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CHICAGO, CA, UNITED STATES, October 28, 2024 /EINPresswire / -- Asia Pacific Industrial IoT
market Overview
The Asia Pacific Industrial Internet of Things (IIoT) market is on an impressive growth trajectory. Valued at $26.4 billion in 2023, the market is projected to almost double, reaching a valuation of $52.7 billion by 2032. This robust growth is driven by a compound annual growth rate (CAGR) of 8.0% over the forecast period of 2024–2032.
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Key Market Drivers and Trends
With the digital transformation of industries and the increasing demand for real-time data insights, Industrial IoT has become integral to the Asia Pacific region's economic landscape. The rise in smart factories, automated processes, and energy efficiency initiatives across sectors such as manufacturing, logistics, and utilities contributes significantly to the expanding IIoT market.
1. Rise in Smart Manufacturing
The manufacturing sector in the Asia Pacific region is seeing a substantial shift towards digitalization. Smart manufacturing practices, including automated assembly lines, robotics, and predictive maintenance, are adopting IoT technologies to optimize performance, reduce downtime, and improve productivity. This trend is expected to amplify IIoT adoption, fueling market growth across the region.
2. Enhanced Operational Efficiency in Utilities and Logistics
The utility sector is embracing IIoT for more efficient resource management and real-time monitoring, especially in water, electricity, and gas supply chains. Similarly, the logistics and transportation industry is deploying IIoT solutions for asset tracking, predictive maintenance, and operational optimization, contributing to the market's 8% CAGR over the next decade.
3. Supportive Government Policies and Investments
Governments in countries such as China, Japan, South Korea, and India are supporting IIoT expansion through policies promoting automation, innovation, and digital infrastructure. Initiatives such as China's“Made in China 2025,” Japan's“Society 5.0,” and India's“Digital India” are fueling investments in IIoT, enhancing the growth potential of the market.
Top Players in the Asia Pacific Industrial IoT Market
ABB Ability
Aveva Wonderware
Axzon
Cisco IoT
Fanuc Field System
GE Digital
HCL Technologies Limited
Hitachi Vantara Corporation
IBM
Intel Corporation
KUKA AG
Linx Asia Pacific Manufacturing
Rockwell Automation, Inc
ORANGE
Plataine
PTC Inc.
Robert Bosch GmbH
Other Prominent Players
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Market Segmentation Overview:
By Component
Hardware
Sensors
Camera
Distributed Control Systems
Industrial Robotics
Solutions
Equipment utilization monitoring
Predictive maintenance
Production quality control
Inventory management
Connected logistics
Real-time industrial asset tracking and management
Services
Professional Services
Managed Services
By Connectivity
Wired Technology
Wireless Technology
Field Technologies
By Industry Vertical
Healthcare
Education Institutes
BFSI
Consumer Goods
Manufacturing
Construction
Real Estate
Automotive
Transportation and Logistics
Retail
Smart cities
IT & Telecommunication
Agriculture
By Region
China
India
Japan
South Korea
Australia & New Zealand
ASEAN
Malaysia
Cambodia
Philippines
Singapore
Thailand
Vietnam
Indonesia
Rest of ASEAN
Rest of Asia Pacific
Market Forecast and Growth Opportunities
The Asia Pacific Industrial IoT market is anticipated to offer substantial opportunities across various verticals in the coming years. The adoption of AI, machine learning, and edge computing in IIoT applications promises to drive innovation, particularly in sectors with complex operational needs such as manufacturing, healthcare, and supply chain management.
The Asia Pacific IIoT market is well-positioned for accelerated growth through ongoing digital transformation efforts, rising industrial automation, and supportive government initiatives. This market expansion is not only fostering operational efficiencies but is also paving the way for a new era of innovation across diverse industries in the region.
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About Astute Analytica:
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.
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Aamir Beg
Astute Analytica
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