Industrial Internet Of Things Market Growth & Trends
The global industrial internet of things market size is anticipated to reach USD 1.69 trillion by 2030, according to the latest report by Grand View Research, Inc. The market is expected to grow at a CAGR of 23.1% from 2022 to 2030. A strong emphasis on automation, predictive maintenance, and effective supply chain management across several industrial verticals such as manufacturing is driving the industry’s growth.
Several organizations have recognized the benefits of adopting IIoT to improve operational efficiencies and have implemented a variety of advanced IIoT solutions based on compatible hardware such as sensors, and actuators combined with software, contributing to the growth of the industrial IoT market.
Machine-to-machine (M2M) communication is on the verge of causing a paradigm shift in the management of numerous industrial processes. The rapid use of M2M communication for applications like smart grids, as well as across other industries and industry verticals like automotive, healthcare, and security, is projected to propel industrial IoT growth.
The number of connected devices and sensors put in industrial areas to collect data from the local environment and upload it to the cloud is expected to increase over the next several years. The data generated by IoT systems and M2M communication can be used by the newest operational and informational technologies to acquire new insights and improve decision-making processes.
Following the outbreak of the COVID-19 pandemic, several firms throughout the world are facing supply chain management issues. Vendors are placing several orders but the companies are unable to deliver which eventually has resulted in financial difficulties. It’s also proving to be a difficult task to keep track of the orders that have been placed and those that have been shipped.
Cognitive industrial IoT can assist organizations in precisely assessing orders issued and total yield while tracking products in transit. As a result, cognitive industrial IoT solutions are projected to be used by organizations as part of their efforts to reform their strategies and operations.
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Industrial Internet Of Things Market Report Highlights
The market is driven by the growing automation techniques used in various industry verticals such as manufacturing, and automobile
Based on the component segment, the services segment is anticipated to record the highest CAGR of 24.1% from 2022 to 2030
Manufacturing had the largest revenue share of 32.7% in 2021, while Logistics & Transport is poised to grow with the highest CAGR of 26.5% during the forecast period
North America held the largest revenue share in 2021 closely followed by Europe. Asia Pacific is expected to record the highest CAGR of 26.6% during the forecast period
List of Key Players in the Industrial Internet Of Things Market
ABB
General Electric Company (GE)
IBM Corporation
Intel Corporation
Rockwell Automation, Inc.
Siemens AG
Microsoft Corporation
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