The Global industrial IoT market was valued at USD 76.8 billion in 2022 and is projected to reach USD 110.6 billion by 2030, at a CAGR of 7.6% during the forecast period. The global industrial Internet of Things (IoT) market refers to the use of connected devices and sensors in industrial settings to gather data, automate processes, and improve efficiency. The market includes hardware, software, and services related to industrial IoT applications.

Browse 215 market data Tables and 96 Figures spread through 312 Pages and in-depth TOC on "Industrial IoT Market Size, Share & Trends Estimation Report By Outlook, By Region, And Segment Forecasts, 2022 - 2030" View detailed Table of Content here-https://www.contrivedatuminsights.com/product-report/industrial-iot-market-248670/

The market is being driven by factors such as the increasing adoption of cloud computing and big data analytics, the growing demand for smart manufacturing and Industry 4.0 technologies, and the need for real-time monitoring and predictive maintenance. Additionally, the rise of 5G networks and edge computing is expected to further accelerate the growth of the industrial IoT market.

Market Dynamics

Cloud Computing and Big Data Analytics: The adoption of cloud computing and big data analytics is enabling companies to collect, store, and analyze large amounts of data generated by connected devices, allowing them to make more informed decisions and optimize their operations.

Industry 4.0: The industrial IoT is a key component of Industry 4.0, which refers to the fourth industrial revolution that is characterized by the integration of advanced technologies, such as artificial intelligence (AI), the Internet of Things (IoT), and robotics, into manufacturing processes.

Security Concerns: With the increasing number of connected devices in industrial settings, there is a growing concern about the security of these devices and the data they generate. Cybersecurity threats such as hacking and data breaches can result in significant financial and reputational damage.

Interoperability: The lack of interoperability between different industrial IoT devices and systems can be a barrier to adoption, as companies may be hesitant to invest in a system that may not work seamlessly with their existing infrastructure.

Data Privacy and Security: With the increasing number of connected devices and sensors in industrial settings, there is a growing concern about the security and privacy of the data generated by these devices. The risk of cyber attacks and data breaches can result in significant financial and reputational damage.

Interoperability: The lack of interoperability between different industrial IoT devices and systems can be a challenge for companies looking to integrate these systems with their existing infrastructure. This can lead to issues such as data silos, increased complexity, and reduced efficiency.

Increased Efficiency: The use of industrial IoT devices and systems can help companies optimize their operations and improve efficiency, leading to cost savings and increased productivity.

Predictive Maintenance: By using real-time monitoring and predictive maintenance, companies can reduce downtime and extend the lifespan of equipment, leading to significant cost savings.

The connectivity segment includes the networks and protocols used to connect industrial IoT devices and enable data exchange between them. This includes wired and wireless networks such as Ethernet, Wi-Fi, and cellular. The security segment includes tools and technologies designed to protect industrial IoT devices and networks from cyber threats and data breaches.

The cloud segment includes the use of cloud-based services and platforms to store, process, and analyze data generated by industrial IoT devices. The edge computing segment includes the use of localized computing power to process and analyze data in real-time at the edge of the network, closer to where the data is generated.

The retail industry is using industrial IoT devices to improve inventory management, enhance the customer experience, and optimize supply chain operations. The aerospace and defense industry is using industrial IoT devices to improve maintenance and repair operations, optimize aircraft performance, and enhance situational awareness.

The construction industry is using industrial IoT devices to improve site safety, optimize resource utilization, and enhance project management. Other end-use segments may include mining, oil and gas, telecommunications, and government, among others.

Regional Analysis

Regionally, North America is expected to dominate the industrial IoT market due to the high adoption of advanced technologies in the manufacturing sector, while Asia Pacific is expected to see the fastest growth due to the increasing industrialization and modernization of manufacturing processes in countries such as China and India.

The Middle East and Africa industrial IoT market is driven by increasing adoption of automation technologies in various industries such as oil and gas, energy, and manufacturing. The Latin America industrial IoT market is expected to grow due to increasing investment in infrastructure and a growing focus on Industry 4.0 initiatives.

Competitive Analysis

In January 2022, Siemens AG announced the acquisition of Sqills, a Dutch provider of software solutions for the rail and bus industry, to expand its portfolio of digital solutions for the transportation sector.

In August 2021, Honeywell International Inc. announced an investment in InertialSense, a US-based provider of microelectromechanical systems (MEMS) technology for use in industrial IoT applications.

In May 2021, Cisco Systems, Inc. announced the acquisition of Kenna Security, a US-based provider of cybersecurity solutions for the industrial IoT market, to enhance its security offerings for customers.

In March 2021, Schneider Electric SE announced the acquisition of ETAP Automation, a US-based provider of electrical engineering software solutions for the industrial IoT market, to enhance its capabilities in power management and electrical systems.

In December 2020, Microsoft Corporation announced the acquisition of CyberX, an Israeli provider of cybersecurity solutions for the industrial IoT market, to enhance its security offerings for customers.

Segmentation Analysis of The Global Industrial IoT Market 2016-2030

The report forecasts revenue growth at global, regional, and country matrics and analyzes the latest industry trends in each of the sub-segments ranging from 2016-2030. For this, CDI has segmented the global Industrial IoT market report based on capacity, vehicle, application, and propulsion type along with regional analysis. 

Component Outlook (Revenue, USD Billion, 2018 - 2030)

Solution

• Remote Monitoring
• Data Management
• Analytics
• Security Solutions
• Others

Services

• Professional
• Managed

Platform

• Connectivity Management
• Application management
• Device Management

End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Metal & Mining
• Chemical
• Manufacturing
• Energy & Power
• Oil & Gas
• Healthcare
• Logistics & Transport
• Agriculture
• Others

Regional Outlook (Revenue, USD Million, 2018 - 2030)

By Region

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America