Industrial Internet of Things (IIoT) Market worth USD 859.42 Billion, growing at a 21.11% CAGR by 2030 – Report by Market Research Future (MRFR)

IIoT Market is increasing due to the connected and smart products are the necessary components in the smart manufacturing procedures and the connected supply chains.


New York, US, May 12, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Industrial Internet of Things (IIoT) Market By Component, By Deployment, By Connectivity, By End-User - Forecast 2030.

Industrial Internet of Things Market Synopsis

The Industrial Internet of Things (IIoT) refers to the use of IoT technologies in the industrial sector, including manufacturing, transportation, energy, and other industries. It involves the use of connected devices, sensors, and machines that can collect and exchange data to optimize industrial operations and processes. IIoT helps to enhance efficiency, productivity, and safety in industries and enables real-time monitoring and control of operations. IIoT also enables predictive maintenance, which helps to avoid unplanned downtime, reduce maintenance costs, and increase equipment lifespan.

The applications of IIoT are widespread across industries. In manufacturing, IIoT can help to optimize supply chain management, production planning, and inventory management. In transportation, IIoT can help to improve logistics, fleet management, and vehicle maintenance. In the energy sector, IIoT can help to monitor and control power generation and distribution, as well as optimize energy usage. IIoT also finds application in the healthcare sector, where it can help to monitor patients and improve healthcare delivery.

January 2020

Siemens AG announced its acquisition of Edge technology startup, Nextflow Software. The acquisition will enable Siemens to expand its IIoT offerings and enhance its digital twin capabilities, which can help to optimize industrial operations.

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Industrial Internet of Things Market Competitive Landscape:

The affluent companies in the Industrial Internet of Things (IIoT) Logistics industry include

  • General Electric
  • Siemens AG
  • Accenture PLC
  • Huawei Technologies CO. Ltd.
  • Robert Bosch GmbH
  • Intel Corporation  

Industrial Internet of Things (IioT) Market Report Scope:

Report MetricsDetails
  IIOT Market Size by 2030USD 859.42 Billion
  IIOT Market CAGR during 2020-203020.11%
  Base Year2021
  Forecast 2020-2030
 Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Key Market DriversThe connected and smart products are the necessary components in the smart manufacturing procedures and the connected supply chains.

Market USP Covered:

Industrial Internet of Things Market Drivers:

The market for IIoT is driven by several factors, including increasing demand for automation and digitization in industries, growing adoption of cloud computing and big data analytics, and the need for predictive maintenance to avoid unplanned downtime. IIoT also offers benefits such as increased efficiency, productivity, and safety, which further drive market growth.

Industrial Internet of Things Market Restraints:

There are several restraints in the IIoT market, including concerns about data privacy and security, the complexity of implementation and integration, and the high initial costs associated with the deployment of IIoT solutions. Moreover, the lack of skilled personnel to manage IIoT systems can also hinder market growth.

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COVID 19 Analysis

The COVID-19 pandemic has had a significant impact on the IIoT market, with an increasing need for remote monitoring and control of industrial operations. The pandemic has accelerated the adoption of IIoT technologies in several industries to enable remote working and ensure business continuity. The post-COVID scenario is expected to see continued growth in the IIoT market, driven by the increasing demand for automation and digitization in industries.

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Industrial Internet of Things Market Segmentation

By Component

The Component in the market includes Hardware, Solution & Service

By Deployment

The Deployment in the market includes On-Cloud, On-Premises

By Connectivity

The Deployment in the market includes Wired and Wireless

By End-User

The Deployment in the market includes IT & Telecom, Manufacturing, Healthcare, Retail, Oil &Gas, Automotive, and Others.

Industrial Internet of Things Market Regional Insights

North America is expected to dominate the IIoT market, with the presence of major players in the region, such as Cisco Systems, Intel Corporation, and IBM Corporation. Europe is also a significant market for IIoT, with the growing adoption of advanced technologies and the presence of key manufacturers in the region.

The Asia-Pacific region is expected to witness significant growth, driven by the increasing adoption of IIoT technologies in industries such as manufacturing, transportation, and healthcare, and the growing investments in the development of smart cities and infrastructure. The region is also home to several emerging economies such as China and India, which are expected to drive market growth in the coming years.

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Japan, being a technologically advanced country with a strong industrial base, has been actively embracing the concept of IIoT. Several factors contribute to the growth of the IIoT market in Japan:

Government Initiatives: The Japanese government has been promoting the concept of Society 5.0, which aims to create a human-centered society through the integration of various technologies, including IIoT. The government's initiatives and policies provide a favorable environment for IIoT adoption.

Manufacturing Excellence: Japan is known for its manufacturing prowess, and industries such as automotive, electronics, robotics, and machinery have a strong presence. IIoT offers opportunities for optimizing production processes, predictive maintenance, supply chain management, and product quality control, leading to improved competitiveness.

Aging Workforce and Labor Efficiency: Japan is facing an aging population and a shrinking workforce. IIoT solutions can help bridge the productivity gap by automating processes, enhancing worker safety, and improving overall operational efficiency.

Connectivity Infrastructure: Japan has a robust and well-developed telecommunications infrastructure, including 5G networks. This infrastructure enables seamless connectivity and data transfer, which are essential for IIoT implementation.

Major companies in Japan, including Hitachi, Toshiba, Mitsubishi Electric, and Fanuc, are actively involved in developing IIoT solutions and collaborating with industrial partners to leverage its potential.

This Research Report is Available in the Japanese Language:

https://www.marketresearchfuture.com/ja/reports/industrial-internet-of-things-market-2135

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