Industrial IoT Market Size Worth $137.5 Billion By 2030: IndustryARC

Global Industrial IoT Market size is predicted to reach $137.5 billion by 2030, growing at a CAGR of 6.7% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The ecosystem of networked machines, sensors, devices, and systems in industrial settings that use Internet of Things (IoT) technology to improve productivity, safety, and operational efficiency is referred to as the Industrial Internet of Things (IIoT) market. Industries like manufacturing, energy, utilities, transportation, healthcare, and agriculture are all included in the IIoT. IoT devices gather real-time data on production processes, environmental conditions, equipment performance, and other pertinent aspects in industrial settings, finds IndustryARC in its recent report, titled “Industrial IoT Market – By Offering (Services (Managed Services, Professional Services), Solutions (Data Management, Security Solutions, Remote Monitoring, Analytics, Others, Platform (Application Management, Device Management, Connectivity Management)), By Deployment (On-Premises, Cloud), By Connectivity (Wired, Wireless, Hybrid), By End User (Chemical, Metal & Mining, Oil & Gas, Energy & Power, manufacturing, Healthcare, Agriculture,  Transportation & Logistics, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”

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North America to Register Highest Growth:

In 2023, North America dominated the Industrial IoT market share. The region’s robust technical innovation ecosystem, sophisticated industrial infrastructure, and early adoption of Internet of Things technology across a range of industries are all credited for its leadership position. Businesses in North America use IIoT solutions to increase asset management, boost product quality, and optimize operational efficiency. In June 2022, Siemens AG has launched an open digital business platform, Siemens Xcelerator, to accelerate digital transformation and value creation for customers of all sizes in industry, buildings, grids and mobility. The business platform makes digital transformation easier, faster and scalable. In addition, encouraging government programs, advantageous laws, and substantial R&D expenditures all contribute to the expansion of the IIoT industry in North America. Because of its inventiveness and technological leadership, the area continues to dominate the worldwide IIoT sector.

Industrial IoT Market 2023-2030: Scope of the Report

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Industrial IoT Market Report – Key Takeaways:

• Increased Adoption of Big Data Analytics and Artificial Intelligence

Big data analytics and artificial intelligence (AI) are transforming the Industrial IoT landscape by enabling the extraction of actionable insights from vast amounts of data generated by industrial equipment and sensors. AI algorithms and machine learning models can predict equipment failures, optimize maintenance schedules, and improve overall operational efficiency. Predictive maintenance, in particular, helps in reducing downtime and operational costs by anticipating and addressing issues before they escalate. The ability to make data-driven decisions enhances productivity and innovation, making big data analytics and AI essential drivers of the IIoT market.

• Growing Demand for Automation in Manufacturing and Other Industries

The push towards automation in manufacturing and other industrial sectors is a significant factor driving the IIoT market. Automated systems and robotics, integrated with IIoT technologies, streamline production processes, reduce human errors, and increase efficiency. Industries such as automotive, aerospace, and electronics are increasingly adopting automation to stay competitive in the global market. Manufacturers can obtain real-time insights into supply chain efficiency, equipment performance, and predictive maintenance requirements by incorporating IoT devices, sensors, and data analytics into their production processes. This adoption increases overall productivity and competitiveness, decreases downtime, and promotes flexible and responsive production procedures. Decision-makers’ increased tendency to accept IoT solutions is projected to result in adoption rates from this industry surpassing those of any other industry. Digital transformation of industrial operations requires the Internet of Things, as indicated by 58% of manufacturers in General Electric research. The use of IIoT in automation allows for precise control and monitoring of production lines, leading to improved product quality and reduced waste. This growing demand for automation fosters the expansion of the IIoT market across various sectors.

• Security Concerns and Cyber Threats

The increasing interconnectivity of devices in the Industrial IoT (IIoT) ecosystem introduces significant security challenges. With the proliferation of sensors, actuators, and connected machinery, the potential attack surface for cyber threats expands dramatically. Industrial systems, which were traditionally isolated, are now vulnerable to hacking, malware, and other cyber-attacks. These threats can lead to operational disruptions, data breaches, and even physical damage to critical infrastructure. Ensuring the security of IIoT networks requires robust encryption, secure communication protocols, and continuous monitoring for suspicious activities. However, implementing comprehensive security measures can be complex and costly, posing a significant challenge for businesses adopting IIoT technologies. The need for stringent cybersecurity practices is paramount, as a single vulnerability can compromise an entire network, causing severe financial and reputational damage.

