Industrial Internet of Things (IIoT) Market is Expected to Surpass USD 191.6 Billion Valuation by 2031, Rise of Automation in Manufacturing to Boost Expansion| SkyQuest Technology
WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Industrial Internet of Things (IIoT) Market was valued at USD 102.48 Billion in 2022 and is expected to rise from USD 109.86 Billion in 2023 to reach a value of USD 191.6 Billion by 2031, at a CAGR of 7.2% during the forecast period (2024-2031).
The rapid adoption of smart manufacturing practices in multiple industries and growing demand for automation have set the tone for industrial internet of things (IIoT) market growth. IIoT devices and solutions are specifically designed to enhance industrial operations and promote operational efficiency and productivity as well. Advancements in IoT and IoT connectivity technologies are also slated to create new business scope for industrial internet of things (IIoT) companies in the future. The global industrial internet of things (IIoT) market is segmented into component, technology, connectivity technology, software, vertical, and region.
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Industrial Internet of Things (IIoT) Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 109.86 billion
Estimated Value by 2031
$ 191.6 billion
Growth Rate
Poised to grow at a CAGR of 7.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component, Technology, Connectivity Technology, Software and Vertical
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Development of novel blockchain AI solutions that give benefits of both technologies involved
Key Market Opportunities
Adoption of Smart Initiatives
Key Market Drivers
Implementation of IPV6
Segments covered in Industrial Internet of Things (IIoT) Market are as follows:
ComponentHardware, Platform, Solution, and ServicesTechnologySensor, Radio Frequency Identification (RFID), Industrial Robotics, Distributed Control System and OtherConnectivity TechnologyWired Technology and Wireless TechnologySoftwareVisualization Software, SCADA, Distribution Management System, Farm Management Systems and OtherVerticalManufacturing, Energy, Oil & Gas, HealthCare, Retail, Transportation, Metal & Mining, Agriculture
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Hardware Components Slated to Bring in Most Revenue Owing to Development of IIoT Infrastructure
Industrial internet of things (IIoT) requires specialized connected devices made from dedicated sensors and controllers. Growing investments in the development of new IIoT infrastructure are projected to bolster the demand for hardware components and allow this segment to lead the market in terms of revenue generation. Advancements in connectivity technologies are also predicted to bolster the demand for novel IIoT hardware components across the forecast period and beyond.
Meanwhile, industrial internet of things (IIoT) companies can also invest in the development of novel platforms and services to strengthen their business potential. The need for IIoT platforms and services will only get stronger by the day as the adoption of IoT technology in industrial settings increases.
Manufacturing to Take the Crown for Industrial Internet of Things (IIoT) Sales Owing to the Rise of Smart Factories
The manufacturing industry vertical is estimated to take center stage when it comes to industrial internet of things (IIoT) adoption. High demand for better productivity and operational efficiency in manufacturing facilities is estimated to make this segment a highly lucrative one. From remote monitoring to predictive maintenance, all of these features can only be added to a manufacturing facility through the use of industrial internet of things (IIoT). Energy and oil & gas industry verticals are also forecasted to provide moneymaking opportunities for industrial internet of things (IIoT) companies in the future as digitization increases in them. Apart from these industry verticals, industrial internet of things (IIoT) providers can also explore retail, healthcare, agriculture, and transportation industry verticals to maximize their business scope and boost revenue generation going forward.
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Wireless Connectivity to Gain Prominence with the Advent of 5G Technology
Advancements in technology have created novel wireless technologies used for connected devices. The need for the elimination of wires is projected to drive the demand for wireless connectivity in industrial internet of things (IIoT) devices. 5G is the key wireless connectivity technology that is projected to help the wireless segment become the most rewarding for market players over the coming years.
Industrial internet of things providers will need to choose their strategies carefully if they want to succeed in this business. Industrial internet of things (IIoT) companies can get good returns on their investments if they target the manufacturing industry as the trend of automation catches up. Developing new IIoT hardware devices and components will also help industrial internet of things (IIoT) companies expand their business potential on a global level.
Related Reports:
Internet Of Things (IoT) Market
Narrowband-IoT (NB-IoT) Market
Internet of Things (IoT) in Smart Cities Market
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