity of advanced factory automation systems rising throughout the region, particularly in Japan, China, and Taiwan. Manufacturing companies all across the area are beginning to understand the advantages of adopting robot arm technology. China is on track to establish itself as a center for precision manufacturing by 2027 as a result of government programs like "Made in China 2025," which emphasizes the growth of advanced automation technology there.
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