USD 263.52 billion
Report ID: SQSG45A2008 | Region: Global | Published Date: October, 2022 | Pages: 165
Global Industrial Internet of Things (IIoT) Market size was valued at USD 263.52 billion in 2021, and it is expected to reach a value of USD 1128.81 billion by 2028, at a CAGR of 23.1% over the forecast period (2022-2028).
The expansion of the internet of things (IoT) into industries and manufacturing sectors is referred to as the industrial internet of things (IoT). it is an advanced kind of operational and information technology integration (OT). Industrial features like machine-to-machine (M2M) communication, big data, machine learning, automation, and optimization services are made available through this integration, along with improved supply chain and logistics operations visibility.
Advanced Al sensors that are part of the IoT technology allow it to detect changes in the logical and physical relationships between objects or with the environment. Temperature, light, pressure, sound, motion, the presence or absence of an electrically traceable entity, location, etc. are examples of physical changes.
The increasing expenditures made in the industrial internet of things (IoT) sector by various industry titans will fuel market progress. Additionally, it is expected that the industrial internet of things (IIoT) would be used more frequently by numerous manufacturing sectors, as well as the aviation and transportation industries, to fuel the market's overall expansion. The lot technology market is expected to be driven by growth in IT investment supported by growing cloud adoption.
Global Market Size
USD 263.52 billion
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The global industrial internet of things (IIoT) market segmentation is based on component, industry vertical, and region. Based on components the market is segmented into hardware, platform, services, and connectivity. Based on industry vertical the market is segmented into agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and others. Based on region the global industrial internet of things (IIoT) market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Component
The Industrial IoT market's hardware category is expected to hold the largest market share in 2021. The industrial sector's ongoing efforts to increase productivity, save costs, and increase Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions are some of the factors contributing to the growth of this market. However, during the projected period, the platform segment is expected to increase at the largest CAGR. The expansion of this market is being driven by the increasing adoption of industrial IoT platforms by different industry verticals to increase operational efficiency and the rising demand for better monitoring technologies.
Analysis by Industry Vertical
Manufacturing is expected to hold the largest market share of the Industrial IoT market in 2021 and increase at the highest CAGR throughout the projected timeframe. The development of Industry 4.0, the rise of smart factories, the increased use of autonomous robots for industrial automation, and the growing demand for centralized asset monitoring and predictive maintenance are all factors contributing to the growth of this market. Digital manufacturing innovations are being quickly adopted by the manufacturing industry, and the Internet of Things (IIoT) is essential to these cutting-edge innovations. Due to the strategic collaborations and alliances that stakeholders are building, as well as the rising demand for Industrial IoT to provide flexibility, operational efficacy, and regulatory compliance, the market is predicted to experience considerable growth over the next few years.
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North America dominated the global IIoT market in 2021 with a revenue share of over 33%. North America is home to several seasoned market players. The area also embraced the IIoT early and has developed into a hub for innovation. As a consequence of federal initiatives to encourage the adoption of IIoT solutions throughout the nation, Canada has also experienced great growth.
Asia Pacific is expected to have the highest CAGR among all regional markets during the period of forecasting. The expansion of big data analytics and cloud-based services in the area is likely to be fueled by the booming population, increased R&D spending, and increasing attention from domestic and international IT firms. The popularity of advanced factory automation systems is rising in the region, especially in China, Japan, and Taiwan. Manufacturing businesses all around the area are starting to recognize the benefits of using robot arm innovation.
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The Industrial Internet of Things (IIoT) industry's leading players makes an effort to develop in this area so they can offer a similar or higher level of competence in the service sector and increase their market share. To expand their product portfolios and market reach, players in the Industrial Internet of Things (IIoT) market are concentrating on inorganic growth tactics including strategic alliances and merger & acquisition activities with tech partners. For instance, Ivanti purchased an IIoT platform from WIIO Group in August 2021. Supply chain companies will benefit from this acquisition as they develop no-code or low-code apps. With a unique IIoT platform that boosts operational effectiveness and provides application enablement, Ivanti is concentrating on adding value. The corporation is also concentrating on enhancing parcel transportation tracking, which will aid in certifying operational decision-making effectiveness.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the hardware category of the Industrial IoT market is predicted to have the most market share in 2021. In 2021, the Industrial IoT market is likely to be dominated by the manufacturing sector, which is also expected to grow at the highest CAGR. In 2021, North America held a revenue share of over 33 percent, dominating the worldwide IIoT market. Among all geographic markets, Asia Pacific is predicted to have the highest CAGR during the forecasted period.
|Market size value in 2021||USD 263.52 billion|
|Market size value in 2028||USD 1128.81 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Industrial Internet Of Things (IIoT) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Industrial Internet Of Things (IIoT) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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