Industrial IoT Market Size & Share to Surpass $171.3 Billion by 2030 | Vantage Market Research

WASHINGTON, Nov. 03, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Industrial IoT Market is estimated to be valued at USD 171.3 Billion by 2030 at an exponential growth of 6.3% in the next seven years.

Technological developments and the growing availability of cost-effective CPUs and sensors that offer real-time information access are anticipated to propel the market growth.

The Report Provides Insights on the Following Pointers

1. Market Penetration: Provides comprehensive information on the market offered by the key players.
2. Market Development: Provides in-depth information about lucrative emerging markets and analyses penetration across mature segments of the markets.
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
4. Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
5. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
6. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The market is growing as a result of the key players' substantial cooperation and the growing need to improve operational competence. 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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Factors Affecting the Growth of the Industrial IoT Industry

Several factors impact the development of the Industrial IoT Market. Some of these factors include:

• Manufacturing, logistics, and energy industries are embracing automation and digitization technologies to enhance efficiency. Industrial IoT allows for device and system connectivity, leading to cost savings, improved efficiency, and reduced downtime through features like predictive maintenance and real-time monitoring.
• Integrating AI and analytics with Industrial IoT has enabled predictive maintenance and operational optimization by effectively analyzing large amounts of data collected from Industrial IoT devices.
• The widespread adoption of advanced communication networks and cloud computing technologies has greatly fueled the growth of Industrial IoT. These advancements enable real-time communication and seamless operation of Industrial IoT applications in large-scale industrial environments, such as the logistics sector.
• By encouraging industries to use digital infrastructure and Industrial IoT technologies, governments worldwide are putting policies and regulations into place to propel the growth of the Industrial IoT market. Examples of these are policies such as "Made in China 2025."

Key Highlights

• By the segment of Devices & Technologies, the Sensors category mentioned the most significant growth of the market in 2022.
• Furthermore, by the Connectivity Technologies segment, the Wireless Technologies class dominated the market in 2022.
• Moreover, by the Software segment, the Product Lifecycle Management (PLM) led the market in 2022.
• By Vertical, in 2022, the Manufacturing segment saw the greatest degree of market growth.
• The market was ruled by Asia Pacific in 2022 with a revenue share of 42.6% and is expected to witness maximum market growth during the forecast period.
  

Prominent Players in The Global Industrial IoT Market Report Scope:

• ABB (Switzerland)
• ARM Holding PLC (UK)
• Atmel Corporation (U.S.)
• Cisco Systems Inc. (U.S.)
• General Electric Company (U.S.)
• International Business Machines Corporation (U.S.)
• Intel Corporation (U.S.)
• Rockwell Automation Inc. (U.S.)
• Siemens AG (Germany)
• Microsoft Corporation (U.S.)

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Key Trends

• Industrial IoT applications are increasingly hosted on cloud platforms, such as General Electric's Predix, that offer secure and scalable connectivity, data storage, and analytics infrastructure.
• Edge computing reduces latency and enables real-time decision-making through processing and analyzing data closer to the source, such as Siemens' MindSphere platform for Industrial IoT.
• With the increasing connectivity of devices, the security of Industrial IoT applications is becoming a significant concern, addressed by companies like Cisco Systems through their industrial security solutions.
• AR is employed in Industrial IoT to enhance maintenance and repair processes by offering real-time information and guidance to technicians, as exemplified by Bosch's CAP.
• Ericsson's 5G solutions facilitate real-time monitoring and control of Industrial IoT systems in sectors like manufacturing and energy, with low-latency communication for time-critical applications.
  

