Industrial Internet of Things (IIoT)

Industrial Internet of Things (IIoT)

Global Industrial Internet of Things (IIoT) Market to Reach US$136.8 Billion by 2030

The global market for Industrial Internet of Things (IIoT) estimated at US$90.6 Billion in the year 2023, is expected to reach US$136.8 Billion by 2030, growing at a CAGR of 6.1% over the analysis period 2023-2030. Sensor Technology, one of the segments analyzed in the report, is expected to record a 6.2% CAGR and reach US$40.2 Billion by the end of the analysis period. Growth in the RFID Technology segment is estimated at 6.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$24.7 Billion While China is Forecast to Grow at 5.7% CAGR

The Industrial Internet of Things (IIoT) market in the U.S. is estimated at US$24.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$21.3 Billion by the year 2030 trailing a CAGR of 5.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.6% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR.

Global Industrial Internet of Things (IIoT) Market - Key Trends & Drivers Summarized

How Is IIoT Transforming Industrial Operations?

The Industrial Internet of Things (IIoT) is redefining industrial processes by enabling connectivity across machines, sensors, and control systems. By connecting these devices, IIoT facilitates real-time data collection, predictive maintenance, and enhanced decision-making. This technology is particularly transformative in manufacturing, energy, and logistics, where real-time insights can lead to more efficient operations and reduced downtimes. As industries prioritize efficiency and cost reduction, IIoT’s ability to streamline processes and optimize resource usage has made it indispensable in the shift towards smart manufacturing.

What Security and Compliance Challenges Accompany IIoT Adoption?

While IIoT offers numerous benefits, it also introduces challenges related to cybersecurity and data compliance. The interconnected nature of IIoT systems increases the risk of cyber-attacks, prompting industries to adopt more robust security protocols and comply with data protection standards. Ensuring the integrity and confidentiality of operational data is crucial, especially in critical infrastructure sectors like energy and transportation. Furthermore, global data protection laws require companies to handle information responsibly, adding another layer of complexity to IIoT adoption. As industries embrace IIoT, addressing these security and compliance concerns is critical to maintaining safe and reliable operations.

How Is Edge Computing Enhancing IIoT Capabilities?

Edge computing has emerged as a powerful complement to IIoT, enabling data processing closer to the source rather than relying on centralized cloud servers. This approach reduces latency, enhances data security, and enables real-time decision-making, particularly in sectors that require immediate responses, such as manufacturing and healthcare. By combining IIoT with edge computing, companies can process and analyze data at the device level, leading to quicker insights and less network congestion. This synergy between IIoT and edge computing is expanding the scope of IIoT applications, making it possible to implement highly responsive systems across industries.

The Growth in the IIoT Market Is Driven by Several Factors

The growth in the IIoT market is driven by several factors, including advancements in sensor technology, the demand for real-time data analytics, and the need for predictive maintenance. As industries aim to improve operational efficiency, IIoT enables better monitoring of machinery and processes, helping reduce downtime and maintenance costs. The rise of smart factories and Industry 4.0 is also fostering IIoT adoption, as companies seek interconnected systems that support automation and data-driven decision-making. Additionally, the increasing focus on safety and compliance is pushing industries to adopt IIoT solutions that provide enhanced monitoring and risk management. Combined, these factors are propelling the IIoT market’s rapid expansion in various industrial sectors.

SCOPE OF STUDY:

The report analyzes the Industrial Internet of Things (IIoT) market in terms of US$ Million by the following Device & Technology; End-Use, and Geographic Regions/Countries:

Segments:
Device & Technology (Sensor, RFID, Industrial Robotics, DCS, Smart Beacon, Other Device & Technologies); End-Use (Manufacturing, Energy, Oil & Gas, Metal & Mining, Agriculture, Other End-Uses)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 91 Featured) -

• ABB Group
• Cisco Systems, Inc.
• Dassault Systemes
• General Electric Company
• Honeywell International, Inc.
• Huawei Technologies Co., Ltd.
• IBM Corporation
• Intel Corporation
• KUKA AG
• NEC Corporation
• PTC, Inc.
• Robert Bosch GmbH
• Rockwell Automation, Inc.
• Siemens AG
• Texas Instruments, Inc.

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