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Industrial IoT Market Projected to Reach $408.2 Billion by 2031 | Meticulous Research®
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According to this comprehensive study, the industrial IoT market is projected to surge to $408.2 billion by 2031, boasting a robust CAGR of 19.3% from 2024 to 2031. This market growth is propelled by significant investments in Industry 4.0 technologies, supportive government policies for industrial automation, and an increasing need for enhanced productivity and efficiency. Nevertheless, challenges such as the lack of standardization and high capital expenditures impede market growth.
The expanding use of Industrial IoT for predictive maintenance and the rapid proliferation of data centers present substantial growth opportunities. Conversely, IoT device vulnerabilities and a shortage of skilled professionals pose significant challenges. Trends like the growing use of IIoT digital twins, the advent of edge computing, and the rising adoption of smart manufacturing-as-a-service are shaping the market landscape.
The industrial IoT market is categorized by component and industry vertical. The study assesses industry competitors and provides a regional and country-level market analysis.
By component, the market is divided into hardware, platforms, services, and connectivity. In 2024, the hardware segment is anticipated to capture the largest market share at 32.2%. This dominance is due to ongoing efforts by industrial organizations to enhance efficiency, cut costs, and boost Overall Equipment Effectiveness (OEE) through better real-time information access. The platforms segment is predicted to achieve the highest CAGR during the forecast period.
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By industry vertical, the market is segmented into agriculture, manufacturing, retail, energy & utilities, oil & gas, aerospace, transportation & logistics, telecom, and other sectors. In 2024, the manufacturing sector is expected to hold the largest market share at 24.5% and register the highest CAGR. This is driven by the widespread adoption of automation and robotics in manufacturing to improve product quality, reduce work-in-progress time, and enhance equipment reliability. IIoT is poised to revolutionize traditional manufacturing supply chains into dynamic, interconnected digital supply networks (DSNs).
Additionally, the need for centralized monitoring and predictive maintenance of assets, the rise of smart factories, the advent of Industry 4.0, and the increasing use of autonomous robots for industrial automation contribute significantly to the manufacturing sector's market share.
Geographically, the industrial IoT market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to command the largest market share at 38.2% in 2024. This is attributed to the region's rising demand for automation, increasing use of industrial robots, the emergence of Industry 4.0, growing adoption of cloud-based solutions, and the presence of key market players.
Asia-Pacific's industrial sector is undergoing rapid transformation, driven by the adoption of disruptive technologies such as AI, machine learning, and IoT, which accelerate cloud adoption. Moreover, the region is at the forefront of various government initiatives and strategic plans of leading vendors in the industrial IoT market. Asia-Pacific is projected to grow at the highest CAGR of 19.8% during the forecast period.
Key Players:
The key players operating in the 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 globally?
• What are the market forecasts and estimates for the period 2024-2031?
• What are the major drivers, restraints, and opportunities in the industrial IoT market?
• Who are the major players, and what shares do they hold in the industrial IoT market?
• What is the competitive landscape like in the industrial IoT market?
• What are the recent developments in the industrial IoT market?
• What are the different strategies adopted by the major players in the industrial IoT market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the industrial IoT market, and how do they compete with the other players?
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