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Industrial IoT Market Scope
The IoT or Internet of Things is the latest technology that builds a worldwide network of devices and machines that are capable of exchanging and communicating information with each other via the internet. The IoT can create data about various connected objects, can analyze the objects, and can take necessary decisions. Emerging technologies like robotics, machine learning, artificial intelligence, and analytics are expected to boost the industrial IOT marketdemand over the forecast period, i.e. 2024-2032.
The increasing investments by various industry leaders in the industrial IOT marketwould galvanize the growth of the market in the future years. The increasing speed of industrialization and the emergence of automation to decrease the pressure on various production assemblies would likely offer newer industrial IOT market opportunities. According to the assumption of MRFR or Market Research Future, the industrial IOT market size would reach USD 184.67 Billion at a rate of 10.3% CAGR in the course of the forecast period 2024-2032.
Figure 1: Industrial IoT Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Industrial IoT Market COVID-19 Analysis
The COVID-19 pandemic has impacted all the worldwide industries and countries. The oil, transport, gas, manufacturing, and many more industries are still bearing the brunt of its adverse effects. As a result of the lockdowns announced because of the death surge due to the pandemic, the gas and oil industry had witnessed a severe drop in daily demand. Since January 2020, oil prices have dropped by at least 50% in various countries and the US markets are experiencing a record of low demand.
In April 2020, the International Energy Agency declared that the oil demand has dropped by 29 billion barrels on a daily basis. The decrease was further projected to become 23.1 million barrels on a daily basis by the end of 2020. Therefore, these changes in the industry are likely to affect the ongoing, existing, and potential growth of industrial IOT market size as in this scenario IoT could be considered as not necessary. Moreover, it could have been canceled or delayed in the coming future.
Industrial IoT Market Dynamics
Drivers
The main three key factors that drive the growth of the global industrial IOT marketare – the low operational cost of IoT, the growth in various technical advancements, the high rate of adoption of the various cloud-based models of deployment.
The connected and smart products are the necessary components in the smart manufacturing procedures and the connected supply chains. Moreover, the advantages offered by the low-cost connected devices have permitted the manufacturers to implement various industrial IOT market trendsto increase the overall productivity of the industry and also to decrease the amount of resource consumption.
Also, because of low operating costs, many of the manufacturers tend to incorporate the industrial IOT market trendsapplications in various machines to develop the performance of the machines at a decreased cost. Also, the demand for data protection, low-cost information storage, and backup are important industrial IOT market opportunitiesfor SME or small and medium-sized enterprises. The cloud implementations made via industrial IOT market trendshelp the business organizations to deliver better services of IoT to unique industry verticals.
Also, the growth in industrial IOT market size has permitted the major industry players to provide their end-users a much improved industrial IOT market opportunities. The emergence of smart sensors into various industrial machines has permitted the manufacturers to lower the operating expenses by at least 505 and it is expected to get lowered further in the course of the Industrial IOT Market Forecast period. Moreover, augmented reality and virtual reality offer end-users a complete 360 degree of any object before it’s got manufactured in real. Opportunities: According to the industrial IOT market forecast, after years of anticipation, steady uptake, and hype, the IoT or internet of things is expected to emerge into mainstream business utilization. The industrial IOT market forecast also reveals that the number of industries that utilize IoT-related technologies has uplifted from 13% to 25% within 2014 to 2021. Also, by 2023, the global numbers of IoT-connected devices are presumed to uplift by at least 43 billion. Therefore, from 2018, the industrial IOT market share would experience a threefold growth.
Restraints
The easiness in the availability of various substitutes in the industrial IOT market share is one of the most crucial restraints of the worldwide industrial IOT market growth. Also, the internet of things in underdeveloped countries can be considered as the significant industrial IOT market challenges of the worldwide agile IoT companies.
Value Chain Analysis
According to the current report, the worldwide agile industrial IOT market share has been segmented depending on connectivity, deployment, region, components, organization size, and vertical. Based on the components, the worldwide agile IoT industry can be segmented into services, software, and hardware. Also, based on connectivity, the industrial IOT market growth can be further segmented into Wi-Fi, ZWave, RF, Li-Fi, LAN, BLE, and others. Based on vertical, the worldwide industrial IOT market growth can be divided into Public sector, Healthcare, BFSI, Government, etc. Based on deployment, the divisions are cloud and on-premises. Based on organization size the industrial IOT market key playerscan be segmented into small, medium, and large scale.
Cumulative Growth Analysis
The IoT is basically the networking of various physical objects with the assistance of actuators, sensors, and various other devices that are capable of collecting and transmitting data about various objects. The information collected from these devices can be analyzed in the future to enhance the operations, products, and services of industrial IOT key players. Also, the best utilization of application of these technologies lies in various areas of optimization of energy like sensors that are deployed around the grid electricity that aid the utilities to monitor the utilization of energy remotely. It also adjusts the distribution and generation of energy flow to account for both peak times and peak downtimes of industrial IOT key players.
