Press release
Global Industrial IoT (IIoT) Market Size, Share & Forecast to 2028 - Valuates Reports
Major Factors Driving The Growth of the Industrial Internet of Things Market are:
The growth of the IIoT industry is driven by the increasing adoption of Industry 4.0. Furthermore, the need to increase efficiency, the need for predictive maintenance and to develop insights about the process flow in various industries, including manufacturing, Energy, Oil & Gas, Metal & Mining, Healthcare, Retail, Transportation, and Medical is expected to drive the growth of IIoT market.
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TRENDS INFLUENCING THE GROWTH OF INDUSTRIAL IOT (IIOT) MARKET
The increasing use of IIoT in the manufacturing sector is expected to drive the growth of the industrial internet of things market. Data from remote assets in a manufacturing unit can be accessed from a central location thanks to connected IoT devices. These assets can be remotely monitored and controlled, providing a greater degree of control. They can also boost machine utilization by emphasizing the importance of preventive maintenance. In addition, real-time data from industrial internet of things connected equipment can aid in the prediction of machine problems. This enables manufacturers to take proactive actions to address issues before they arise, resulting in increased machine uptime and overall productivity.
The industrial internet of things energy movement focuses on integrating connections into equipment and devices, connecting those devices to intelligent networks, and extracting meaningful and actionable insights from that data using data analytics. Energy generation businesses, for example, will implant industrial internet of things sensors inside wind turbine vanes to manage their velocity, rotation, and functioning in real-time in response to changing wind conditions. The main value of smart grid and IIoT solutions is that they assist in realizing the potential of existing data and harvesting it for automation, better decision making, and ultimately increased efficiency. Thus the growing use of IIoT in the energy sector is expected to fuel the industrial internet of things market growth.
Oil and gas is a large industry with a lot of variables to manage at the same time. The IIoT benefits oil and gas firms by allowing them to design an integrated deployment plan. This in turn is expected to drive the growth of the industrial internet of things market. The industrial internet of things enables Oil and gas businesses to monitor various operations and optimize, automate, or digitize them as needed. Through sensor technologies and enhanced telemetry, IIoT installation streamlines the process of monitoring these variables.
The rising adoption of IIoT in Mining is expected to further propel the industrial internet of things market. With numerous sets of exploration data and modeling to help target subsequent drilling, IIOT can give mining operators a better understanding of the resource base, decreasing uncertainty. Machines that are IIoT-enabled can help optimize material and equipment flow for better efficiency and production, as well as predict equipment breakdowns. The IIoT market is predicted to increase as a result of these factors.
Furthermore, in healthcare, organizations will be able to record, transmit, aggregate, and analyze data in real-time using IIoT systems that connect medical equipment, allowing them to practice evidence-based treatment. In this way, the industrial internet of things can improve people's health, safety, and productivity all across the world.
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INDUSTRIAL IOT (IIOT) MARKET SHARE ANALYSIS
Based on application, manufacturing is expected to be the most lucrative segment. Manufacturing companies are rapidly adopting digital manufacturing technologies, and the Internet of Things (IIoT) plays a critical role in these cutting-edge technologies. The market is expected to develop significantly in the near future, owing to the strategic partnerships and alliances that stakeholders are forming, as well as the growing demand for a linked supply chain to provide flexibility, operational efficacy, and regulatory compliance.
Based on region, North America and the Asia Pacific is expected to be the most lucrative region. Several well-established market participants can be found in North America. The region was also an early adopter of IIoT and has evolved into an innovation hotspot.
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Market By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Key players
ARM Holding (UK)
Cisco (US)
GE (US)
Intel (US)
Rockwell Automation (US)
ABB (Switzerland)
Texas Instruments (US)
Dassault Systèmes (France)
Honeywell (US)
Huawei Technologies (China)
IBM (US)
KUKA AG(Germany)
NEC Corporation (Japan)
Bosch (Germany)
Siemens AG (Germany)
PTC (US)
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