Global Industrial IOT Market Report and Forecast 2024-2032

Global Industrial IOT Market Outlook

The global industrial IoT market size attained a value of USD 87.31 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.7% to reach USD 157.31 billion by 2032.

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The expansion of the market for industrial internet of things (IIoT) is anticipated to be fuelled by technological developments and the growing number of reasonably priced processors and sensors that can offer real-time information access. The IoT industry market size is also expanding as a result of extensive collaborations amongst the main players and the increasing requirements to enhance operational proficiency. Also, the industrial IoT market map is expected to witness growth due to the major benefits facilitated by the industrial internet of things, including automated quality assurance monitoring, large profit margins from increased power efficiency, productivity growth, and manufacturing industry efficiency.

Moreover, IIoT has the capability and potential to assist industries in lowering operating costs, guaranteeing employee safety, and boosting throughput. Companies are increasingly creating new product and service hybrids to reinforce their positions and create new revenue streams by providing quantifiable outcomes in addition to selling solutions. In turn, it's projected that this will increase the IIoT market share during the forecast period.

Heightened Application of Industrial IoT in the Manufacturing Industry to Augment the Growth of the Market

The extensive use of internet of things devices in the manufacturing industry is expected to bolster the industrial internet of things market share. It is deployed in the production of dashboards in the automotive industry and is also used in the development of mobile interface in the electronics industry. This can be attributed to the beneficial properties of IoT devices, such as error prevention, efficient monitoring, and advanced analytics, which help boost manufacturing efficiency, as it allows for real time data collection and analysis right down to device level. According to the industrial IoT market analysis, IoT is also useful in product design and testing phases. For example, aircraft, trains, and other transportation equipment can be designed with sensors that help measure important components that determine the safety, performance, and durability of the product. These factors are projected to support the market growth in the forecast period.

Geographically, North America is anticipated to account for a significant market share in the global market for industrial internet of things. In this regard, the United States is likely to act as a major growth engine for the North America IoT market. This can be attributed to the presence of the leading manufacturers in the region.

Industrial IoT Market Segmentation

The industrial internet of things (IoT) refers to interconnected sensors and instruments, among others, networked together with computers to carry out various industrial applications, including manufacturing and energy management. The deployment of IIoT solutions allows for the steady automation and optimisation of industrial operations, which helps enhance the productivity and supply chain efficiency. In addition, these devices send an alert to the staff a week prior if there is requirement for replacement of any machine part, thus, helping save time.

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By component, the industrial IoT market report is divided into:

• Hardware

• Software

• Services

• Connectivity

The industrial IoT market segments can be broadly categorised, on the basis of end user, into:

• Manufacturing

• Energy and Utilities

• Automotive and Transportation

• Healthcare

• Others

The EMR report looks into the regional markets of industrial IoT like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increased Deployment of Industrial IoT in the Healthcare Sector to Bolster the Industrial IoT Market Growth

The increased demand for IoT in the healthcare sector is expected to increase the IIoT market size. IoT in healthcare industry enables reduced medical errors, as it reduces manual data entry which allows for efficient patient monitoring and treatment. In addition, IIoT solutions also help to reduce medical device downtime. Furthermore, IoT enables healthcare professionals to connect with the patients remotely, which helps to expand the accessibility of healthcare services. As per the Industrial IoT market forecast, IoT devices can be worn on-the-go as wearables by the patients to track the health and medical conditions, such as heart monitors, glucose monitors, and others. These allow for real time data sharing and analysis to reduce the frequency of preventable deaths. These factors are expected to aid the market growth in the coming years.

Key Players in the Global Industrial IoT Market

The report presents a detailed analysis of the following key players in the global industrial IoT market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Honeywell International Inc.

• ABB Limited.

• Cisco Systems Inc.

• IBM Corporation

• Siemens AG

• General Electric Company

• Intel Corporation

• Microsoft Corporation

• Amazon Web Services, Inc.

• Rockwell Automation, Inc.

• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report