Industrial Internet of Things (IIoT) Market- Huge Growth Opportunities & Expansion by 2032

Industrial Internet of Things Market Size, Share, Competitive Landscape and Trend Analysis Report by Component and Application - Opportunity Analysis and Industry Forecast, 2023-2032

IIoT market size is projected to reach at $197 billion by 2023, growing at a CAGR of 7.5% by 2023.

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The growth of the IIoT industry is driven by factors such as technological advancements in semiconductor and electronic devices, increased use of cloud computing platforms, standardization of IPv6, and support from governments of different countries for R&D activities related to IIoT.

The global Industrial Internet of Things (IIoT) market is experiencing substantial growth, primarily propelled by the increasing awareness of IoT solutions and the widespread adoption of diverse IoT applications in various industrial sectors such as robotics, medical devices, and software-defined production processes. Industrial IoT seamlessly integrates IoT with numerous industrial processes, including automation, optimization, maintenance, and networking. This integration enables enterprises and industries to enhance efficiency and reliability in their operations. Consequently, the rise of Industrial Internet of Things is fueling market growth due to the exceptional levels of efficiency and performance it delivers during operational processes.

Networking technologies accounted for the largest market share in 2021. Networking technologies, especially wireless technology, are the backbone of IIoT. Numerous machines and sensor nodes are connected to the Internet using these technologies to facilitate machine-to-machine communication. These technologies also enable the collection of large volumes of data for improved decision-making. An extensive range of wireless communication technologies are available based on connectivity range, power requirements, and data transfer rates. The industrial sector is relying increasingly on cellular technologies for machine-to-machine communication.

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IIoT is a network of multiple devices connected through communications technologies. The sub-systems are able to collect, monitor, analyze, and deliver insights for driving business decisions for the industrial companies. IIoT is an integration of advanced technologies such as Machine-to-Machine (M2M) communication.

Technologies, such as big data and machine learning (ML), are being used increasingly to harness the data generated from connected devices to improve machine-to-machine (M2M) communication and streamline workflow. Also, declining manufacturing and sensor costs in producing IoTs further drive the demand.

Significant advantages, such as large-scale profit margins through improvements in power efficiency, attract companies to invest in the market aggressively. According to a study by Microsoft, IoT is increasingly becoming indispensable to the manufacturing industry. 87% of IoT decision-makers in the industry have adopted IoT, and the vast majority say IoT is critical to the success of their company and that they are satisfied with the technology.

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Furthermore, the utilization and demand for edge computing in Industrial IoT are rapidly increasing due to its next-generation capabilities. For instance, in the current year, SECO, an Italian high-tech company, has announced a strategic partnership with Qualcomm Technologies International, Ltd-the goal of introducing innovative edge computing products and solutions tailored for the industrial Internet of Things (IIoT). Under the agreement, SECO is appointed Qualcomm Technologies IIoT design center partner, responsible for creating specific reference designs for readily available hardware solutions, primarily targeting OEM customers.

The key players profiled in the report include Cisco Systems, Inc., General Electric, Intel Corporation, Rockwell Automation, Inc., ABB, Texas Instruments Inc., Dassault Systmes, Honeywell International Inc., Huawei Technology Co., Ltd., and International Business Machines Corporation (IBM). These market players focus on the development of new technology, launch of novel products with innovative variations, and adoption of partnership and collaboration as key strategies to establish their position in the market.

Key Findings of the Industrial Internet of Things (IIoT) Market:
• Hardware components are projected to continue to maintain their leading position during the forecast period.
• Manufacturing application is projected to continue to maintain its leading position till 2023.
• Asia-Pacific is expected to exhibit promising growth rate during the forecast period.
• IIoT industry participants is anticipated to focus on introducing new products with innovations and partnerships to improve their market share.

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