Global Industrial Internet of Things (IIoT) Market

Industrial Internet Of Things (IIoT) Market Size, Share, Growth Analysis, By Component(Hardware, Platform, Solution, and Services), By Technology(Sensor, Radio Frequency Identification (RFID), Industrial Robotics, Distributed Control System and Other), By Connectivity Technology(Wired Technology and Wireless Technology), By Software(Visualization Software, SCADA, Distribution Management System, Farm Management Systems and Other), By Vertical(Manufacturing, Energy, Oil & Gas, HealthCare), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45A2329 | Region: Global | Published Date: July, 2024
Pages: 201 | Tables: 150 | Figures: 78

Industrial Internet Of Things (IIoT) Market Dynamics

Driver

Implementation of IPV6:

  • With the advent of Internet Protocol version 6 (IPv6), the industrial internet of things (IIoT) business has grown because of the exponential global growth of internet-connected devices. The IP version 4 (IPv4) protocol was unable to handle the exponential increase in the number of linked items. IPv6 provides 128-bit addresses, compared to the 32-bit addresses of IPv4. This allows for the unique identification of a significantly larger number of IoT devices. Furthermore, it is predicted that the implementation of IPv6 would result in a sharp rise in global demand for the industrial internet of things technology. This protocol allows for an open architecture and is the most efficient for the internet of things (IoT). 

Adoption of Smart Initiatives: 

  • The number of Smart city projects going worldwide is a prominent growth driver for the industrial IoT market. The smart city projects include various smart transformations within the city like providing Intelligent transport system, smart parking, smart waste management, smart water management, etc. These smart initiatives would require a lot of IoT devices hence driving the growth of IIoT market. According to government of India the smart city projects have increased the number of connect IoT devices in India from 200 million to 2.7 billion by 2020. Similar increase in the number of connect IoT devices would be seen worldwide due to the smart city projects going across the globe. 

Restraint 

Cost Issues: 

  • High cost of utilizing these IIoT devices would be a restrain. For example, M2M Communication is an important use case of IIoT devices in industries. For M2M communication industrial machinery must have built-in components. These components are necessary for collecting important information from device and transmit it to a central computer for archival and analysis. Older machineries might not have these component, therefore making it necessary to install these components in the older machines, which would increase the cost. 

Data and Privacy Breach Issues: 

  • Data theft and security breaches are a major restraint for the IIoT market. These IoT devices, are constantly linked to the internet and they collect, store, and continuously transmit organizational data. This data is very crucial for an organization as it is used by them to formulate their internal strategy and for better decision making. Therefore, security threat becomes a major challenge. The data breach also cause huge monetary loss to the organizations. It was observed that an average data breach costs $4.45 million in 2023. Consequently, making data theft a major challenge for the IIoT market.
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FAQs

Global Industrial Internet of Things (IIoT) Market was valued at USD 102.48 Billion in 2022 and is expected to rise from USD 109.86 Billion in 2023 to reach a value of USD 191.6 Billion by 2031, at a CAGR of 7.2% during the forecast period (2024-2031).

The Industrial Internet of Things (IIoT) industry's leading players tries 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. 'General Electric Company', 'Intel Corporation', 'Cisco Systems, Inc.', 'IBM Corporation', 'Siemens AG', 'Microsoft Corporation', 'Honeywell International Inc.', 'Schneider Electric SE', 'ABB Ltd.', 'Rockwell Automation, Inc.', 'Bosch Rexroth AG', 'Mitsubishi Electric Corporation', 'Accenture PLC', 'Huawei Technologies Co. Ltd.', 'AT&T Inc.', 'SAP SE', 'Amazon Web Services, Inc.', 'Oracle Corporation', 'Fujitsu Ltd.', 'Hitachi, Ltd.'

With the advent of Internet Protocol version 6 (IPv6), the industrial internet of things (IIoT) business has grown because of the exponential global growth of internet-connected devices. The IP version 4 (IPv4) protocol was unable to handle the exponential increase in the number of linked items. IPv6 provides 128-bit addresses, compared to the 32-bit addresses of IPv4. This allows for the unique identification of a significantly larger number of IoT devices. Furthermore, it is predicted that the implementation of IPv6 would result in a sharp rise in global demand for the industrial internet of things technology. This protocol allows for an open architecture and is the most efficient for the internet of things (IoT). 

Manufacturing is one of the sectors with a significant market share and investment, with both discrete and process manufacturing investing heavily in IoT adoption. The decision-makers in the manufacturing sector supported adoption, with the main use cases being industrial automation, quality & compliance, production planning & scheduling, supply chain and logistics, and plant safety & security. With the introduction of Industry 4.0, IIoT is becoming more popular in discrete manufacturing as well as process manufacturing because it provides ways to optimize operations, decrease downtime, increase efficiency, and assist in making data-driven decisions, which increases profit margins and lowers costs with quick returns on IoT adoption. Due to the growing tendency of decision-makers to use IoT solutions, the industry adoption rates are expected to be on the higher side when compared to any other industries.

North America dominated the global IIoT market in 2023 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. 

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Global Industrial Internet of Things (IIoT) Market

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