Industrial IoT Market Size to Worth Around USD 1742.8 Bn by 2030

Ottawa, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The growing use of cloud computing platforms is expected to drive the market of Industrial IoT market through 2030. Additionally, there are a lot of benefits associated with the adoption of industrial IoT solutions across various end user industries, especially across the manufacturing sector such as increasing throughput, reducing operational costs and providing higher level of safety for the workforce. This in turn is expected to positively influence the market growth during the forecast period.

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Besides, increasing penetration of smart factories and smart utilities is driving the market growth. Furthermore, increasing penetration of industry 4.0 solutions is expected to support the market growth.

Key Insights:

• By end-use, the manufacturing segment has accounted 28.7% of total revenue share in 2021.
• The logistics and transportation segment are growing at a CAGR of 25.6% from 2022 to 2030.
• By component, the services segment is expected to hit at a CAGR of 24.3% between 2022 to 2030.
• North America dominated the market and accounted revenue share of around 34% in 2021.
• Asia Pacific region is predicted to reach at a CAGR of 26.7% from 2022 to 2030.
  
  

Regional Snapshot

North America region is the fastest growing region in the Industrial IoT market. The U.S. hold the highest market share in the North America Industrial IoT market. This can be attributed to the presence of major market players operating in the Industrial IoT such as Cisco Systems, Inc., General Electric Company, IBM Corporation, among others. Similarly, the market in Canada will witness significant growth on account of supportive government policies and increasing investments made by the government for adoption and development of IoT technology applications.

Asia-Pacific is the largest segment for Industrial IoT market in terms of region. This can be ascribed to the growing adoption of automation across a wide range of end user industries especially in countries like Japan where the cost of labor is increasing. Besides, increasing adoption of connected devices across the region is further expected to create lucrative opportunities for the market growth.

Report Highlights

• On the basis of component, solutions segment holds the largest market share in the global Industrial IoT market. This can be attributed to the widespread adoption of IoT based solutions to reduce dependency on human workforce, resulting in a more automated control performance has become inevitable for majority of organizations wanting to achieve better productivity and management of processes and assets.
  
  
• On the basis of end use, manufacturing segment holds the largest market share in the global Industrial IoT market on account of the support gained from government to digitalize the industrial operations and seek sustainable production.
  
  

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Scope of the Report

Market Dynamics

Market Drivers: Standardization of IPv6

• The development of IPv6 has contributed to the growth of industrial IoT market. Since, the number of connected devices is increasing exponentially the IPv4 became ineffective in storing data generated from so many devices, thereby driving the need for having IPv6. IPv6 offers higher reliability and advanced security. The standardization of IPv6 is expected to fuel the growth of global industrial IoT market.
  
  

Market Restraints: Increasing susceptibility to Cyberattacks

• The growing adoption of smart manufacturing systems and increasing connected devices across the manufacturing facility has increased the incidences of cybercrimes and cyberattacks across the industrial IoT industry.
  
  

Opportunities: COVID-19 Pandemic Crisis

• The sudden outbreak and spread of pandemic COVID-19 has significantly increased the applications of IoT and AI across healthcare industry. Medical wearables are embedded with AI and IoT technologies thereby helping in remote patient monitoring and integrating the overall hospital system. The demand for mobile personal emergency system (mPERS) to facilitate remote patient monitoring has also significantly increased amidst the pandemic crisis.
  
  

Market Challenges: Lack of Integration of IoT with Communication Networks and Workforce

The industrial IoT solutions developed by various IoT service providers are incompatible with the existing communication networks, thereby restricting the market growth. Also, the lack of skilled workforce which has knowledge related to the handling of IoT solutions and sensors especially in the developing and under developed countries is expected to restrict the market growth during the forecast period.

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Recent Developments

• In February 2021, Siemens AG collaborated with IBM Corporation in order to expand its industrial IoT platform known as edge computing platform. As a part of this collaboration, Siemens digital industries software will apply on IBM Corporation’s open hybrid cloud approach, built on Red Hat OpenShift. This in turn will increase the deployment flexibility of MindSphere, the industrial IoT as a service solution from Siemens. The customers can run MindSphere on-premise. This will help in increasing speed and agility across manufacturing plant operations as well as along the cloud for providing seamless product support, updates and enterprise connectivity.
• In October 2020, Honeywell entered into a partnership with Microsoft Corporation for integrating the Honeywell Forge industrial analytics platform with the Dynamics 365 Field Service offering and Azure.

Market Segmentation

By Component

• Solution
  • Remote Monitoring
  • Data Management
  • Analytics
  • Security Solutions
  • Others
• Services
  • Professional
  • Managed
• Platform
  • Connectivity Management
  • Application Management
  • Device Management
    
    

By End-Use

• Manufacturing
• Energy & Power
• Oil & Gas
• Healthcare
• Logistics & Transport
• Agriculture
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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