NEW YORK, USA, Oct. 13, 2022 (GLOBE NEWSWIRE) — According to a research report by MRFR, “IIoT marketAccording to End-User, Deployment, Component, Connectivity and Region-Forecast 2030”, the global market is projected to grow significantly during the assessment period from 2020 to 2030, with a healthy CAGR of around 20.11% from approx. is calculated at the value of dollars. 859.42 billion by the end of 2030.
Industrial Internet of Things (IIoT) Market Overview:
The Internet of Things or Internet of Things refers to the newest technology that is developing a global network of devices and machines that can exchange information and interact with each other via the Internet. IoT can generate information about several connected objects, inspect objects and make important decisions. The global market for the Industrial Internet of Things has grown tremendously over the past few years. Advances in technologies such as analytics, artificial intelligence, machine learning and robotics are key elements driving the growth of the market.
IIoT Market Competitive Analysis
The directory of prominent participants in the global market for Industrial Internet of Things (IIoT) includes players such as:
- Siemens AG (Germany)
- Huawei (China)
- Texas Instruments (USA)
- Cisco (USA)
- Honeywell (USA)
- GE (USA)
- IBM (USA)
- Intel (USA)
- KUKA AG (Germany)
- Rockwell Automation (USA)
- NEC Corporation (Japan)
- ABB (Switzerland)
- Bosch.IO (Germany)
- SAP (Germany)
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In addition, increasing investments by a number of industry players in the industrial IOT market is also expected to boost the market expansion in the coming years. Moreover, the advent of automation and increasing pace of industrialization to reduce the pressure on several manufacturing facilities is also predicted to change the progress of the market in the coming years.
Industrial Internet of Things (IIoT) Market covers USP
IIoT Market Drivers
The global market for internet of industrial facilities has grown in recent times due to aspects such as high adoption rate of various cloud-based deployment models, growth in various technical advancements, and low operational cost of IoT.
Industrial Internet of Things Market Constraints
On the contrary, the ease of availability of various substitutes may limit the functioning of the market.
Scope of the IIoT Market Report:
|Market size by 2030||859.42 billion USD|
|CAGR during 2022-2030||20.11%|
|Scope of the report||Revenue Forecast, Competitive Landscape, Growth Factors and Trends|
|Key Market Opportunities||According to the Industrial IOT market forecast, after years of anticipation, continuous acquisition and hype, the IoT or Internet of Things is expected to become a mainstream business use.|
|Key Market Drivers||Connected and intelligent products are essential components in smart manufacturing processes and connected supply chains.|
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Impact of COVID-19
A global health crisis like the COVID-19 pandemic has affected most industries around the world. Unlike other market sectors, the global market for industrial internet of things (IIoT) has experienced a number of positive and unexpected changes during the pandemic. With the rapid growth of IT sectors worldwide, the global market for industrial facilities internet is expected to grow in the coming years.
Industrial Internet of Things (IIoT) Market Segment Analysis
Among all the components, the solutions segment is projected to secure the top position in the global market for industrial internet over the coming years. as part of their efforts to expand their market shares, solution providers are focusing on implementing innovative information systems for several sectors and industry verticals, which is considered to be a key parameter driving growth in the segment. They also focus on incorporating sensors and other systems into vital equipment to monitor real-time data and improve operational efficiency. However, the services segment is likely to exhibit the maximum CAGR during the assessment period given the significant increase in the number of connected gadgets that generate large amounts of data.
Among the end-use sectors, the manufacturing category is likely to secure the top position in the global market in the coming years. Manufacturing companies are rapidly adopting digital manufacturing technologies, and the Internet of Things (IoT) plays an important role in these advanced technologies. On the other hand, the logistics and transportation segment is projected to show the fastest growth rate during the period under review.
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Regional Analysis of the Industrial Internet of Things (IIoT) Market
The global market for Industrial Internet of Things is analyzed across five key regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
According to MRFR research reports, the North American region is projected to secure the top position in the global market for industrial facilities internet during the assessment period. A major factor supporting the growth of the regional market is the presence of well-established economies in the region. This feature enables them to spend heavily on research and development activities. In addition, increasing adoption of several smart connected devices is another important parameter driving price growth in the regional market; Rapid digitization of the IoT industry through everyday will also lead to advancements in technological fields, likely to catalyze the growth of the regional market in the coming years. In addition, various established market players may be established in the North American region, which in turn may boost the growth of the regional market during the period of ethnic evaluation. In addition, governments in the region are launching a number of initiatives to stimulate the adoption of IIoT solutions, which is likely to accelerate the growth of the regional market during the review period.
The industrial facilities internet market for the Asia-Pacific region is projected to witness the maximum CAGR in the coming years. the key parameter supporting the growth of the region is the rapid development of IOTs in these regions. Innovative factory automation systems are becoming very popular in the region, especially in Taiwan, Japan, and China, which may drive regional market growth. Industrial companies in the region are slowly witnessing the benefits of implementing robotic arm technology. China is on track to become a real manufacturing hub by the end of 2027; welcomes government policies such as “Made in China 2025” aimed at developing advanced automation technology in the region.
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The European regional market for Industrial Internet of Things is expected to witness massive growth during the review period. Several venture capitalists in the region are backing IIoT-based companies to promote technological advancements in the industry, a key parameter supporting the growth of the regional IoT Industrial Market.
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