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Key Opportunity Analysis:

Expansion of 5G Networks

The expansion of 5G networks is set to revolutionize the Industrial IoT (IIoT) market. 5G offers ultra-high-speed data transfer, low latency, and enhanced reliability, making it ideal for real-time industrial applications. As 5G networks become more widespread, industries can utilize these capabilities to enhance automation, remote monitoring, and control systems. This advancement will support more sophisticated IIoT applications such as autonomous vehicles in logistics, advanced manufacturing processes, and comprehensive predictive maintenance solutions. In June 2023, Honeywell announced it has agreed to acquire SCADAfence, a leading provider of operational technology (OT) and Internet of Things (IoT) cybersecurity solutions for monitoring large-scale networks. SCADAfence brings proven capabilities in asset discovery, threat detection and security governance which are key to industrial and buildings management cybersecurity programs. The high capacity of 5G also facilitates the integration of numerous devices and sensors, leading to richer data collection and analysis. As 5G adoption grows, it will drive significant growth in the IIoT market, enabling more efficient, responsive, and innovative industrial operations.

Development of Edge Computing

Edge computing presents a transformative opportunity for the IIoT market by processing data closer to the source, thereby reducing latency and bandwidth usage. This capability is crucial for industries requiring real-time data processing and low-latency responses, such as manufacturing, transportation, and energy. Edge computing allows complex analytics and AI algorithms to be executed on-site, improving operational efficiency and reducing reliance on centralized cloud infrastructures. This leads to faster decision-making and more efficient operations. As edge computing technologies advance, they will enable more robust and scalable IIoT solutions, driving innovation and enhancing the capabilities of industrial applications, ultimately leading to smarter, more responsive systems that can quickly adapt to changing conditions.

Sustainability and Energy Management

Sustainability and energy management are becoming increasingly important in industrial operations, and IIoT technologies play a crucial role in achieving these goals. IIoT enables precise monitoring and optimization of energy usage, leading to more efficient and sustainable industrial practices. Smart sensors and devices can track energy consumption in real-time, identify inefficiencies, and suggest corrective actions. This not only reduces energy costs but also minimizes the environmental impact of industrial activities. The growing emphasis on sustainability, coupled with regulatory pressures to reduce carbon footprints, will drive the adoption of IIoT solutions focused on energy management. Companies that leverage IIoT for sustainability initiatives will benefit from cost savings, enhanced corporate reputation, and compliance with environmental regulations.

Expansion in Healthcare and Medical Devices

The healthcare sector presents a significant opportunity for the IIoT market, with the potential to transform patient care and operational efficiency. IIoT technologies enable real-time monitoring of medical devices, patient health, and hospital equipment. Smart sensors can collect and transmit patient data, allowing for continuous health monitoring and timely interventions. IIoT also improves the management of medical equipment, ensuring they are functioning correctly and are available when needed. Additionally, IIoT facilitates the tracking and management of medical supplies, reducing waste and optimizing inventory. As the healthcare industry continues to embrace digital transformation, the adoption of IIoT solutions will increase, leading to improved patient outcomes, operational efficiency, and cost savings. The integration of IIoT in healthcare will revolutionize the industry by enhancing the quality and accessibility of care.

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The report also covers the following areas:

• Industrial IoT Market Size and Forecast
• Industrial IoT Market Trends
• Industrial IoT Market Analysis by Product Type

Industrial IoT Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Industrial IoT Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Industrial IoT Market

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic significantly accelerated the growth of the Industrial IoT (IIoT) market as businesses sought to adapt to new operational challenges and ensure continuity. The need for remote monitoring and management of industrial processes became critical due to social distancing measures and restrictions on physical presence in workplaces. This drives the adoption of IIoT technologies, enabling companies to maintain operations while minimizing human contact. Additionally, the pandemic highlighted the importance of supply chain resilience and agility, prompting industries to invest in IIoT solutions for real-time visibility and control over supply chain processes. The demand for predictive maintenance also increased, as companies aimed to avoid unplanned downtime and extend the life of their equipment amidst economic uncertainties.
• The Russia-Ukraine war has created both challenges and opportunities for the growth of the Industrial IoT (IIoT) market. The conflict has disrupted global supply chains, leading to shortages of critical components and materials needed for IIoT devices, thus slowing down production and deployment. Additionally, heightened geopolitical tensions and economic sanctions have increased operational risks and uncertainties for businesses operating in affected regions, causing some companies to delay or scale back their IIoT investments. However, the war has also underscored the importance of resilient and secure industrial operations, prompting companies to accelerate their adoption of IIoT solutions for real-time monitoring, predictive maintenance, and supply chain optimization.

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List of Key Market Players in the Industrial IoT Market:

The Global Industrial IoT Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• ABB Group
• Cisco Systems Inc
• Siemens AG
• Microsoft Corporation
• Rockwell Automation Inc.
• IBM Corporation
• General Electric Company
• Intel Corporation
• Emerson Electric Co
• Schneider Electric SE
• Oracle Corporation
• Honeywell International Inc.
• KORE Wireless
• Robert Bosch GmbH
• Amazon Web Services, Inc.

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