The global Industrial Internet of Things Market size was valued at USD 321.81 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 23.2% from 2023 to 2030. The increasing availability of affordable processors and sensors that can provide real-time access to information along with advancements in technology are expected to drive the growth. Moreover, the growing need to improve operational competence along with considerable collaboration between the key players is further fueling the market’s growth. Several techniques are also being developed to create a united digital-human workforce, which is projected to provide significant growth opportunities.
Additionally, the significant advantages associated with the industrial internet of things such as automated quality assurance monitoring, large-scale profit margins through improvement in power efficiency, productivity improvement, and efficiency of the manufacturing industry, among others are anticipated to drive the market growth further.
Moreover, IIoT has the potential and capabilities to support industries in reducing operating costs, assuring worker safety, and increasing throughput. By offering measurable outcomes apart from selling solutions, companies are progressively building new product and service hybrids to strengthen their position and generate new revenue streams. This, in turn, is anticipated to boost market growth over the forecast period.
The IIoT market is witnessing a constant rise in the adoption of IoT, owing to the presence of numerous factors such as technological advancements in wireless network technologies, and strong penetration of Wi-Fi connectivity for machine sensors in factories. Furthermore, growth in the development of smart cities along with smart transportation leads to increased adoption of IoT, which is expected to propel the growth of the industrial internet of things industry in the coming years.
Moreover, the technology is aiding organizations to use sophisticated analytics and methodologies like Machine Learning (ML) and Artificial Intelligence (AI) to deliver prescriptive and predictive analytical solutions, paving the way for the sector to take advantage of new opportunities. The continuous learning process associated with ML and AI without any interruptions and downtime make it a more demanding tool in the IIoT market, which in turn is driving the market growth over the forecast period.
The industrial IoT is increasingly adopting edge computing due to its next-generation capabilities, such as its ability to offer IoT devices independence for analysis and data management. The architecture of edge computing enables instant response time as data processing occurs with reduced latency, which helps in noticing immediate and sudden changes in power flows that helps engineers engage in better decision-making. This architecture of edge computing is projected to create huge demand during the forecast period and is expected to drive the market growth further.
The solution segment accounted for the largest revenue share of over 52% in 2022 and is likely to dominate the market over the forecast period. Solution providers are putting a strong emphasis on the launch of innovative information systems for various sectors and industrial verticals as part of their efforts to grow their market share.
For instance, in February 2022, Ericsson AB, a multinational networking and telecommunications company, introduced IoT Accelerator Connect, to offer easier connectivity in IoT with plug-and-play access to cellular IoT connectivity. It will help in instant onboarding and connecting devices to simplify and increase the successful application of enterprise IoT projects, which is expected to drive the segment growth.
The service segment is projected to grow at the highest CAGR of over 24% from 2023 to 2030. The growth is attributed to a significant rise in the number of connected devices, which produce an enormous amount of data. In addition, IIoT applications rely on centralized cloud services to manage data flow and overall processes associated with the industry. Edge computing is also anticipated to change the industry by providing real-time analytical solutions and mechanisms for decentralizing storage and transactions across the network.
The manufacturing segment accounted for the largest market share of over 18% in 2022 and is predicted to lead the market over the forecast period. With the introduction of Industry 4.0, IIoT is gaining popularity in discrete manufacturing as well as process manufacturing as it offers several possibilities to optimize operations, decrease downtime, increase efficiency, and aid in making data-driven decisions, which increases profit margins and lowers costs with fast returns on IoT adoption. Additionally, manufacturing industries are leveraging digital manufacturing technologies quickly and the implementation of IoT plays a significant role in these advanced technologies, which is expected to boost the market growth.
The logistics & transport segment is anticipated to grow at the highest CAGR of over 26% over the forecast period. This growth is attributed to the significant emphasis logistics placed by transportation companies on enhancing asset management. As a result, it leads to the implementation of smart transportation.
Modern alternatives like Bluetooth Low Energy (BLE) tags are also gaining popularity. These types of technologies possibly help in tracking data in more confined, smaller regions along with enhancing operational management, which is expected to fuel the market growth further.
North America accounted for the largest market share of over 32% in 2022 and is expected to retain its dominance during the forecast period. This is attributed to the early adoption and implementation of industrial IoT technology across the region. Moreover, strong government support for promoting digitalization across the industrial sector, an increase in the usage of industrial IoT devices, and increasing adoption of cutting-edge technologies like cloud computing and AI is expected to drive the market growth during the forecast period.
