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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 market's growth trajectory is influenced by several pivotal factors, including the expansion of industrial automation and the burgeoning manufacturing market. Moreover, the increasing emphasis on data-driven business outcomes within the industrial sector further propels market growth. Additionally, the rising focus on delivering end-to-end services adds impetus to the market's development. This comprehensive market research and analysis report encapsulates detailed insights into the key drivers, emerging trends, and potential challenges anticipated during the forecasted period. By providing an in-depth understanding of these factors, the report equips stakeholders with the knowledge needed to navigate the evolving landscape and capitalize on emerging opportunities in the industrial industry sector.
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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, 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.
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, in 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.
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 market 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.
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.
The market is experiencing significant growth driven by various factors such as the proliferation of semiconductor technology and electronic devices. Cloud computing platforms and the standardization of IPv6 are further fueling this expansion. Moreover, advancements in AI and blockchain technology are revolutionizing industrial processes, particularly in the automotive sector. Networking and wireless technologies, along with machine-to-machine communication, are enhancing connectivity and efficiency in transit management systems. Big data analytics and cloud-based services are optimizing operations while ensuring affordability and power efficiency. As the market matures, regulatory scrutiny and cybersecurity regulations are becoming paramount, prompting investment in solutions like AWS IoT TwinMaker and SCADAfence to ensure data protection and operational safety in smart cities and transportation systems.
Moreover, the market is advancing rapidly, driven by technological innovations such as networking and wireless technology, along with cellular technologies and AVL technology, enhancing the efficiency of BRT systems. Affordable processors and continuous technology advancements are facilitating operational competence and productivity improvements. The integration of a digital-human workforce, powered by Artificial Intelligence and Machine Learning, is optimizing smart transportation systems. As the market progresses through various growth stages, merger and acquisition activities are reshaping the landscape, while environmental regulations and end-user concentration drive the need for remote monitoring and enhanced cybersecurity measures like AWS IoT TwinMaker and OT cyber security solutions.
With the support of leading providers like Amazon Web Services and Siemens Xcelerator, alongside advancements in M2M communication and wireless network technologies, the Industrial IoT market is poised for further expansion and innovation. In the realm of Industrial IoT (IIoT), networking technology plays a pivotal role, facilitating seamless communication between connected devices and systems. This enables substantial productivity improvements by streamlining operations, optimizing workflows, and enhancing throughput. Moreover, by leveraging IIoT solutions, businesses can effectively monitor worker safety, mitigating risks and ensuring a secure work environment. While IIoT solutions may initially incur sensor costs and operational expenses, the long-term benefits include reduced operating costs and increased efficiency. Market incumbents like SECO are driving innovation in IIoT, offering robust solutions tailored to diverse industrial needs, further propelling the industry forward.
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IoT Market Scope |
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Report Coverage |
Details |
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Page number |
186 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.23% |
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Market growth 2023-2027 |
USD 123.98 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
11.25 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 42% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Market Growth and Trends, Market forecasting, 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 forecast report. |
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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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