Press release
The Industrial Internet of Things (IIoT) Market is expected to reach USD 3,179.26 billion by 2034, expanding at a CAGR of 23.5% over the forecast period.
Industrial Internet of Things (IIoT) Market
Market Definition:
The Industrial Internet of Things is the usage of smart sensors, actuators, and other gadgets, such as radio frequency identification tags, to improve manufacturing and industrial procedures. These gadgets are interrelated cohesively to offer data gathering, exchange, and inspection. Perspectives acquired from this process help in productivity and dependability. It is utilized in several industries, including manufacturing, energy handling, utilities, and oil and gas.
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Growth Drivers and Opportunities:
• Several reasons have contributed to the expansion of the Industrial Internet of Things (IIoT) market in recent years. Among these is the growing acquisition of cloud computing, in which scalable data storage and progressive analytics for interlinked gadgets are gaining prominence.
• The market size will expand due to industries looking to improve functional efficacy, decrease downtime, and maximization of resource management. IoT gadgets and sensors sanction real-time observation and data gathering, while the need for predictive preservation, automation, and predictive analytics fuels the demand.
Key Players:
The aggressive topography of the market highlights global leaders and regional contenders vying to seize market share through invention and tactical alliances. Here is the list of the leading companies operating in the Industrial Internet of Things (IIoT) market:
• ABB
• Arm Limited
• Cisco Systems, Inc.
• GE Vernova
• IBM
• Intel Corporation
• Microchip Technology Inc.
• Microsoft
• Rockwell Automation
• Siemens
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Geographical Landscape:
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America
Segmentation Overview:
The Industrial Internet of Things (IIoT) market analysis is mainly based on deployment, component, end use, software, connectivity technology, device and technology, and region. Based on components, the solution segment witnessed the fastest growth. There has been a growing demand for thoroughly combined solutions that amalgamate hardware, software, and analytics.
According to end use, the logistics & transport segment holds a significant revenue share. Growing requirements for real-time tracking, fleet handling, and route maximization call for accelerated market growth.
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By Deployment Outlook (Revenue, USD Billion, 2020-2034)
• On-Premises
• Cloud
By Component Outlook (Revenue, USD Billion, 2020-2034)
• Services
o Managed
o Professional
• Solution
o Data Management
o Security Solutions
o Remote Monitoring
o Analytics
o Others
• Platform
o Application Management
o Device Management
o Connectivity Management
By End Use Outlook (Revenue, USD Billion, 2020-2034)
• Chemical
• Metal & Mining
• Oil & Gas
• Energy & Power
• Manufacturing
• Healthcare
• Agriculture
• Logistics & Transport
• Others
By Software Outlook (Revenue, USD Billion, 2020-2034)
• Product Lifecycle Management
• Manufacturing Execution Systems
• SCADA
• Outage Management Systems
• Distribution Management Systems
• Remote Patent Monitoring
• Retail Management Software
• Visualization Software
• Transit Management Systems
• Farm Management Systems
By Connectivity Technology Outlook (Revenue, USD Billion, 2020-2034)
• Wired
o Ethernet
o Foundation Fieldbus (FF)
• Wireless Technologies
o Wi-Fi
o Bluetooth
o Cellular Technologies
o Satellite Technologies
By Device and Technology Outlook (Revenue, USD Billion, 2020-2034)
• Sensors
• Radio Frequency Identification (RFID)
• Industrial Robotics
• Distributed Control Systems
• Condition Monitoring
• Smart Meters
• Electronic Shelf Labels
• Cameras
• Smart Beacons
• Interface Boards
• Yield Monitors
• Guidance & Steering
• GPS/GNSS
• Flow & Application Control Devices
• Networking Technology
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