North America Industrial IoT Market to be Worth $86.3 Billion by 2030

According to this latest publication from Meticulous Research®, the North America industrial IoT market is projected to reach $86.3 billion by 2030, at a CAGR of 16.6% from 2023 to 2030. Major factors driving this market's growth are rising investments in Industry 4.0 technologies, government initiatives to promote industrial automation, and the growing need to improve productivity and efficiency. However, the lack of standardization and high capital & OpEx requirements restrain the growth of the IIoT market.

The use of Industrial IoT for predictive maintenance and the proliferation of data centers are expected to create market growth opportunities. However, vulnerability issues with IoT devices and the lack of skilled professionals are major challenges for market growth. Additionally, the rising popularity of IIoT digital twins, the emergence of edge computing, and the rising adoption of smart manufacturing-as-a-service are some of the major trends in this market.

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The North America industrial IoT market is segmented by component and industry vertical. The study also evaluates industry competitors and analyzes the country-level markets.

Based on component, the North America industrial IoT market is segmented into hardware, platforms, services, and connectivity. In 2023, the hardware segment is expected to account for the largest share of the North America industrial IoT market. The large market share of this segment is attributed to factors such as consistent engagement of the industrial sector in improving efficiency, reducing costs, and increasing the Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions.

In addition, rising investment in the digital transformation of industries is expected to boost the demand for IIoT hardware. For instance, in September 2023, the Canadian government made a significant investment in Canada's Global Innovation Clusters, demonstrating its focus on growing automation and other innovative technologies. This year, USD 700 million in funding is spread across five clusters, three of which are relevant to the industrial sector - the Advanced Manufacturing Cluster, the Digital Technology Cluster, and the Scale AI Cluster. However, the platforms segment is slated to record the highest CAGR during the forecasted period.

Based on industry vertical, the North America industrial IoT market is broadly segmented into agriculture, manufacturing, retail, energy & utilities, oil & gas, aerospace, transportation & logistics, telecom, and other industry verticals. In 2023, the manufacturing segment is expected to account for the largest share of the North America industrial IoT market. The manufacturing industry is adopting automation and robotics systems extensively throughout production lines to enhance product quality, reduce work-in-progress time, and improve equipment reliability. IIoT can transform traditional, linear manufacturing supply chains into dynamic, interconnected systems-a digital supply network (DSN)-that can more readily incorporate ecosystem partners.

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Thus, the growing need for centralized monitoring and predictive maintenance of assets, the increasing number of smart factories, the advent of Industry 4.0, and the increasing adoption of autonomous robots for industrial automation drive the growth of this segment. Moreover, the manufacturing segment is also expected to record the highest CAGR during the forecast period. Some of the recent developments are as follows:

Based on geography, the North America industrial IoT market is segmented into the U.S. and Canada. In 2023, the U.S. is expected to account for the largest share of the North America industrial IoT market. A large share of the market is attributed to the presence of leading industrial IoT players, the advent of Industry 4.0, strong government initiatives, and increasing demand for industrial automation.

The U.S. industrial sectors are heavily embracing large-scale automation, robotics, and industrial connectivity to push Industry 4.0 forward and meet the demands of a huge customer base. For instance, in May 2020 , NC State University (U.S.) partnered with the Clean Energy Smart Manufacturing Innovation Institute (CESMII) (U.S.) to launch the Smart Manufacturing Innovation Center (SMIC) to provide new opportunities for the paper industry to facilitate their digital transformation, IIoT, and analytical innovation initiative. Thus, all such factors are driving the market growth in the country. However, Canada is expected to grow with the highest CAGR during the forecast period.

Key Players:

The key players operating in the North America industrial IoT market are ABB Ltd. (Switzerland), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co, Ltd. (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.)

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Key questions answered in the report:

Which are the high-growth market segments based on component and industry vertical?

What was the historical market for industrial IoT in North America?

What are the market forecasts and estimates for the period 2023-2030?

What are the major drivers, restraints, and opportunities in the North America industrial IoT market?

Who are the major players, and what shares do they hold in the North America industrial IoT market?

How is the competitive landscape in the North America industrial IoT market?

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This release was published on openPR.