According to the latest report by IMARC Group, titled “Industrial IoT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global industrial IoT market is expected to exhibit a CAGR of
15.49% during 2023-2028. Industrial Internet of Things (IIoT) is a network of interconnected sensors and devices, which are used to enhance industrial and manufacturing processes. The smart sensors and actuators employed in the network enable monitoring, collection, analysis and exchange of data, which improves the overall operational performance and visibility. With the advent of advanced technologies, like big data, sensor data, machine learning and automation, IIoT helps in increasing productivity significantly while reducing various recurring complexities. Additionally, it offers multiple advantages including real-time monitoring, asset optimization, remote diagnosis, cost-effectiveness and proactive maintenance. Owing to these benefits, it is widely adopted across diversified industry verticals, including healthcare, retail, advertising and agriculture.
Global Industrial IoT Market Trends:
The rapid adoption of IIoT across the globe can be accredited to numerous advantages associated with it. Its usage assists in improving the safety, quality and productivity in an industry, which renders better customer satisfaction and retention through value addition to the enterprises. This, in confluence with the rising preference for cloud integration, is aiding in the development of effective business models and providing a thrust to the market growth. Furthermore, the growing popularity of connected vehicles in recent years is expected to create a positive outlook for the market. The IIoT is integral to the sharing of real-time status and data, which significantly reduces the on-road traffic and enables organized fleet management. Moreover, governments of various countries are investing heavily in the development of technological infrastructures of industries, which is creating favorable opportunities for market growth. For instance, Make in India and Made in China 2025 by the Government of India and Government of People’s Republic of China, respectively, are some of the initiatives, which are anticipated to drive the market further.
- Based on the component, the market has been divided into hardware, software, services and connectivity.
- On the basis of the end user, the market has been categorized as manufacturing, energy and utilities, automotive and transportation, healthcare, and others.
- On the geographical front, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players. Some of the key players operating in the market include Cisco Systems, Inc., General Electric, Honeywell International Inc., Intel Corporation, International Business Machines Corporation, ABB Group, Rockwell Automation Inc., Siemens AG, Huawei Technologies Co., Ltd., Bosch, KUKA Robotics, Texas Instruments Incorporated, Dassault Systèmes SE, PTC Inc., Arm Limited and NEC Corporation.
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