Industrial IoT Market to Reach US$ 1.3 Tn by 2032; Market Expected to Advance at a CAGR of 12.2%: FMI
The industrial IoT market is projected to reach a valuation of US$ 1.3 Tn by 2032, advancing at a CAGR of 12.2% throughout the forecast period.
Technological developments in semiconductor and electronic devices, growing usage of cloud computing platforms, standardization of IPv6, and backing from governments of various nations for IIoT R&D efforts are all driving the industrial IoT market forward.
The industrial internet of things market is predicted to grow at a rapid pace over the forecast period, thanks to advances in technology and the increasing availability of affordable sensors and processors that can provide real-time access to information.
The industrial IoT market is expected to grow due to the growing requirement to improve operational competence and excellent collaboration among major market participants to achieve the same. Furthermore, the techniques being developed to create a united digital-human workforce are projected to provide significant prospects for industrial IoT market share growth.
Artificial intelligence and the internet of things are gaining traction in the industrial industry, propelling the market ahead. The breakout of the COVID-19 pandemic in 2020 put the industrial sector to the test. As a result, the usage of AI and IoT in the production industry has accelerated. In the absence of a regular crew in manufacturing plants, activities such as condition monitoring and repair and maintenance were carried out with the help of AI and machine learning (ML) algorithms.
As the number of things linked to the Internet grows dramatically around the world, the advent of Internet Protocol version 6 (IPv6) has aided the expansion of the industrial IoT market.
The adoption of remote working practices in the aftermath of the COVID-19 pandemic has sparked a desire for operational openness. At this point, smart linked solutions are expected to play a critical role in acquiring organizational, operational visibility.
Businesses are looking forward to establishing resilience to ensure growth in the post-COVID age, as well as adjusting to remote working and automating their processes accordingly. As a result, they’re concentrating on the industrial IoT market adoption trends in order to entice customers, improve customer experience, and raise brand awareness. All of these activities augur well for the industrial IoT market’s growth in the next years.
- The US industrial IoT market size is projected to reach US$ 302.4 Bn by 2032.
- From 2021 to 2028, the logistics and transportation segment is expected to grow at a CAGR of more than 26%. The considerable emphasis that logistics and transportation businesses are placing on improving asset management and, as a result, on the implementation of smart transportation can be linked to the rise.
- The manufacturing segment of the industrial IoT market is expected to rise at a CAGR of 11.1% throughout the forecast period.
- In 2021, networking technology held the biggest industrial IoT market share. The backbone of the IIoT is networking technology, particularly wireless technology.
- In terms of value, APAC is expected to have the greatest share of the market in 2021. Asia Pacific has become a global focus point for large investments and corporate growth, and it is a major hub for industrial manufacturing.
The leading industry participants are projected to concentrate on cost-cutting, making it difficult for new entrants to break into the industrial IoT market. Venture capital funding, on the other hand, is projected to aid IIoT firms in breaking into the market.
Companies in both the private and public sectors are likely to begin focusing on innovation, productivity, and value as they grasp the importance of IIoT in offering integrated and sustainable products and services to tech-savvy organizations. Industrial IoT is becoming more accessible and safer, according to leading market participants.
The internet of things market is predicted to rise due to the region’s growing population, rising R&D investments, and international and domestic IT businesses’ increased focus on the expansion of big data analytics and cloud-based services in the region.
Huawei, Cisco, GE, Intel, Rockwell Automation, ABB, Texas Instruments, Honeywell, IBM, KUKA AG, NEC Corporation, Bosch.IO, Siemens AG, and SAP are the major leaders in the industrial IoT market.
Intel, in collaboration with John Deere, introduced AI technology to help fix an expensive, long-standing problem in the production welding process in April 2021. In its manufacturing facilities, Deere is testing a system that employs computer vision to automatically recognise frequent errors in the automated welding process.