The industrial internet of things (IIoT) refers to technologies that enable industrial operations through the connection and exchange of data between intelligent machines, sensors, and people. IIoT technologies such as wireless technologies, sensors, networking, cloud computing, and analytics are being adopted across various manufacturing industries for predictive analytics and to improve operational performance. The increasing demand for mass customization and reduction in production costs is driving the adoption of IIoT solutions that offer real-time visibility into the production processes. The global industrial IoT market is estimated to be valued at US$ 140.84 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the industrial IoT market size are Aviation Industry Corporation of China, Clearpath Robotics, General Atomics Aeronautical Systems, Hi-Tech Robotic Systemz, Softbank Robotics, SMP Robotics, and Aethon. These players are focusing on developing innovative IIoT solutions and services for various manufacturing industries such as automotive, oil & gas, food processing etc.
The increasing demand for mass customization is one of the major opportunities in the IIoT market. Manufacturers are using IIoT technologies such as analytics, machine learning, and artificial intelligence to gain real-time production data insights and customize products as per changing consumer demands. The ability to offer personalized manufactured goods as per customer needs is driving several industries to adopt IIoT solutions.
The growing focus of industries on optimizing operations globally is promoting the global expansion of IIoT solution providers. Major players are establishing collaboration with technology players and targeting emerging markets in Asia Pacific and Latin America to expand their customer base. The rapidly growing economies with increasing manufacturing activities in these regions present huge growth opportunities for IIoT vendors.
Market drivers
The growing demand for industrial automation and productivity improvements across manufacturing industries is a major driver for the IIoT market growth. IIoT technologies help optimize production processes, reduce downtime, and improve overall equipment effectiveness which leads to higher productivity and reduced operational costs.
Market restraints
Lack of Common Communication Standards - The absence of globally accepted communication protocols for industrial IoT connectivity poses a challenge for smooth and interoperable data exchange between various systems. This hampers the seamless integration of IIoT technologies across global supply chains.
Segment Analysis
The Industrial IoT market can be segmented based on component, software solution, services, application area, end-use industry and region. The hardware component sub-segment dominates the market owing to the need for sensors, RFID, industrial robotics and other hardware devices in industrial IoT applications. The demand for hardware devices such as sensors and RFID tags is high in manufacturing industries for enhancing productivity and efficiency.
Global Analysis
Regionally, North America holds the major share in the industrial IoT market due to heavy investments in advanced technologies by developed countries in the region. The presence of key players and adoption of industrial IoT by various industries for improving production processes has been driving the North American market. Asia Pacific is expected to grow at the fastest pace during the forecast period. This is attributed to rapid industrialization and growth of manufacturing industry in emerging economies of China, India, and South Korea.
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The capacity of IoT to decrease costs has been the prime factor for its selection in the modern division.
In any case, a few noteworthy venture motivating forces, for example, expanded efficiency, process mechanization, and time-to-showcase, have likewise been boosting this reception.
The rise of low-control equipment gadgets, cloud coordination, huge information investigation, mechanical technology and computerization, and savvy sensors are additionally driving IIoT advertise development Global Industrial IoT Market 2018-2023 report includes different applications such as Sensors , RFID, Industrial Robotics, 3D Printing, DAS, Smart Meters, others, etc.Request a Report Sample with Toc and figures to click here: http://marketgrowthanalysis.com/reports/sample/353This report aims to estimate the Global Industrial IoT Market 2018-2023 for 2018 and to project the expected demand of the same by 2023.
Major companies such as Cisco, Intel, Huawei, NEC, Siemens, etc.
Global Industrial IoT Market 2018-2023 is also segmented into major verticals and geographies.Various secondary sources, such as annual reports, industry journals, forums, blogs, paid and free databases to identify and collect information useful for this extensive commercial study of Global Industrial IoT Market 2018-2023 have been used.
The primary sources, experts from related industries and suppliers, have been interviewed to obtain and verify critical information as well as to assess the future prospects of Global Industrial IoT Market 2018-2023.Request for enquiry on This Report at: http://marketgrowthanalysis.com/reports/enquiry/353Global Industrial IoT Market 2018-2023 have grown significantly during the last few years, and it is expected to grow at a rapid pace in the next five years, mainly driven by a growing consumption in the North America region.
