(MENAFN- IMARC Group)
The latest report by IMARC Group, titled“ Industrial IoT market Report by Component (Hardware, Software, Services, Connectivity), End User (Manufacturing, energy and Utilities, Automotive and Transportation, Healthcare, and Others), and Region 2024-2032 ”, offers a comprehensive analysis of the industry, which comprises insights on the market.
How big is the industrial IoT market?
The global Industrial IoT market size reached US$ 255.3 Billion in 2023, projected to reach US$ 806.0 Billion by 2032, exhibiting a growth rate (CAGR) of 13.2% during 2024-2032.
Factors Affecting the Growth of the Global Industrial IoT Industry:
Increasing Demand for Smart Automation and Efficiency:
One of the primary factors driving the Industrial internet of things (IIoT) market is the pursuit of enhanced operational efficiency across various industries. IIoT enables the integration of advanced sensors, machinery, and analytics tools to monitor and optimize production processes in real-time. This integration facilitates predictive maintenance, which preemptively identifies potential equipment failures before they occur, significantly reducing downtime and maintenance costs. Moreover, IIoT technologies improve supply chain visibility and logistics, allowing for more precise inventory management and streamlined operations. By leveraging data analytics, businesses can gain insights into their operations, leading to more informed decision-making and ultimately, higher productivity and efficiency.
Advancements in Connectivity Technologies:
The rapid advancements in connectivity technologies such as 5G, Wi-Fi 6, and low power wide area networks (LPWAN) have been crucial in propelling the IIoT market forward. These technologies offer faster, more reliable connections with lower latency, enabling real-time data transmission and communication between devices at an unprecedented scale. Enhanced connectivity facilitates the deployment of IIoT solutions across vast industrial settings, from remote oil rigs to large manufacturing floors, ensuring seamless data flow and operational control. This improved connectivity supports the expansion of IIoT applications and also enhances the ability of businesses to perform complex analytics, manage assets remotely, and integrate artificial intelligence (AI) and machine learning (ML) into their operations, unlocking new levels of automation and intelligence.
Government policies and initiatives aimed at digital transformation and industrial modernization are significant drivers of the IIoT market. Many governments worldwide are implementing strategies and providing financial incentives to encourage the adoption of smart manufacturing and industrial automation technologies. These initiatives often focus on enhancing national industrial competitiveness, energy efficiency, and sustainability. Regulatory support also plays a crucial role, with standards and frameworks being developed to ensure data security, interoperability, and the ethical use of AI in industrial applications. By fostering a supportive regulatory environment, governments are facilitating a smoother transition for industries toward adopting IIoT technologies, thereby accelerating market growth and innovation in the sector.
For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/industrial-iot-market/requestsample
Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
Cisco Systems, Inc. General Electric Honeywell International Inc. Intel Corporation International Business Machines Corporation ABB Group Rockwell Automation Siemens AG Huawei Technologies Co., Ltd. Bosch KUKA Robotics Texas Instruments Incorporated Dassault Systèmes SE PTC Arm Limited NEC Corporation
Industrial IoT Market Report Segmentation:
By Component:
Hardware Software Services Connectivity
Hardware components represent the largest segment as they are used to monitor various parameters such as temperature, pressure, humidity, vibration, and more.
By End User:
Manufacturing Energy and Utilities Automotive and Transportation Healthcare Others
Manufacturing industry accounts for the largest market share as they are inherently complex, involving various machines, equipment, and production lines.
By Region:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
Europe's dominance in the industrial IoT market is attributed to its robust and diverse industrial base, including manufacturing, automotive, aerospace, healthcare, and more.
Global Industrial IoT Market Trends:
Presently, edge computing has become increasingly important in IIoT deployments, enabling real-time data processing and analysis at the edge of the network. This trend reduces latency, enhances decision-making capabilities, and minimizes the need to transmit large volumes of data to centralized servers. Moreover, AI and machine learning technologies are being integrated into IIoT systems to derive actionable insights from the vast amounts of data generated by industrial sensors and devices. These technologies enable predictive maintenance, process optimization, and anomaly detection, leading to improved efficiency and reduced downtime.
Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=1277&flag=C
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email:
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
MENAFN29022024004122016232ID1107917742
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.