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The Industrial Internet of Things market size is projected to reach a value of USD 123.98 billion at a CAGR of 12.23% between 2022 and 2027. The growth rate of the market depends on several factors, including growth in industrial automation, the manufacturing market, the growing importance of data-driven business outcomes in the industrial industry sector, and increasing focus on providing end-to-end services. This market research and analysis report includes in-depth information about the key market drivers, trends, and challenges during the forecasted period.
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The Industrial Internet of Things market offers a dynamic landscape spanning various sectors. Factories leverage IIoT for efficient production, while retail integrates it to enhance customer experiences. Projects in oil and gas exploration benefit from IIoT, ensuring availability and optimizing spending. A study on IIoT's introduction reveals its impact on purchase statistics. Aspects such as logo visibility, media coverage, and customer spending patterns shape IIoT initiatives. In the UAE, IIoT plays a crucial role in transforming industrial processes. These times underscore the importance of addressing questions about IIoT's diverse applications and its continual growth on a global basis.
Most of the manufacturing companies have implemented some form of industrial IoT solutions. Industrial IoT adoption is expected to help in cost savings for manufacturing companies. A significant portion of industrial IoT connections are wireless, facilitating seamless connectivity in diverse environments. The automotive industry contributes majorly to the overall industrial Internet of Things market, driven by advancements in connected cars and autonomous vehicles.
The driver for the market lies in addressing customer needs and enhancing experiences. Studies on impact highlight its transformative power in various industries, irrespective of type or location. Figures from deployments in Indonesia, Malaysia, Spain, and Israel underscore global relevance. A collaborative team and advanced tools ensure effective implementation.
The regulatory framework plays a pivotal role, shaping the features and types of applications. From managing sales to optimizing office processes, streamlines everything. Its diverse applications, from tracking items to facilitating customer interactions, make it a crucial aspect of modern industrial practices. The evolving landscape reflects the dynamic synergy between customer expectations and regulatory frameworks.
The growing importance of data-driven business outcomes in the industrial sector is a key trend boosting the growth of the market. As technologies like sensors, RFID, and digital gauges proliferate, substantial data is being generated. With linking more industrial devices, data production escalates. Industry leaders can utilize device data to optimize resources, boost productivity, and reduce downtime.
Real-time data analytics presents fresh opportunities, combining real-time and historical data to transform industrial outcomes. IoT solution providers are prioritizing data-focused products and services to enhance efficiency. Data-driven outcomes are paramount in industries, fueling the need for data collection and device management platforms, covering data collection and analysis. As industries increasingly rely on process-generated data, the global demand for industrial solutions is poised to surge.
Rising cybersecurity threats pose significant barriers to market growth. The seamlessly integrates corporate networks with industrial systems, providing real-time access to operational data. While this empowers users with predictive maintenance and smart analytics, it also exposes industrial systems to various cyber risks, including malware attacks and data sabotage.
Similar to web-based systems, faces cybersecurity challenges. The inclusion of industrial systems expands the risk of data breaches. Despite anti-malware programs offering protection, vulnerabilities persist. As adoption surges in end-user industries, the demand for robust cybersecurity intensifies. Without failsafe options, most users remain vulnerable to cyberattacks. These factors will impede the global Industrial Internet of Things market growth throughout the forecast period.
The market share growth by the manufacturing segment will be significant during the forecast period. This segment includes the machinery, chemicals and materials, and electrical and electronics segments. Manufacturing market worldwide are reaping the benefits of IoT analytics technology in terms of enhancing business productivity and gaining a competitive advantage. The manufacturing market segment was valued at USD 37.15 billion in 2017 and continued to grow until 2021.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
China is the key leading country for solutions in APAC. The country's growth is attributed to initiatives such as Made in China Strategy 2025 and Internet Plus introduced by the Chinese government. The presence of Companies of M2M and solutions and close collaborations between the country's leading mobile operators and the government have enabled the market to grow quickly. Increased investments in infrastructure development by the government in India, China, and the Philippines and efforts toward modernization by small and medium-sized enterprises (SMEs) in these countries have increased the adoption of elements. In addition, the smart city initiatives undertaken by the governments in APAC to improve city management operations and deliver better public services are boosting the adoption of embedded sensors for connecting smart machines over the internet.
Countries like Mexico, Netherlands, Australia, Italy, and Russia are witnessing increased penetration of technologies, reshaping production processes and communication within industries.The Asia Pacific, Latin America, and South Korea serve as burgeoning markets for, witnessing substantial deployment and usage. These regions demonstrate a growing revenue share and significant revenue growth attributed to the proliferation of IIoT-enabled network solutions and edge computing architecture.
The market exhibits varied dynamics across regions. Customers' needs influence market trends and preferences. Studies delve into the regional impact of, providing insightful content on its adoption and significance. Different places witness distinct patterns, shaping the landscape. As businesses implement solutions, personalized accounts and lists cater to specific requirements. Accessing information and results via phone or other devices ensures real-time connectivity and decision-making. The amalgamation of regional nuances, customer-centric approaches, and tailored content positions as a transformative force in diverse markets, influencing outcomes and shaping the future of industrial connectivity.
Companies are strategizing through mergers and acquisitions, geographical expansion, components, and product/service launches to enhance their presence in the market.
ABB Ltd. - The company's key offerings include Internet of Things solutions.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Clients like Rockwell Automation Inc., Cisco Systems Inc., and Google are pioneering solutions, leveraging semiconductors and cutting-edge processors to enhance reliability and performance. The rising popularity stems from its ability to augment revenue streams and facilitate informed decisions through effective data management.
Furthermore, companies like Avnet Company and Newark are at the forefront of providing comprehensive network solutions, driving expansion and catering to diverse customer needs across various verticals. The collective aim of experts and industry leaders is to continually enhance revenues and revenue share while addressing technological restraints and optimizing revenue streams.
The Industrial Internet of Things (IIoT) market is experiencing rapid growth, fueled by technology advancements and the need for operational competence. With the integration of digital-human workforce and automated quality assurance monitoring, industries are witnessing significant improvements in power efficiency and productivity. Particularly in the manufacturing industry, IIoT solutions are reducing operating costs while enhancing worker safety and throughput.
Additionally, IIoT is revolutionizing smart cities and smart transportation through wireless network technologies and Wi-Fi connectivity. Machine Learning (ML) and Artificial Intelligence (AI) play vital roles in optimizing processes, while regulatory scrutiny and compliance with data protection and cybersecurity regulations are essential. The market's innovation is driving growth, despite challenges such as environmental regulations and end-user concentration.
This market trends and analysis report covers revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
IoT Market Scope |
|
Report Coverage |
Details |
Page number |
186 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.23% |
Market growth 2023-2027 |
USD 123.98 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.25 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Advantech Co. Ltd., Arm Ltd., Dassault Systemes SE, General Electric Co., Honeywell International Inc., Huawei Technologies Co. Ltd., Intel Corp., International Business Machines Corp., KUKA AG, Microsoft Corp., NEC Corp., Qualcomm Inc., Robert Bosch GmbH, Rockwell Automation Inc., Siemens AG, Telefonaktiebolaget LM Ericsson, Texas Instruments Inc., Yokogawa Electric Corp., and Cisco Systems Inc. |
Market dynamics |
Market Growth and Trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period can be found in this market report. |
Customization purview |
If our market analysis and report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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