Industrial IoT Market Industry Developments
In December 2021, Silicon Labs launched an announcement on its customized component manufacturing service. With this feature, makers of Silicon Labs hardware can have their devices factory-customized. The company provides wireless SoCs, modules, and MCUs, among other things. With such product characteristics, clients who use this facility will be able to trace back and identify themselves throughout the whole cycle of the chip.
In April 2022, ARM Holdings expanded its Total Solutions for IoT portfolio with the most recent Corstone subsystems for Cortex-M processors as well as Cortex-A processors.
Intel Corporation announced the 12th Gen Processors featuring hybrid architecture in January 2022; it is an amalgamation of performance and efficient cores with Intel Thread Director.
Honeywell acquired SCADAfence in July 2023, a company that specializes in providing cybersecurity solutions for monitoring extensive operational technology (OT) Internet of Things (IoT) networks. This strategic move complements Honeywell’s push towards digitalization, sustainability, and OT cyber security SaaS solutions.
Cisco unveiled new cloud services within its IoT Operations Dashboard in February 2023 so as to enhance visibility into industrial assets by offering secure management capabilities from anywhere. These are also meant to ensure a smooth transition for Industrial Internet of Things (IoT) customers into cloud automation that specifically targets Operational Technology (OT) teams.
Intel Corporation released its 12th generation Intel Core processors for extreme business performance that is presentable in March’22. The business class experience available through this launch comes under the umbrella term ‘industrial IoT’.
Ericsson AB introduced IoT Accelerator Connect in February 2022, which provides easy connectivity in IoT with plug-and-play access to cellular IoT connectivity. It simplifies onboarding instant and device connections so much so as to increase successful deployment rates of enterprise IoT projects. And when you connect your devices
Cisco Systems Inc. created an advanced IoT Control Center platform in March 2022 to improve service reliability and reduce operational costs. This development will help the company diversify its solution portfolio and offer better-quality solutions.
In April 2022, Arm Limited added two new products, namely Arm Cortex-M85 and Cortex-A. These new products and solutions will enable the company to reach more customers with better solutions, hence attracting new ones while accelerating its revenue growth.
Industrial IoT Market Segment Overview
The global IoT market industry that faces various industrial IOT market challenges can be segmented depending on organization size, components, region, vertical, and connectivity. Despite the industrial IOT market challengesthe worldwide IoT market is expected to witness a decent amount of growth in the course of the forecast period, i.e. 2017 to 2013.
By Organization Size/ Deployment
Based on organization size, the worldwide IoT market can be divided into:
- Cloud
- On-premises
By Components
On the basis of components the IoT industry can be classified into:
- Services
- Software
- Hardware
By Region
Depending on the region, the IoT market can be classified into:
North America
- The U.S.
- Mexico
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- India
- Japan
- China
- Rest of the Asia-Pacific
Rest of the world
- Middle East
- Africa
- Latin America
By Vertical/End-Users
On the basis of vertical, the IoT market industry can be classified into:
- Public sector
- BFSI
- Healthcare
- Manufacturing
- Government
- Others
By Connectivity/ Application
Depending on connectivity, the global IoT market can be divided into:
- Wi-Fi
- LAN
- Li-Fi
- ZigBee
- LaRa
- BLE
- Z-Wave
- RF
- Others
Industrial IoT Market Regional Analysis
On the basis of the latest research findings, the North American region is expected to hold the highest share of the worldwide agile IoT market in the course of the forecast period because of the presence of strongly established economies in this particular region. This feature permits them to spend hugely in the R and D. In addition with the increasing adoption of various smart connected devices and rapid digitalization throughout the verticals of the IoT industry, and also the improvement in the technological fields have further enhanced the increasing demand of IoT industry in North American region. Also, the European regions and the Asia Pacific region are assumed to experience prominent growth because of the speedy advancements of IOTs in these regions.
Industrial IoT Market Competitive Landscape
The IoT industry’s competitive landscape offers details by the entire economic profit of the vendors and the companies, the sales and revenues generated in this industry, the IoT share in the global market, the overview of the business organization, the launch of new products, the opportunities and prices, the overview of production sites, prices of IoT, SWOT analysis, etc.
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General Electric (U.S.)
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Siemens AG (Germany)
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Accenture PLC (Ireland)
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Huawei Technologies CO. Ltd. (Japan)
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Robert Bosch GmbH (Germany)
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Intel Corporation (U.S.)
Report Overview
Based on the global IoT market analysis, the market is anticipated to experience a growth of at least 751.3 Million USD by 2023. Therefore, there will be at least a 23.88% rise in Compound Annual Growth Rate or CAGR in the course of the forecast period, i.e. 2017-2023. The North American region is one most the most significant players based on IOT applications of the region because of its vast industrial and manufacturing sector.
Scope of report and segmentation table:
- Base year – 2017
- Forecast period – 2017-2023
- Historical data - 2017
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