The Industrial IoT Market

The Industrial IoT Market size is estimated to reach US$137.5 billion by 2030 after growing at a CAGR of 6.7% from 2024 to 2030.  The ecosystem of networked machines, sensors, devices, and systems in industrial settings that use Internet of Things (IoT) technology to improve productivity, safety, and operational efficiency is referred to as the Industrial Internet of Things (IIoT) market. Industries like manufacturing, energy, utilities, transportation, healthcare, and agriculture are all included in the IIoT. IoT devices gather real-time data on production processes, environmental conditions, equipment performance, and other pertinent aspects in industrial settings. After that, this data is sent, examined, and used to forecast maintenance requirements, improve operations, and facilitate well-informed decision-making.

Edge AI capabilities are being used more often in industrial IoT installations to process data closer to the source, allowing for real-time analytics, less latency, and better decision-making. This development enables enterprises to directly apply AI algorithms to edge devices, improving the IIoT systems' scalability, dependability, and efficiency. In the Industrial IoT sector, the use of digital twin technology is growing, allowing for virtual copies of real assets, workflows, and systems. Digital twins enable digital asset lifecycle management, performance optimization, and simulation-based analysis, enabling enterprises to improve operational efficiency and asset lifecycle management across several industrial domains.

The report: “Industrial IoT Market– Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Industrial IoT Industry.

By Offering: Services, Solutions, Platform.

By Deployment: On-Premises, Cloud.

By Connectivity: Wired, Wireless, Hybrid.

By End User: Chemical, Metal & Mining, Oil & Gas, Energy & Power, manufacturing, Healthcare, Agriculture,  Transportation & Logistics and Others

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa)

The solution segment is anticipated to maintain its dominant position in the market for the duration of the forecast period to increase its market share, industry participants are concentrating on introducing cutting-edge information systems designed for different industries and sectors.

One such is the global networking and telecommunications corporation Ericsson AB, which unveiled IoT Accelerator Connect in February 2022. This solution offers plug-and-play access to cellular IoT connectivity, making IoT networking simple. It successfully facilitates the implementation of enterprise IoT projects and contributes to the growth of the solution segment by streamlining the onboarding process and device connectivity. The service sector, on the other hand, is anticipated to develop at the fastest compound annual growth rate between 2023 and 2032. The substantial rise in connected devices, which has produced a vast amount of data, is responsible for this expansion. In addition, the management of data flow and industry operations is largely dependent on centralized cloud services for Industrial Internet of Things (IIoT) applications. By offering real-time analytics tools, decentralized storage, and network-wide transaction processes, edge computing is predicted to revolutionize the sector.

The manufacturing segment holds the largest share in the Industrial IoT Market during the forecast period. The expansion of IIoT usage to modernize manufacturing processes, improve supply chain management, and boost operational efficiency in factories and plants is what has propelled this dominant position. Manufacturers may reduce costs and increase productivity by using IIoT solutions to monitor equipment performance in real-time, perform predictive maintenance, maintain quality control, and manage inventories. Further accelerating digital transformation projects within the manufacturing sector and securing its leadership position in the IIoT market is the integration of IIoT with emerging technologies like robotics, cloud computing, and artificial intelligence.

North America held the largest share in the global Industrial IoT Market. The region's robust technical innovation ecosystem, sophisticated industrial infrastructure, and early adoption of Internet of Things technology across a range of industries are all credited for its leadership position. Businesses in North America use IIoT solutions to increase asset management, boost product quality, and optimize operational efficiency. In addition, encouraging government programs, advantageous laws, and substantial R&D expenditures all contribute to the expansion of the IIoT industry in North America. Because of its inventiveness and technological leadership, the area continues to dominate the worldwide IIoT sector.

Globally, manufacturers are using IIoT technologies to increase productivity, stimulate innovation, and optimize operations. Manufacturers can obtain real-time insights into supply chain efficiency, equipment performance, and predictive maintenance requirements by incorporating IoT devices, sensors, and data analytics into their production processes. This adoption increases overall productivity and competitiveness, decreases downtime, and promotes flexible and responsive production procedures. Thus, one of the main factors driving the expansion of the worldwide IIoT market is the industrial sector's quick adoption of IIoT.

All industries aim to use real-time data insights for predictive maintenance, improved decision-making, and operational efficiency. Through the gathering, analysis, and visualization of real-time data from connected devices made easier by IIoT solutions, businesses may enhance resource usage, identify abnormalities, and optimize operations. The need for IIoT-driven real-time data solutions and services is growing as organizations prioritize responsiveness and agility, which is fueling innovation and investment in the worldwide IIoT market.

The proliferation of devices and sensors in industrial settings increases the attack surface for cyber threats, hence elevating the risk of illegal access, data theft, and system compromise. Via the targeting of susceptible IIoT devices, malicious actors run a serious danger to industrial infrastructure, intellectual property, and business continuity. They may also fail to secure sensitive data or interfere with vital operations. Strong cybersecurity safeguards, encryption guidelines, and ongoing monitoring are necessary to meet this challenge and protect IIoT deployments from device theft and data breaches.

Technology launches, acquisitions and R&D activities are key strategies which are adopted by the dominant players in this market. Industrial IoT top 10 companies include: