New York, NY, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Industrial IoT (IIoT) Market Share, Size, Trends, Industry Analysis Report, By Deployment (On-premises and Cloud); By Component; By End-use; By Region; Segment Forecast, 2023 - 2032” in its research database.
“As per the latest research analysis, the global industrial IoT market size/share will be valued at roughly USD 313.95 Billion in 2022, and its revenue is projected to reach about USD 2,580.89 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 23.5% between 2023 and 2032.”
What is Industrial IoT (IIoT)? How Big Is Industrial IoT (IIoT) Market Size/Share?
- Overview
Industrial IoT (IIoT) or The industrial Internet of things (IIoT) is the ecosystem of smart sensors, actuators, software-defined production processes, and other devices that are equipped together to collect, monitor, and analyze data from industrial operations. The aim is to improve manufacturing and industrial processes by focusing on machine-to-machine (M2M) communication, machine learning, and big data. Numerous industries use IIoT, including automotive, agriculture, oil and gas, and utilities.
Insights gained from these processes help enterprises to have better efficiency and reliability in their operations. Other benefits of improved worker safety, better product quality, increased operational efficiencies, more efficient field service, increased customer satisfaction, and enhanced facility management. The availability of affordable processors and sensors that provide real-time access to information is driving the industrial IoT (IIoT) market size growth.
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Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 110+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Leaders Are:
- ABB
- Atmel Corporation
- ARM Holding Plc
- Cisco Systems Inc.
- International Business Machines Corporation (IBM)
- General Electric Company (GE)
- Intel Corporation
- Siemens AG
- Microsoft Corporation
- Rockwell Automation Inc
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Industrial IoT (IIoT) Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 2,580.89 Billion |
| Market size value in 2023 | USD 386.45 Billion |
| Expected CAGR Growth | 23.5% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | ABB, Atmel Corporation, ARM Holding Plc, Cisco Systems, Inc., International Business Machines Corporation (IBM), General Electric Company (GE), Intel Corporation, Siemens AG, Microsoft Corporation, Rockwell Automation, Inc. |
| Segments Covered | By Deployment, By Component, By End-use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Prominent Growth Driving Factors
- Technological advancements: Techniques are being developed to combine human and digital power, utilizing both strengths to boost creativity and productivity.
- Benefits of industrial Internet of Things: Industries use IIoT solutions as they offer various benefits, such as automated quality assurance monitoring, enhanced productivity, enhanced power efficiency, and improved operational efficiency in the manufacturing industry. These benefits offered by IIoT drive the industrial IoT (IIoT) market growth.
- Increasing adoption of IoT in various sectors: Rising technological developments in wireless network technologies, along with the integration of Wi-Fi connectivity in factories, allowing the extensive use of sensors and IoT devices, is propelling the market growth. In addition, the development of smart cities and smart transit networks, which encourage IoT adoption, is fostering market growth for the industrial Internet of Things.
- Integration of Machine Learning (ML) and Artificial Intelligence (AI): Organizations are integrating technologies like Machine Learning (ML) and Artificial Intelligence (AI) to provide analytical solutions that are both prescriptive and predictive. ML and AI deliver continuous learning processes without interruptions that increase their value in the Industrial IoT (IIoT) market, thereby driving the industrial IoT (IIoT) market growth.
Top Findings of the Report
- The availability of affordable processors and sensors that provide real-time access to information, and rising technological advancements is driving market growth.
- The market is primarily segmented based on deployment, component, end-use, and region.
- North America witnessed the largest revenue share in 2022.
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Recent Trends Influencing the Market
- Adoption of edge computing: Edge computing enables independent analysis and data management for IoT devices, providing next-generation capabilities. Its structure aids immediate decision-making and improves overall operational efficiency by ensuring low latency and quick response times. Thus, the adoption of edge computing in the industrial IoT landscape is one of the prominent industrial IoT (IIoT) market trends positively influencing industry growth.
- Adoption of cloud computing: Cloud computing provides a number of advantages that are very helpful for industrial processes. It offers flexibility and scalability, enabling businesses to quickly increase their computing capacity and adjust to shifting business needs. Thus, the increasing adoption of cloud computing in the industrial sector is propelling the industrial IoT (IIoT) market demand.
Segmental Analysis
- Solution segment accounted for the industrial IoT (IIoT) market share in 2022
Based on components, the solution category dominated the market in 2022 and is anticipated to maintain its dominance over the foreseen period. This growth can be attributed to the increased focus of market players on introducing advanced information systems designed specifically for different sectors and businesses to increase their market presence. For instance, in February 2022, Ericsson AB, a multinational networking and telecommunications company introduced IoT Accelerator Connect. This solution offers plug-and-play access to cellular IoT connections, making it simple to connect to the Internet of Things. It eases the execution of enterprise IoT projects by streamlining the device onboarding and connectivity processes.
Moreover, the service segment is predicted to register the highest compound annual growth rate throughout the study period owing to the significant rise in connected devices, which has led to generating massive amounts of data.
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Geographic Overview
North America: By geography industrial IoT (IIoT) market segmentation, North America captured the major market share and is anticipated to continue to dominate the market over the predicted period due to the early adoption and development of industrial IoT technology in the region. Further, favorable government support to encourage digitalization in the industrial sector, the rising adoption of advanced technologies like cloud computing and AI, and a surge in usage of industrial IoT devices are estimated to bolster the market expansion during the forecast period.
Asia Pacific: Moreover, the industrial IoT (IIoT) market in Asia Pacific is likely to grow at the fastest compound annual growth rate throughout the forecast period owing to the growing popularity of advanced factory automation systems across nations such as China and Japan. Additionally, rising investments by leading nations in Industry 4.0 in order to obtain production and manufacturing independence are further estimated to fuel the market growth in the region.
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Recent Developments
- In February 2021, Cisco Systems, Inc., collaborated with Newark, an Avnet Company, to utilize their network solutions for the industrial Internet of Things (IIoT) across various infrastructures, encompassing industrial assets and devices.
Key Highlights of the Report
- Precise understanding of evolving competitive dynamics
- An outlook on several aspects that influence or impede the market growth
- Key trends that include drivers, restraints, PORTER's five forces analysis, and product and technological analysis
- A thorough listing of the major market participants active in the market
- The company profile gives a thorough summary of the company's operations and business divisions
- Specific segments by region (country), by company, by type, and by application
- Identification and analysis of key factors that are and will affect the growth of the market
Polaris Market Research has segmented the Industrial IoT market report based on deployment, component, end-use, and region:
By Deployment Outlook
- On-premises
- Cloud
By Component Outlook
- Services
- Managed
- Professional
- Solution
- Data Management
- Security Solutions
- Remote Monitoring
- Analytics
- Others
- Platform
- Application management
- Device Management
- Connectivity Management
By End-use Outlook
- Chemical
- Metal & Mining
- Oil & Gas
- Energy & Power
- Manufacturing
- Healthcare
- Agriculture
- Logistics & Transport
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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