Global Industrial IOT Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Industrial IOT Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Industrial IOT or IIOT can be explained as the use of internet of things and their technologies in the manufacturing industries to achieve a higher level of efficiency and maximize the quality of products and minimize wastage of resources. Growth in the Cloud Computing and IoT are contributing to the growth of industrial IoT deployments and creating opportunities for new business models of the companies. Various major organizations are planning to practice Industrial IoT to improve the manufacturing process, enhance the business process, business strategy to enhance future business growth.

Market Overview:

The latest research study on the global Industrial IOT market finds that the global Industrial IOT market reached a value of USD 136794.31 million in 2022. It’s expected that the market will achieve USD 332879.0 million by 2028, exhibiting a CAGR of 15.98% during the forecast period.

Drivers

4.2.1 Technological Advancements in Semiconductor and Electronics Devices
The Industrial Internet of Things needs to deeply integrate industrial systems and IT systems. The Industrial Internet of Things cloud platform is based on industrial systems, and uses information technology and products such as sensors, the Internet, and cloud computing to achieve information collection, transmission, analysis, and processing. Informa ionization of manufacturing resources and efficient flow of data. Therefore, the technological progress of semiconductors and electronic devices has played an important role in promoting the development of the Industrial Internet of Things industry.
With the development of the materials industry, the semiconductor electronic equipment industry is also using more advanced technology and materials. Physical, chemical, and biosensors are rapidly evolving into autonomous analytical devices that use nanostructured materials or nanomaterials to perform complex analytical processes. The current generation of sensors has intelligent capabilities that enable them to respond quickly to input and provide better decision-making capabilities for connected systems. These smart sensors have a wide range of applications in certain processes such as predictive maintenance. The enhancement of computer data processing capabilities plays an important role in analyzing various types of plant data.

Restraints

Lack of Standardization
There are multiple major players in the IIoT market, but these players have not established uniform standards.
At present, the Internet of Things lacks standards for interconnection, such as sensors, interface standards, communication protocols, and management protocols, all of which need further standardization. As an attempt to port new technology to old technology, the Industrial Internet of Things has a large variety of different designs and standards from transmission protocols to input formats. Simply put, if the device and network or data input engine that sends blast furnace temperature operation information are not made by the same company, they may not work together.
Interoperability and easy exchange of information between connected devices are essential for the further development of IIoT. Since IIoT is not only a network of machines connected to the Internet, but also a network of machines, people, etc., it may be urgent to adopt a universal standard in connection type, data format or protocol.

Region Overview:

North America dominated the Industrial IOT market in 2022, with a market share of 34.39%.

Company Overview:

IBM is one of the major players operating in the Industrial IOT market, holding a share of 58.18% in 2018.

IBM

International Business Machines Corporation (IBM) provides computer solutions. The Company offers application, technology consulting and support, process design and operations, cloud, digital workplace, and network services, as well as business resiliency, strategy, and design solutions. IBM serves clients worldwide.

Microsoft

Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices.

Segmentation Overview:

Among different product types, Hardware segment is anticipated to contribute the largest market share in 2028.

Application Overview:

The market's largest segment by application is the segment Manufacturing, with a market share of 28.66% in 2022.

Key Companies in the global Industrial IOT market covered in Chapter 3:

Synopsys
HCL
Ericsson
Samsung
IBM
Microsoft
SAP
Google
Dell
PTC
Oracle
Amazon
AT&T
Hitachi
GE
HPE
Cisco
Intel

In Chapter 4 and Chapter 14.2, on the basis of types, the Industrial IOT market from 2018 to 2029 is primarily split into:

Hardware
Software
Services

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Industrial IOT market from 2018 to 2029 covers:

IT & Telecommunication
Manufacturing
Healthcare
Retail
Oil & Gas
Energy & Power
Automotive
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)