Westford, USA, May 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Industrial Internet of Things (IIoT) Market will attain a value of USD 2104.25 Billion by 2031, with a CAGR of 23.2% over the forecast period (2024-2031). Throughput can be increased, worker safety can be guaranteed, and operating expenses can be decreased with the help of IIoT. To enhance their market share and create fresh revenue streams, organisations are gradually creating new product and service hybrids that deliver quantifiable results in addition to solutions. Consequently, it is projected that market growth would be stimulated during the forecast period. Additionally, several methods are being developed to build a workforce that is both digital and human, which is expected to present substantial development prospects.
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Industrial Internet Of Things (IIoT) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $321.81 Billion |
| Estimated Value by 2031 | $2104.25 Billion |
| Growth Rate | Poised to grow at a CAGR of 23.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component and Industry Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Revolutionizing Manufacturing, Rise of IoT and Industry 4.0 |
| Key Market Opportunities | Growing application of AI and IoT in medical sector during pandemic |
| Key Market Drivers | Rapid adoption of AI and IoT in the manufacturing sector |
Interconnected Systems to Optimize Operations Allows Hardware Component to Dominate the Market
The hardware component dominated the global Industrial Internet of Things (IIoT) market due to robust demand for IIoT technological advancement. Rising need of hardware components comes out of the requirements for interconnected systems that are concerned about optimizing their operations. Concurrently, these components' development and use are driven by breakthroughs in sensor technology, miniaturisation, and cost-effectiveness, solidifying their dominance in IIoT ecosystems.
Imperative Need for Operational Efficiency and Productivity Enhancements to Help Industry Vertical Dominate
One of the main reasons why the manufacturing industry is leading the industrial internet of things (IIoT) market worldwide, due to its increase productivity as well as efficiency. This has forced them to incorporate IIoT solutions that involve automation, analytics and sensors in order to streamline processes. Due to the enormous spending the industry makes on IIoT technologies, this explains the reinforcement of its leading position partly by resorting to economies of scale, enhanced quality management and more transformative decisions executed.
Early Adoption and Implementation of Industrial IoT Technology Helps North America Dominate
North America was leading globally with over 33% market share and is believed to keep on holding the position for quite some time from now as it was among the first regions to embrace and utilize IIoT technologies. It is expected that market growth would be driven by the support of the state for the implementation of IT in industry, an increase in the utilization of IIoT tools as well as an adoption rate increase for modern technologies such as cloud computing among others.
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Industrial Internet of Things (IIoT) Market Insight
Drivers:
- Rapid adoption of AI and IoT in the Manufacturing Sector
- Surge in Implementation of Sensors and Distributed Control Systems in Business Operations
- Increase in the Need for Real-Time Data Solutions and Services
Restraints:
- Incompatibility of Legacy Equipment with Communication Networks
- Higher Probability of Device Theft and Data Breaches
- Rise in the Technical Complexities due to Day-By-Day Technological Advancement
Prominent Players in Global Industrial Internet Of Things (IIoT) Market
- Honeywell (US)
- Siemens AG (Germany)
- ABB (Switzerland)
- KUKA AG(Germany)
- IBM (US)
- Bosch.IO (Germany)
- Rockwell Automation (US)
- SAP (Germany)
- NEC Corporation (Japan)
- Texas Instruments (US)
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Key Questions Answered in Global Industrial Internet Of Things (IIoT) Market Report
- What aspects of the analysis given support the dominance of hardware components in the Industrial Internet of Things (IIoT) market?
- In what ways does the industrial revolution drive IIoT market? How come this is fuelled by a pressing need for increased productivity and operational efficiency?
- What are the major components that contribute to the continued dominance of North America in IIoT market and what makes it lead, globally?
This report provides the following insights:
- Analysis of key drivers (Advent of Industry 4.0, combine AI & IoT allow for the optimization of production processes, forecasting the breakdown of machine equipment and exponential global growth of internet-connected devices), restraints (Older industrial units not having data communication components, making external IIoT installation and poor internet architecture), opportunities (IoT technologies rapidly penetrating into medical industry, medical wearables started using AI & IoT technologies and automated medical service delivery process), and challenges (Lack of detailed data visualization and installing versatile array of IoT solutions) influencing the growth of industrial internet Of things (IIoT) market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the industrial internet Of things (IIoT) market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the industrial internet Of things (IIoT) market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Internet Of Things (IoT) Market
IoT Sensors Market
IOT Security Market
IOT In Healthcare Market
Narrowband-IoT (NB-IoT) Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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