Industrial IoT Market Report 2022: Growing Need to Improve Productivity and Efficiency Drives Demand

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Jan 31, 2023, 18:40 ET

DUBLIN, Jan. 31, 2023 /PRNewswire/ -- The "Industrial IoT Market by Component, Industry Verticals and Geography - Global Forecasts to 2029" report has been added to ResearchAndMarkets.com's offering.

The research report titled provides in-depth analysis of Industrial IoT market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029.

The global Industrial IoT market is expected to reach $276.79 billion by 2029, growing at a CAGR of 16.0% during the forecast period of 2022-2029.

Rising investment towards Industry 4.0, government encouragement to promote industrial automation, and high productivity & efficiency requirement are the major factors driving the growth of this market. Additionally, industrial IoT for predictive maintenance and an increase in the number of data centers are expected to offer significant opportunities for market growth. However, the lack of standardization and high capital & operating expense can restrain the growth of this market up to a certain extent.

Based on component, the market is segmented into hardware, platform, services, and connectivity. In 2022, the hardware segment is expected to account for the largest market share of the Industrial IoT market. Factors such as consistent engagement of the industrial sector in improving efficiency, reducing costs, and increasing Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions attribute to the growth of this segment. However, the platform segment is expected to grow with the highest CAGR during the forecast period. The rising adoption of industrial IoT platforms by the various industry verticals to improve operational efficiency, along with the growing need for superior monitoring technologies, is driving the growth of this segment.

Based on industry vertical, the market is segmented into agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and other industry verticals. In 2022, the manufacturing segment is expected to account for the largest market share of the overall Industrial IoT market and is expected to grow with the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need for centralized monitoring and predictive maintenance of assets, increasing smart factories, the advent of Industry 4.0, and the increasing adoption of autonomous robots for industrial automation.

With the increasing number of networked sensors across production and supply chains, manufacturers are entering a new generation of systems that enable automatic and real-time interactions among machines, systems, assets, and things. The pervasiveness of connected devices is ?nding applicability across multiple segments of the manufacturing and supply chain throughout the value chain.

Market Dynamics

Market Drivers

Rising Investments in Industry 4.0 Technologies
Government Initiatives to Promote Industrial Automation
Growing Need to Improve Productivity and Efficiency

Market Restraints

Lack of Standardization
High Capital & Open Requirements
Market Opportunities
Use of Industrial IoT for Predictive Maintenance
Proliferation of Data Centers

Market Challenges

Vulnerability Issues with IoT Devices
Lack of Skilled Professionals

Technology Trends

Rising Popularity of IIoT Digital Twins
Emergence of Edge Computing

Industry Trends

Rising Adoption of Smart Manufacturing-as-a-Service

Scope of the Report:

Global Industrial IoT Market, by Component

Hardware
Network Components
Sensors & Actuators
Others
Platform
Services
Professional Services
Managed Services
Connectivity

Global Industrial IoT Market, by Industry vertical

Agriculture
Precision Farming
Livestock Monitoring
Smart Greenhouse
Fish Farming
Smart Irrigation
Manufacturing
Surveillance & Safety
Quality Management
Resource Optimization
Inventory & Warehouse Management
Machine Inspection & Maintenance
Production Planning
Energy Management
Smart Robotics
Retail
Operations Management
Asset Management
Customer Experience Management
Energy & Utility
Predictive Maintenance
Remote Monitoring
Worker Safety & Security
Distribution Management
Asset Management
Oil & Gas
Predictive Maintenance
Remote Monitoring
Worker Safety & Security
Distribution Management
Asset Management
Aerospace/Airline
Performance Management
Energy Management
Predictive Maintenance
Passenger Experience Management
Transportation & Logistics
Smart Ticketing & Toll
Parking Management
Traffic Management
Passenger Information
Freight Information
Telematics
Others
Telecom
Asset Management
Remote Monitoring
Others
Other Industry Verticals

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Insights

5. The Impact of COVID-19 on the Global Industrial IoT Market

6. Global Industrial IoT Market, by Component

7. Global Industrial IoT Market, by Industry Vertical

8. Industrial IoT Market, by Geography

9. Competitive Landscape

10. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)

11. Appendix

Companies Mentioned

ABB Ltd.
The General Electric Company
Emerson Electric Co.
Intel Corporation
Cisco Systems Inc.
SAP SE
IBM Corporation
Honeywell International Inc.
Amazon Web Services Inc.
Siemens AG
Huawei Technologies Co. Ltd
Rockwell Automation Inc.
PTC Inc.
Dassault Systemes SE
Robert Bosch GmbH
KUKA AG
Microsoft Corporation
Schneider Electric SE
Advantech Co. Ltd.
C3.ai Inc.

For more information about this report visit https://www.researchandmarkets.com/r/blmquq-iot?w=5

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