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Global Industrial Internet Of Things Market Size, Share, and Analysis, By Component (Solution, Services, Platform), By End Use Industry (Manufacturing, Energy & Power, Oil & Gas, Healthcare, Transportation & Logistics, Others) and Regional Forecasts, 2022-2032
Global Industrial Internet Of Things Market size was USD 250.97 billion in 2021 and projected to grow from USD 344.5 billion in 2023 to USD 1466.1 billion by 2032, exhibiting a CAGR of 17.4% during the forecast period.
Industrial Internet Of Things abbreviated as IIoT, refers to the use of smart actuators and sensors to improve industrial and manufacturing processes. The Machine-to-Machine (M2M) Internet of Things (IIoT) enables businesses and industries to operate more efficiently and reliably owing to its strong emphasis on M2M connectivity, machine learning, and big data. Industrial applications like medical technology, robotics, and more are all included in the IIoT.
Industrial Internet Of Things Market is expected to reach USD 1466.1 billion, growing at a CAGR of 17.4% during the forecast period owing to the technological improvements in electronic and semiconductor devices, augmented utilization of cloud computing platforms, and IPv6’s standardization. Moreover, assistance from governments of various nations for R&D activities associated with IloT is anticipated to fuel market.
Industrial Internet Of Things Market is classified based on the Component into Solution, Services, and Platform. The solution segment led the market in 2022 and is anticipated to continue dominance throughout the forecast period. As part of their efforts to increase their market share, solution providers are placing a lot of attention on the introduction of cutting-edge information systems for different industries and industry verticals. The service category is also predicted to grow at the larger CAGR throughout the forecast period due to the huge increase in connected devices, which generate a vast amount of data.
Industrial Internet Of Things Market is classified based on the End Use Industry into Manufacturing, Energy & Power, Oil & Gas, Healthcare, Transportation & Logistics, and Others. In 2022, the Manufacturing sector held the maximum market share, and it is anticipated dominate over the projected period. With the advent of Industry 4.0, IIoT is becoming more and more popular in discrete and also process manufacturing since it provides a number of opportunities to optimize operations, increase efficiency, reduce downtime, and support the use of data-driven decisions, all of which increase profit margins and lower costs with quick returns on IoT adoption.
Rising Awareness and Adoption of IIoT Solutions is Expected to Boost the Market Growth
The market is majorly fueled by the rising IoT solution awareness and broad IoT solution usage in various industrial applications. Automation, maintenance, optimization, and networking are just a few of the industrial processes that industrial IoT has integrated into. It assists in giving businesses and industries higher operational efficiency and dependability. Therefore, the global Industrial Internet of Things Market is anticipated to be driven by the high degree of performance and efficiency supplied by IIoT throughout operations.
Increasing Technological Advancements and Easy Accessibility & Cost Efficiency are Expected to Boost the Market Growth
The technological developments and new product introductions in semiconductors and electrical devices are anticipated to have a substantial positive impact on the Industrial Internet of Things Market. Real-time information access is also made possible by the simple availability of low-cost sensors and CPUs. The global Industrial Internet Of Things Market is then anticipated to drive due to this.
Security Weakness and Compromised Operations to Restrain the Market Growth
An industrial production complex's networked equipment generates security flaws that could lead to compromised operations since it is not possible to determine the origin or destination of data from a security perspective. Data visibility is therefore a major challenge for cybersecurity for smart manufacturing on the plant floor. The effective demand for IloT should therefore be fulfilled.
Industrial Internet Of Things Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In 2022, North America held the greater market share, and it is anticipated to continue to dominate during the projected period. This is attributed to the region’s early adoption and application of industrial IoT technologies. Asia Pacific is also anticipated to develop at the faster CAGR during the projection period. Advanced factory automation methods are becoming more common throughout the area, particularly in Japan and China. The region's manufacturing sectors are starting to understand the advantages of adopting robot arm technology.
With a rise in the demand for control of industrial activities and remote monitoring, the COVID-19 epidemic has had a tremendous impact on the Industrial Internet Of Things Market. Due to the pandemic, IIoT solutions are being used more quickly in a variety of industries to support distant work and guarantee business continuity. The IIoT market is anticipated to continue growing in the post-COVID situation because to the rising demand for digitization and automation in many industries.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 17.4% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Component |
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End Use Industry |
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By Region |
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Industrial Internet Of Things Market size was estimated at USD 250.97 billion in 2021 and is expected to reach USD 1466.1 billion in 2032.
Industrial Internet Of Things abbreviated as IIoT, refers to the use of smart actuators and sensors to improve industrial and manufacturing processes.
Solution and Manufacturing segments accounted for the largest Industrial Internet Of Things Market share.
Key players: Accenture PLC, Siemens AG, International Business Machines Corporation, Microsoft Corporation, Huawei Technologies CO. Ltd., General Electric Company, Intel Corporation, NEC Corporation, ABB, Honeywell International Inc., Cisco Systems Inc., Texas Instruments Inc., Rockwell Automation Inc., ARM Holding Plc, Sasken Technologies Ltd., and Other Prominent Players are the key players in the Industrial Internet Of Things Market.
. Introduction of Big Data Analytics and Rising Investments for Advancements are the factors driving the Industrial Internet Of Things Market.
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