CHICAGO, June 24, 2024 /PRNewswire/ --
The industrial IoT market is valued at USD 194.4 billion in 2024 and is projected to
reach USD 286.3 billion by 2029; it
is expected to grow at a CAGR of 8.1% from 2024 to 2029 according
to a new report by MarketsandMarkets™. Increasing adoption
of IPv6, growing adoption of cloud platforms, increased IoT-related
government initiatives and R&D activities worldwide, rise in
demand for automation in industries, and global rise in internet
penetration.
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Browse in-depth TOC on "Industrial IoT
Market"
132 – Tables
69 – Figures
243 – Pages
Industrial IoT Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 194.4 billion
|
Estimated Value by
2029
|
$ 286.3 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 8.1%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Offering, Software,
Connectivity Technology, Deployment, Vertical and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Maintenance and updates
of IIoT systems
|
Key Market
Opportunities
|
Predictive maintenance
of machinery
|
Key Market
Drivers
|
Rise in demand for
automation in industries
|
The industrial IoT market for platforms segment is expected to grow
at the highest CAGR during the forecast period.
The platforms segment is expected to experience the highest
growth rate during the forecast period. The IIoT platform landscape
is still maturing compared to hardware. As IIoT adoption grows, the
need for robust platforms to manage and analyze the increasing data
volume becomes more critical. IIoT generates vast amounts of data,
driving the demand for secure storage, powerful analytics tools,
and centralized management capabilities offered by platforms. This
demand is expected to accelerate the growth of the platform
segment. As industries shift towards data-driven decision-making,
platforms become more valuable for extracting insights from IIoT
data and optimizing processes. This focus on data utilization will
further fuel the growth of the platform segment.
The manufacturing sector holds the largest market share in
the industrial IoT market for the Asia
Pacific.
The manufacturing sector holds the largest market share in the
industrial IoT market for the Asia
Pacific region, making it a global manufacturing hub.
Countries like China, Japan, and South
Korea are leading the way in this sector. Industrial IoT
provides significant benefits such as predictive maintenance,
process optimization, and improved quality control, all of which
are crucial for manufacturers.
Asia Pacific is projected to
experience the highest growth rate during the forecast period. Many
Asian countries are undergoing rapid urbanization, leading to
increased investments in smart city initiatives that heavily depend
on industrial IoT. Multiple governments in the Asia Pacific region are encouraging the
adoption of industrial IoT across various industries through
subsidies and infrastructure development plans. The developing
economies in the region offer significant potential for industrial
IoT solutions as they construct new infrastructure and modernize
existing industries.
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Agricultural sector in North
America holds the largest market share in industrial IoT
market during the forecast period.
The agriculture sector holds the largest market share in the
North American industrial IoT industry. Agriculture in North America has significant potential for
industrial IoT adoption and growth due to several factors.
Industrial IoT enables data-driven farming practices such as
precision irrigation, soil monitoring, and targeted crop
management. It can optimize resource utilization (water,
fertilizers, pesticides), reduce waste, and improve overall farm
productivity. Farmers can use industrial IoT for remote monitoring
of crops, livestock, and environmental conditions.
Key Players
Some of the leading companies operating in the industrial IoT
companies are ABB (Switzerland),
General Electric (US), Emerson Electric Co. (US), Intel Corporation
(US), Cisco Systems, Inc. (US), SAP SE (Germany), Honeywell International Inc. (US),
Siemens (Germany), Huawei
Technologies Co., Ltd. (China),
Rockwell Automation (US), Arm Limited (UK), PTC (US), Dassault
Systèmes (France), IBM (US),
Robert Bosch GmbH (Germany), NEC
Corporation (Japan), ANSYS, Inc.
(US), Worldsensing (Spain), Arundo
(Norway), Software AG
(Germany), among others.
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