Dubai, UAE, Aug. 24, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the Global Industrial Internet of Things Market revenue is estimated to reach USD 429.39 billion by 2030 from USD 124.54 billion in 2022, exhibiting a CAGR of 17.21% between 2023 and 2030. The increasing availability of affordable processors and sensors, along with technological advancements, are expected to drive industry growth. Furthermore, the growing need for operational competence, as well as collaboration between key players, is likely to fuel market expansion.
The term "Industrial IoT" (IIoT) refers to the integration of the Internet of Things (IoT) with a range of industrial processes, such as automation, optimization, monitoring, maintenance, and networking. By focusing on M2M (machine-to-machine) connectivity, machine learning, and big data, IIoT helps industries and businesses increase their operational efficiency and dependability. A number of techniques are being developed to create a united digital-human workforce, which is expected to generate significant growth opportunities.
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Competitive Landscape
Prominent companies engage in several inorganic and organic tactics such as product launches, business expansion, collaboration, and acquisition as their primary growth strategies to fortify their presence in the IIoT market.
Prominent players in the global industrial internet of things market include:
- Schneider Electric
- IBM Corporation
- Cisco
- Siemens
- GE
- Microsoft
- Intel Corporation
- Rockwell Automation, Inc.
- ABB
- Texas Instruments Inc.
- Dassault Systèmes
- Honeywell International Inc.
- Huawei Technology Co., Ltd.
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By Component
- Hardware
- Software
- Services
Rapid Integration of Software Solutions by Businesses to Augment Market Revenue
Based on component, the software segment held the largest market share in 2022 due to the rapid integration of software solutions by businesses. Solution manufacturers are introducing cutting-edge information solutions for numerous industries and industrial verticals. A growing focus on integrating sensors and other technologies into crucial machinery to track real-time data and boost productivity is anticipated to bolster segmental development. The deployment of such technology enables manufacturing organizations to automate their intricate manufacturing procedures while retaining efficient monitoring.
By Vertical
- Manufacturing
- Energy & Power
- Oil & Gas
- Retail
- Healthcare
- Transportation
- Others
Surging Adoption of Digital Manufacturing Technologies to Fuel Product Adoption
The manufacturing segment captured the largest share in the industrial Internet of Things market revenue in 2022 due to the widespread adoption of digital manufacturing technologies. The market is expected to experience significant growth in the near future due to the increasing demand for a connected supply chain that offers flexibility, operational efficiency, and regulatory compliance. This growth is being driven by the numerous strategic alliances and partnerships that stakeholders are forging.
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Increasing Use of IoT for Mass Product Manufacturing to Propel Market Development
The industrial Internet of Things (lIoT) market is growing rapidly driven by the increasing adoption of connected devices and systems in the manufacturing industry. IoT solutions can be used to track field instruments, monitor the flow of raw materials, and track products as they travel through the supply chain. This information can be used to improve efficiency, productivity, and quality in mass-product manufacturing.
Furthermore, the market is expanding as a result of rising urbanization, industrialization, and increasing electricity generation capacity. Mass volumes of data must be processed at low voltages at high-performance gigabit processing speeds. These elements are aiding the growth of the global IIoT market.
High Maintenance Cost of IIoT Restrains Market Expansion
The high cost of industrial control and factory automation is likely to restrain the growth of the worldwide industrial internet of things market. Industrial solutions are more expensive to manufacture and need more maintenance, which has led to price increases. Significant capital reinvestment is needed to maintain and upgrade industrial control and factory automation systems and solutions. As a result, the need for substantial upfront investments and ongoing maintenance expenditures is constraining the growth of the industrial control and factory automation markets, which in turn is limiting industry penetration.
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Technological Breakthrough in North America to Elevate Market Position
North America is predicted to capture the lion's share of the global industrial internet of things market revenue by 2030 on account of being an early adopter of IIoT and developing into a hub for innovation. As a result of government initiatives to encourage the adoption of IIoT solutions throughout the nation, Canada also experienced substantial development. Technological advancements, swift digitalization, and the surging amalgamation of numerous linked smart devices play a vital part in the expanding demand for IIoT market in North America.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Component
2.3.1. Secondary Component
2.3.1.1. Preliminary data mining
2.3.2. Primary Component
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Prevalence of Blockchain Technologies in Different Verticals
3.3. Market drivers
3.3.1. Surging Urbanization and Industrialization Across Developed Countries
3.3.2. Growing Adoption of IoT to Manufacture Mass Products
3.4. Market restraints
3.4.1. Concerns Pertaining to High Maintenance Cost of Industrial Internet of Things May Hinder the Market Growth
3.5. Market opportunities
3.5.1. Increasing Adoption of Industry 4.0 in Manufacturing
3.6. Market Challenges
3.6.1. Concerns Pertaining from Cyberattacks
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Industrial Internet of Things Market
Chapter 5. Global Industrial Internet of Things Market Overview, By Component, 2018 - 2030 (USD Million)
5.1. Global Industrial Internet of Things Market Share, By Component, 2018 - 2030 (USD Million)
5.1.1. Hardware
5.1.1.1. Market Size and Projections, 2018 - 2030 (USD Million)
5.1.1.2. Market Size and Projections, by Region, 2018 - 2030 (USD Million)
5.1.2. Software
5.1.2.1. Market Size and Projections, 2018 - 2030 (USD Million)
5.1.2.2. Market Size and Projections, by Region, 2018 - 2030 (USD Million)
5.1.3. Services
5.1.3.1. Market Size and Projections, 2018 - 2030 (USD Million)
5.1.3.2. Market Size and Projections, by Region, 2018 - 2030 (USD Million)
Chapter 6. Global Industrial Internet of Things Market Overview, By Vertical, 2018 - 2030 (USD Million)
Chapter 7. Global Industrial Internet of Things Market Overview, By Geography, 2018 - 2030 (USD Million)
...
Chapter 13. Competitive Landscape
13.1. Competitive environment, 2022
13.2. Strategic framework
13.2.1. Partnership/agreement
13.2.2. Expansion
13.2.3. Mergers & Acquisitions
13.2.4. New Size development
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
15.1. Industrial Internet of Things Market Industrial Chain Analysis
15.2. Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
16.1. Marketing Channel
16.1.1. Direct Marketing
16.1.2. Indirect Marketing
16.1.3. Marketing Channel Development Trend
16.2. Market Positioning
16.2.1. Pricing Strategy
16.2.2. Brand Strategy
16.2.3. Target Client
16.3. Distributors/Traders List
Chapter 17. Market Effect Factors Analysis
17.1. Product Progress/Risk
17.1.1. Substitutes Threat
17.1.2. Product Progress in Related Size
17.2. Consumer Needs/Customer Preference Change
17.3. Economic/Political Environmental Change
Chapter 18. Future Outlook of the Market
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