Key Strategies in the Industrial IoT Market

The increasing utilization of digitization and automation in the manufacturing, energy, and transportation sectors is driving a substantial increase in the Industrial IoT market. Here are some key strategies in the industry:

• Companies are implementing wireless technologies such as Wi-Fi, Bluetooth, and cellular networks to connect industrial devices and sensors to establish robust and reliable connectivity solutions.
• Strong security measures are being used by businesses to safeguard data and guarantee the integrity of industrial systems. This includes deploying encryption, authentication, and access control mechanisms.
• Companies focus on implementing advanced analytics and machine learning techniques to analyze this data in real time and predict potential failures or maintenance requirements. This helps in optimizing operational efficiency and reducing downtime.
• Companies are implementing edge computing strategies to process critical data at the edge, enabling faster decision-making and reducing dependency on cloud infrastructure.

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Recent Development of the Global Industrial IoT Market

• In April 2021, Intel offered its artificial intelligence (AI) technology to John Deere in order to assist in resolving an expensive and long-standing issue with the factory welding process. Deere is testing a system that automatically detects frequent flaws in the automated welding process using computer vision technology.
• In February 2021, Cisco and Newark, an Avnet company, teamed up to provide Industrial IoT.

Global Industrial IoT Market Segmentation

By Devices & Technologies

• Sensors
• RFID
• Industrial Robotics
• Distribution Control Systems (DCS)
• Condition Monitoring
• Smart Meters
• Electronic Shelf Labels (ESL)
• Cameras
• Smart Beacons
• Interface Boards
• Yield Monitors
• Guidance & Steering
• GPS/GNSS
• Flow & Application Control Devices
• Networking Technologies
  

By Connectivity Technologies

• Wired Technologies
• Wireless Technologies

By Software

• Product Lifecycle Management (PLM)
• Manufacturing Execution Systems (MES)
• Scada
• Outage Management Systems (OMS)
• Distribution Management Systems
• Remote Patent Monitoring
• Retail Management Software
• Visualization Software
• Transit Management Systems
• Farm Management Systems

By Vertical

• Manufacturing
• Energy
• Retail
• Transportation
• Agriculture
  

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Industrial IoT Market Forecast Report (2023-2030).                             

Highlights from Segments

Devices & Technologies Analysis

• The sensors segment accounted for the most significant market growth in 2022.
• With the increasing need for efficiency and productivity, industries are gradually shifting towards automation.
• This has resulted in the implementation of Industrial IoT solutions, which require a wide range of sensors to collect and transmit data from various devices, machines, and equipment.
• Sensors are essential for gathering data, tracking machine performance, and sending data across networks. This demand for connectivity and data exchange is fueling the growth of the Sensors segment in the Industrial IoT market.

Connectivity Technologies Analysis

• Wireless Technologies accounted to have the potential market growth in 2022. This includes the development of new communication protocols such as 5G, LoRaWAN, and NB-IoT, which offer faster data transmission rates, better network coverage, and improved energy efficiency.
• These advancements have made it easier for industrial applications to adopt wireless connectivity, thereby driving the growth of the wireless technologies segment.

Software Analysis

• Product Lifecycle Management (PLM) accounts have the potential market growth in 2022.
• Combining Industrial IoT and PLM enables organizations to implement predictive maintenance strategies.
• Real-time data from connected devices can predict equipment failures and schedule maintenance activities proactively, minimizing downtime and improving overall equipment effectiveness.
• Furthermore, PLM systems can analyze product performance data to identify quality issues early in the product lifecycle and take corrective actions.

Vertical Analysis

• Manufacturing accounted to have the potential market growth in 2022.
• Industrial IoT enables manufacturers to collect real-time data from machines and devices on the factory floor.
• This data can be analyzed to identify bottlenecks, optimize production processes, and reduce downtime.
• By improving operational efficiency, manufacturers can increase productivity and reduce costs.

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Regional Analysis

• The Asia Pacific area led the Industrial IoT market growth in 2022. Advanced factory automation systems are becoming more and more in demand throughout the region, especially in China and Japan.
• Industries in the area are realizing the advantages of incorporating robot arm technology.
• Leading countries in the region are also making substantial investments in Industry 4.0, intending to achieve self-sufficiency in production and manufacturing.
• Consequently, the growth of the Industrial Internet of Things Market is expected to be stimulated throughout the region.

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