The Asia Pacific region is expected to grow at the fastest CAGR of over 26% during the forecast period. The popularity of advanced factory automation systems is rising across the region, especially in China and Japan. Manufacturing industries in the region are starting to recognize the benefits of using robot arm technology. Prominent countries in the region are also investing heavily in industry 4.0 as they want to be independent in terms of production and manufacturing. This, in turn, is expected to fuel the Industrial Internet of Things Market growth across the region.
Key players in the industrial internet of things industry are offering and expanding their portfolios by investing in product research & development and delivering competitive solutions, which increases market rivalry. The key participants focus on collaboration with other companies to have a competitive edge over others in the market.
For instance, in February 2021, Cisco Systems, Inc., a networking solutions company, partnered with Newark, an Avnet Company, to leverage their industrial internet of things network solutions across an entire infrastructure, including industrial assets and devices. The competition in this market is high, although technological advancements are allowing companies to save time and cost while increasing their efficiency and effectiveness.
Constant research and development are leading to the industry becoming more common and standard even if it requires some investment. Due to globalization, the industrial internet of things trend is present in global markets over conventional boundaries. Some prominent players in the global Industrial Internet of Things Market include:
ABB
ARM Holding Plc
Atmel Corporation
Cisco Systems, Inc.
General Electric Company (GE)
International Business Machines Corporation (IBM)
Intel Corporation
Rockwell Automation, Inc.
Siemens AG
Microsoft Corporation
Report Attribute |
Details |
Market size value in 2023 |
USD 394.0 billion |
Revenue forecast in 2030 |
USD 1,693.30 billion |
Growth rate |
CAGR of 23.2% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2018 - 2021 |
Forecast period |
2023 - 2030 |
Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Component, end-use, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
U.S.; Canada; Germany; U.K.; Benelux; Nordic Countries; China; Japan; India; South Korea; Australia; Brazil; Mexico; Chile; Peru |
Key companies profiled |
ABB; ARM Holding Plc; Atmel Corporation; Cisco Systems, Inc.; General Electric Company (GE); International Business Machines Corporation (IBM); Intel Corporation; Rockwell Automation, Inc.; Siemens AG; Microsoft Corporation |
Customization scope |
Free report customization (equivalent to 8 analyst working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global Industrial Internet of Things Market report based on component, end-use, and region:
Component Outlook (Revenue, USD Billion, 2018 - 2030)
Solution
Remote Monitoring
Data Management
Analytics
Security Solutions
Others
Services
Professional
Managed
Platform
Connectivity Management
Application management
Device Management
End-use Outlook (Revenue, USD Billion, 2018 - 2030)
Metal & Mining
Chemical
Manufacturing
Energy & Power
Oil & Gas
Healthcare
Logistics & Transport
Agriculture
Others
Regional Outlook (Revenue, USD Billion, 2018 - 2030)
North America
U.S.
Canada
Europe
Germany
U.K.
Benelux
Nordic Countries
Asia Pacific
China
Japan
India
South Korea
Australia
Latin America
Mexico
Brazil
Chile
Peru
Middle East and Africa
b. The global industrial internet of things market size was estimated at USD 321.81 billion in 2022 and is expected to reach USD 394.00 billion in 2023.
b. The global industrial internet of things market is expected to grow at a compound annual growth rate of 23.2% from 2023 to 2030 to reach USD 1,693.30 billion by 2030.
b. North America dominated the industrial internet of things market with a share of around 32% in 2022. This is attributed to the early adoption and implementation of industrial IoT technology across the region. The region was also an early adopter of IIoT and has evolved into an innovation hotspot.
b. Some key players operating in the industrial internet of things market include ABB; ARM Holding Plc; Atmel Corporation; Cisco Systems, Inc.; General Electric Company (GE); International Business Machines Corporation (IBM); Intel Corporation; Rockwell Automation, Inc.; Siemens AG; Microsoft Corporation and many others.
b. Key factors that are driving the industrial internet of things market growth include rising demand for a connected supply chain, which enables operational efficacy, flexibility, and conformance to regulations, and increasing availability of affordable sensors and processors that can provide real-time access to information.
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