Global Industrial Internet of Things Market Size, Share & Trends Analysis Report, By Component, By End-use, By Region Forecasts, 2023-2030

Global Industrial Internet of Things Market Size, Share & Trends Analysis Report, By Component, By End-use, By Region Forecasts, 2023-2030

The value of the global industrial internet of things market was US$ 88.2 billion in 2023 and is projected to rise at a compound annual growth rate (CAGR) of 5.43% to reach US$ 106.1 billion by 2032.

The term ""industrial internet of things"" (IIoT) describes the expansion of the IoT phenomena into the manufacturing and industrial domains. An advanced fusion of OT and IT is called IIoT. It supports manufacturing applications like optimisation, big data, machine learning, and M2M communication in addition to monitoring supply chain and logistical operations.

The sector for industrial internet of things technology is predicted to increase as a result of the increasing adoption of cloud computing and the rise in IT costs. For example, GE introduced GED2, or GE digital 2.0. The company was founded on the core principles of cloud computing and was envisioned as a breakthrough IIot-focused software company. GED2 might concentrate on this market given its capacity to offer integrated solutions for the GE-supported IIOTs' predict software platform.

To maximise its dependability and reliability in day-to-day business and industry operations, industrial IoT often uses machine learning, big data, and machine-to-machine connectivity. Robotics, software-defined manufacturing processes, medicinal devices, and other fields can all benefit from the industrial internet of things. By connecting vital resources, predictive analysis, contemporary industrial workers, the Industrial Internet, and the most cutting-edge predictive technology, the IIoT also offers a mechanism for optimising the dependability and efficiency of industrial operations. Unprecedented monitoring, analysis, distribution, interchange, and availability of crucial new views are made possible by the IIoT. One of the main factors behind the growth of the global industrial IoT market is the possibility of fresh insights to assist enterprises increase their operational efficiency and make faster business choices.

“Solution segment, by component, is expected to be dominating market from 2023 to 2030.”

The solution sector, which generated over 52% of revenue share in 2023 and is predicted to maintain its position as the market leader throughout the projection period, will continue to be the most important segment. Solution providers use departments from many sectors to deploy state-of-the-art information systems in an effort to break into new markets. Ericsson AB, a multinational networking and telecommunications corporation, released IoT Accelerator Connect in February 2022 to demonstrate this situation. This module's easy plug-and-play architecture makes it ideal for helping with basic IoT connectivity over cellular networks. This will improve the seamless and fruitful enterprise IoT deployments that are probably going to propel the market's expansion.

“Manufacturing segment, by end-use, is expected to be dominating market from 2023 to 2030.”

In 2023, the manufacturing sector achieved a market share of 18%, and it is anticipated to maintain its leading position for the duration of the projection period. Industry 4.0 has led to a significant increase in the use of IoT technology in discrete and continuous manufacturing processes. This technology helps to maximise efficiency, minimise downtime, and enable real-time data-driven decisions, all of which help to improve profitability and reduce costs at a rapid rate of return. Furthermore, it is anticipated that the manufacturing industry would quickly adopt digital manufacturing, with IoT supporting this technology's critical role in propelling market expansion.

“North America is expected to be largest region in industrial internet of things market.”

North America accounted for more than 32% of the market in 2023, and this trend is expected to continue throughout the projection period. This is a result of the area's early industrial IoT adoption and deployment. The government also offers assistance to the industry in the areas of digitization within the industrial sector, the usage of industrial Internet of things devices, and the adoption of cutting-edge technologies like cloud computing and artificial intelligence.

Asia-Pacific is predicted by the report to see a CAGR of more than 26% during the assessment period. It is anticipated that highly developed manufacturing automation will spread throughout the region, particularly in China and Japan. The advantages of incorporating robot arm technology into local manufacturing industries are beginning to materialise. Leading nations in the area are making large investments in industry 4.0 as part of their drive towards production and manufacturing autonomy. As a result, the industrial internet of things market will continue to rise globally.

Industrial internet of things Competitive Landscape

The competitive landscape of the Industrial internet of things market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Industrial internet of things technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Industrial internet of things market is highly competitive, with numerous companies vying for market share. Prominent companies in the Advanced Manufacturing Market include:

ABB, IBM Corporation, General Electric, Rockwell Automation, Inc., Microsoft, NEC Corporation, Intel Corporation, Siemens, Cisco Systems, Inc., KUKA AG and others.

Recent Developments:

Nvidia acquired an arm in September 2020, forming an excellent global provider of technological development. In September, Nvidia completed a cash and equity merger with the UK company's equipment design division for approximately $40 billion. Cloud computing and AI computing everywhere, including robotics, self-driving cars, and mobile services, are made possible by Nvidia's AI computing and the extensive Arm CPU ecosystem.

Bright Wolf, which Cognizant acquired in October 2020, serves as the cornerstone of the company's new IOT innovation centre. Technology services are provided by Bright Wolf, an organisation that specialises in creating unique IoT solutions. In addition to Bright Wolf, Cognizant uses industrial Internet of things (IoT) that is ready for production to give its clients resilience.

Silicon Labs introduced a new Custom Parts Manufacturing service in December 2021. At the Silicon Labs facility, hardware customisations of this kind are made. Silicon Labs offers modules, SoCs, and MCUs for wireless communication among its hardware solutions. Customers could be given a footstep that can be tracked during the entire chip's journey by using this feature.