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REDDING, Calif. , July 19, 2022 /PRNewswire/ -- According to a new market research report titled, 'Industrial IoT Market by Component (Hardware, Platform, Services, and Connectivity), Industry Verticals (Agriculture, Manufacturing, Energy & Utility, Oil & Gas, Aerospace, Retail, and Others) and Geography - Global Forecast to 2029', the Industrial IoT market is expected to grow at a CAGR of 16% from 2022 to 2029 to reach $276.79 billion by 2029.
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Industrial IoT (IIoT) brings machines, cloud computing, analytics, and people together to improve the performance & productivity of industrial processes. With industrial IoT, companies can digitize processes, transform business models, and improve performance & productivity, while decreasing waste. The asset-intensive companies operating in manufacturing, energy, agriculture, transportation, and utility industries are working on IoT projects that connect billions of devices and deliver value to predictive quality and maintenance analytics, asset condition monitoring, and process optimization.
Growing investments in Industry 4.0, government encouragement to promote industrial automation, and high productivity & efficiency requirements are the major factors driving the growth of this market. Furthermore, industrial IoT for predictive maintenance and an increase in the number of data centers are expected to offer significant opportunities for the growth of the industrial IoT market. However, the lack of standardization and high capital & operating expense can restrain the growth of this market up to a certain extent.
Rising Investment towards Industry 4.0 is Expected to Drive the Growth of the Industrial IoT Market
The fourth industrial revolution, or Industry 4.0, is packed with several benefits for the modern manufacturing sector, such as increased productivity, improved efficiency, increased knowledge sharing & collaborative working, flexibility & agility, and reduction in production cost. These factors have influenced the public & private sector players to invest heavily in transforming their manufacturing facilities. Industry 4.0 has increased the use of digital technologies such as automation, data analytics, and IIoT. This is transforming nations, production systems, and delivery of goods and services to markets. This wave of transformation has important implications for industrial development, skills requirement, global value chains, and countries' efforts to effectively attract investment in Industry 4.0.
In March 2022 , the World Economic Forum announced 13 new sites to its Global Lighthouse Network, a community of 103 world-leading manufacturing facilities and value chains using Fourth Industrial Revolution technologies to increase operational performance and environmental sustainability. Among the companies in the global network, 66% of lighthouse companies, including Janssen (Italy ), Sanofi (France ), BOE Technology Group (China ), Schneider Electric (India ), and Unilever (India ), among others, improved sustainability by reducing energy consumption, resource waste and carbon emissions, and increased productivity by 82%.
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In 2021, the Indian manufacturing sector invested approximately USD 5.5 billion to USD 6.5 billion in Industry 4.0. In September 2020 , the U.S. provided more than USD 1 billion to establish 12 new research & development hubs nationwide for AI and quantum information science (QIS). In February 2021 , Singapore also budgeted USD 18.1 billion over the next three years to help local businesses innovate and build the capabilities needed to take them through the next transformation phase with the adoption of emerging technologies, including 5G, artificial intelligence (AI) and cybersecurity. Such consistent investments by the public and private sectors to promote Industry 4.0 is a prominent driver for the global smart manufacturing market growth.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (hardware (network components, sensors & actuators, and others), platform, services (professional & managed), and connectivity), industry verticals (agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and others) and geography (Asia-Pacific , Europe , North America , Latin America , and the Middle East & Africa ).
Based on component, the industrial IoT market is segmented into hardware, platform, services, and connectivity. In 2022, the hardware segment is expected to account for the largest market share of the Industrial IoT market. The growth of this segment is attributed to factors such as consistent engagement of the industrial sector in improving efficiency, reducing costs, and increasing Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions. However, the platform segment is expected to grow with the highest CAGR during the forecast period. The rising adoption of industrial IoT platforms by the various industry verticals to improve operational efficiency, along with the growing need for superior monitoring technologies, is driving the growth of the industrial IoT market.
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Based on industry vertical, the industrial IoT market is segmented into agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and other industry verticals. In 2022, the manufacturing segment is expected to account for the largest market share of the Industrial IoT market and is expected to grow with the highest CAGR during the forecast period. The manufacturing industry is adopting automation and robotics systems extensively throughout production lines to enhance product quality, reduce work-in-progress time, and improve equipment reliability. Industrial IoT can transform traditional linear manufacturing supply chains into dynamic, interconnected systems—a digital supply network (DSN)—that can easily incorporate ecosystem partners. Thus, the growing need for centralized monitoring and predictive maintenance of assets, increasing smart factories, the advent of Industry 4.0, and the increasing adoption of autonomous robots for industrial automation are promoting the growth of this market.
Based on geography, the industrial IoT market is broadly segmented into North America , Europe , Asia-Pacific , Latin America , and the Middle East & Africa . In 2022, Asia-Pacific is expected to account for the largest market share of the global Industrial IoT market. Factors such as favourable government initiatives, technological innovation, growing industrial organizations, and the increasing adoption of IoT devices to optimize operational efficiency contribute to market growth. Businesses across the Asia-Pacific (APAC) region have begun to employ artificial intelligence (AI) and the internet of things (IoT) to operate smarter and stay competitive. The region is also a hotbed of industrial robotics innovation, with China , Japan , and South Korea being the three largest global markets. Furthermore, half of APAC manufacturers are expected to have smart factories within the next three years.
The key players operating in the Industrial IoT market are ABB Ltd. (Switzerland ), The General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany ), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany ), Huawei Technologies Co. Ltd (China ), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes SE (France ), Robert Bosch GmbH (Germany ), KUKA AG (Germany ), Microsoft Corporation (U.S.), Schneider Electric SE (France ), Advantech Co., Ltd. (Taiwan ), and C3.ai, Inc. (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here:Â https://www.meticulousresearch.com/product/industrial-iot-market-5102
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Industrial IoT Market, by Geography                       Â
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