Industrial IoT Market is expected to register exponential growth

According to the latest research report published by Market Data Forecast, the global industrial IoT market is predicted to grow at a CAGR of 11.91% from 2024 to 2029, and its size is expected to be USD 659.6 billion by 2029, up from USD 375.7 billion in 2024.

Industrial IoT, known as the Industrial Internet of Things, involves linking devices, sensors, and machines in industrial settings to gather data, analyze processes, and automate operations. IIoT is being used in manufacturing, energy, and transportation to improve efficiency and predict maintenance needs. By using sensors and connected devices, it collects real-time data, offering insights into machinery performance, supply chains, and operational effectiveness. Industrial IoT aims to streamline operations, reduce downtime, and cut costs by harnessing interconnected devices and data analysis in various industrial sectors.

Global Industrial IoT Market Report Scope:
• Market Size (2029): USD 659.6 Billion
• Market Size (2024): USD 375.7 Billion
• CAGR (2024 to 2029): 11.91%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: By Devices and Technology, End-User, and Region
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: Siemens AG, General Electric (GE), Cisco Systems, Inc., Rockwell Automation, ABB Ltd, IBM Corporation, Honeywell International Inc., Microsoft Corporation, Schneider Electric SE, Bosch.IO (Bosch IoT Suite), PTC Inc., Intel Corporation, Huawei Technologies Co., Ltd., Emerson Electric Co., Dell Technologies Inc., Hitachi Vantara, SAP SE, Oracle Corporation, Amazon Web Services (AWS), and others.

Market Drivers:

The rising awareness and application are driving the industrial IoT market growth. The extensive use of different IoT-based products in several industrial activities like software-defined manufacturing processes, robotics, and medical devices is primarily pushing the market forward. It is widely employed for optimization, networking, automation, and maintenance. Also, it enhances the functional productivity and reliability of both small and large companies. Hence, with the high performance and effectiveness of these systems, the Industrial IoT market is expanding rapidly.
The increased acceptance of automated and advanced connected technologies in the manufacturing industry is propelling the industrial IoT market. Artificial intelligence, lower-power chips, and machine learning are providing new potential applications. According to a study, 35 to 40 percent of the growth is projected to come from factories and human health. Technological developments in chips, security, and connectivity are reducing costs and delivering better systems.
Furthermore, stable linked supply and smart production methods are largely relied upon industrial IoT. Moreover, the manufacturers are benefiting from the introduction of affordable connected devices like minimise resource usage and increase total productivity.

Market Restraints:

The growing cybersecurity and privacy attack surface and frequency is hindering the industrial IoT market. IoT devices are expanding networks and areas of operation, which are simultaneously growing attack vectors. Even a single exposed and linked device can significantly harm the industrial Internet of Things. This might inflict serious damage to the critical infrastructure which will ultimately limit market growth. It is clear from the fact that hackers can easily break through firewalls and security devices if researchers, with sufficient time and dedication, can do this. For example, with simple techniques, the university and Microsoft researchers found several shortcomings in Samsung's SmartThings smart home platform. Therefore, these problems will restrict market expansion.
The industrial IoT market growing is derailed by the disrupted supply of chipsets. However, the chipset supply got better since the requirement decreased because of the slow global economy. Also, new plants and factors are scheduled, but still, it will take a couple of years to commence production and start delivering to end-user industries. For instance, initiatives under the US Chip and Science Act (2022) and the EU Chips Act (2022).

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/industrial-ioT-market

Key Insights from The Report:
•Based on Devices and Technology, the networking technology segment led the market and accounted for a large share of the global market in 2023.
•Based on End-Use, the manufacturing segment captured the largest share of the global market in 2023.
•North America dominated the industrial IoT market in 2023. Europe accounted for the second-highest share of the global market in 2023, and the Asia-Pacific region is estimated to grow over the forecast period.

SEGMENTATION INCLUDED IN THIS REPORT:

By Devices and Technology
•Monitoring
•Smart meter
•Sensor
•RFID
•Industrial Robotics
•DCS
•Camera System
•Networking Technology

By End-Use
•Logistics and Transport
•Energy and Power
•Manufacturing
•Oil and gas
•Healthcare
•Agriculture

By Region:
•North America
•Europe
•Asia-Pacific
•Middle East & Africa
•Latin America

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year, and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferences

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market Share Analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 Industrial IoT Market, By Devices and Technology
6.1.1 Monitoring
6.1.2 Smart meter
6.1.3 Sensor
6.1.4 RFID
6.1.5 Industrial Robotics
6.1.6 DCS
6.1.7 Camera System
6.1.8 Networking Technology
6.1.9 Market Size Estimations & Forecasts (2024 to 2029)
6.1.10 Y-o-Y Growth Rate Analysis
6.1.11 Market Attractiveness Index
6.2 Industrial IoT Market, By End-Use
6.2.1 Logistics and Transport
6.2.2 Energy and Power
6.2.3 Manufacturing
6.2.4 Oil and gas
6.2.5 Healthcare
6.2.6 Agriculture
6.2.7 Market Size Estimations & Forecasts (2024 to 2029)
6.2.8 Y-o-Y Growth Rate Analysis
6.2.9 Market Attractiveness Index

7. Geographical Landscape
7.1 Global Industrial IoT Market, by Region
7.2 North America - Market Analysis (2024 to 2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Devices and Technology
7.2.3 By End-Use
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Devices and Technology
7.3.3 By End-Use
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Devices and Technology
7.4.3 By End-Use
7.5 Latin America
7.5.1 By Country
7.5.1.1 brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Devices and Technology
7.5.3 By End-Use
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Devices and Technology
7.6.3 By End-Use

8. Key Player Analysis
8.1 Siemens AG
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 General Electric (GE)
8.3 Cisco Systems, Inc.
8.4 Rockwell Automation
8.5 ABB Ltd
8.6 IBM Corporation
8.7 Honeywell International Inc.
8.8 Microsoft Corporation
8.9 Schneider Electric SE
8.10 Bosch.IO (Bosch IoT Suite)

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

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