North America Industrial IoT Market to be Worth $86.30 Billion by 2030-by Meticulous Research®

According to a new market research report titled, 'North America Industrial IoT Market by Component (Hardware, Platform, Services, Connectivity), Industry (Agriculture, Manufacturing, Energy & Utilities, Oil & Gas, Aerospace, Retail, Transportation & Logistics, Others), & Geography-Forecasts to 2030', the North America industrial IoT market is projected to reach $86.30 billion by 2030, at a CAGR of 16.6% from 2023 to 2030.

Industrial IoT (IIoT) refers to sensors, instruments, machines, and other devices networked via industrial management and business intelligence (BI) applications. IIoT is the connectivity between systems, machines, and people in the manufacturing world that benefits various sectors, including healthcare, public utilities, retail, logistics, and others. IIoT increasingly occupies more space in industrial environments, improving operations, resource utilization, inventory management, and more through sensors and smart machinery.

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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.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (hardware (network components, sensors & actuators, and others), platforms, services (professional & managed), and connectivity), industry verticals (agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and others) and countries.

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. However, the platforms segment is slated to record the highest CAGR during the forecasted period.
Industrial IoT platforms are tools for improving connectivity, control, and data analysis in industrial environments. Industrial IoT platforms offer avenues to coordinate connected devices and processes. They assist in developing applications for unique improvements and challenges. The rising adoption of industrial IoT platforms by different industry verticals to improve operational efficiency, along with the increasing need for superior monitoring technologies, is driving the growth of this segment.

In addition, the rising focus of companies on product launches and enhancement is expected to create opportunities for segment growth. For instance, in January 2022, Emerson Electric Co. (U.S.) launched its PACSystems Edge Solutions, a new portfolio of turnkey industrial edge hardware and software solutions. These solutions enable OEMs and end users to rapidly configure and implement advanced edge computing, visualization, and IIoT technology .

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Based on industry vertical, the North America industrial IoT market is 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.

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.

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. The 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. However, Canada is expected to grow with the highest CAGR during the forecast period.

Factors driving the growth of the Canadian market include the growing demand for industrial automation, technological advancements, and the increasing need for modern factory automation applications. Although Canada's industrial IoT market is not as mature as the U.S., it has shown robust growth over the past few years. As a result, many Canadian IIoT adopters are now using their connected solutions to make real-time decisions and launch new business models. The country is taking the necessary steps to keep up with global technological advancements. Thus, all such factors are expected to drive the IIoT market growth in Canada.

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.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/north-america-industrial-iot-market-5660

Scope of the Report:

North America Industrial IoT Market, by Component
• Hardware
o Network Components
o Sensors & Actuators
o Others
• Platform
• Services
o Professional Services
o Managed Services
• Connectivity

North America Industrial IoT Market, by Industry Vertical
• Agriculture
o Precision Farming
o Livestock Monitoring
o Smart Greenhouse
o Fish Farming
o Smart Irrigation
• Manufacturing
o Surveillance & Safety
o Quality Management
o Resource Optimization
o Inventory & Warehouse Management
o Machine Inspection & Maintenance
o Production Planning
o Energy Management
o Smart Robotics
• Retail
o Operations Management
o Asset Management
o Customer Experience Management
• Energy & Utility
o Predictive Maintenance
o Remote Monitoring
o Worker Safety & Security
o Distribution Management
o Asset Management
• Oil & Gas
o Predictive Maintenance
o Remote Monitoring
o Worker Safety & Security
o Distribution Management
o Asset Management
• Aerospace/Airline
o Performance Management
o Energy Management
o Predictive Maintenance
o Passenger Experience Management
• Transportation & Logistics
o Smart Ticketing & Toll
o Parking Management
o Traffic Management
o Passenger Information
o Freight Information
o Telematics
o Others
• Telecom
o Asset Management
o Remote Monitoring
o Others
• Other Industry Verticals

North America Industrial IoT Market, by Country
• U.S.
• Canada

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This release was published on openPR.