Industrial IoT Market to be Worth $408.2 Billion by 2031 – Exclusive Report by Meticulous Research®

REDDING, Calif., July 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Industrial IoT Market by Component (Hardware, Platform, Services, Connectivity), Industry (Agriculture, Manufacturing, Energy & Utilities, Oil & Gas, Aerospace, Retail, Transportation & Logistics, Others) Geography —Forecasts to 2031,’ the global industrial IoT market is projected to reach $408.2 billion by 2031, at a CAGR of 19.3% from 2024 to 2031.

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Industrial IoT (IIoT) refers to sensors, instruments, machines, and other devices networked via industrial management and business intelligence (BI) applications. IIoT is the connectivity between systems, machines, and people in the manufacturing world that benefits various sectors, including healthcare, public utilities, retail, and logistics. IIoT is increasingly being adopted across industrial environments, subsequently improving operations, resource utilization, and inventory management through sensors and smart machinery.

Major factors driving this market’s growth are rising investments in Industry 4.0 technologies, government initiatives to promote industrial automation, and the growing need to improve productivity and efficiency. However, the lack of standardization and the high capital and OpEx requirements restrain the growth of the IIoT market.

The increasing use of Industrial IoT for predictive maintenance and the proliferation of data centers are expected to create market growth opportunities. However, vulnerability issues with IoT devices and the lack of skilled professionals are major challenges for market growth. Additionally, the rising popularity of IIoT digital twins, the emergence of edge computing, and the rising adoption of smart manufacturing-as-a-service are some of the major trends in this market.

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To provide efficient analysis, Meticulous Research® has segmented this market based on component (hardware [network components, sensors & actuators, and other IIoT hardware], platform, services [professional & managed], and connectivity), industry verticals (agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and other industry verticals), and geography.

Based on component, the global industrial IoT market is segmented into hardware, platforms, services, and connectivity. In 2024, the hardware segment is expected to account for the largest share of 32.2%  of the industrial IoT market.

However, the platforms segment is slated to record the highest CAGR during the forecast period. The rising adoption of industrial IoT platforms by different industry verticals to improve operational efficiency, along with the increasing need for superior monitoring technologies, is driving the growth of this segment. In addition, the rising focus of key players on product development and enhancement is expected to drive the growth of the platforms segment.

Based on industry vertical, the global industrial IoT market is segmented into agriculture, manufacturing, retail, energy & utilities, oil & gas, aerospace, transportation & logistics, telecom, and other industry verticals. In 2024, the manufacturing segment is expected to account for the largest share of 24.5% of the industrial IoT market. Moreover, the manufacturing segment is also expected to record the highest CAGR during the forecast period. The large market share of this segment is attributed to the increasing adoption of automation and robotics systems extensively throughout production lines in the manufacturing industry to enhance product quality, reduce work-in-progress time, and improve equipment reliability. IIoT can transform traditional, linear manufacturing supply chains into dynamic, interconnected systems—a digital supply network (DSN)—that can more readily incorporate ecosystem partners.

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Furthermore, the growing need for centralized monitoring and predictive maintenance of assets, the increasing number of smart factories, the advent of Industry 4.0, and the increasing adoption of autonomous robots for industrial automation contribute to the significant market share of this segment.

Based on geography, the global industrial IoT market is segmented into five major geographies, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 38.2% of the industrial IoT market. The large share of this regional market is attributed to factors such as the rising demand for automation across various sectors in the region, the increasing adoption of industrial robots, the advent of Industry 4.0, the growing adoption of cloud-based industrial solutions, and the presence of prominent market players in the region.

Asia-Pacific’s industrial sector contributes significantly to the economy and is undergoing a rapid transformation. The growing adoption of disruptive technologies such as AI, machine learning, and IoT drives cloud adoption across the region, accelerating the demand for cloud-based industrial IoT solutions. Furthermore, Asia-Pacific is at the center of the various government initiatives and strategic growth plans of several leading vendors operating in the industrial IoT market. Moreover, Asia-Pacific is expected to grow with highest CAGR of 19.8% during the forecast period.

Key Players:

The key players operating in the global industrial IoT market are ABB Ltd. (Switzerland), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co, Ltd. (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.)

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Scope of the Report:

Industrial IoT Market Assessment—by Component  

HardwareNetwork ComponentsSensors & ActuatorsOther IIoT HardwarePlatformsServicesProfessional ServicesManaged ServicesConnectivity         

Industrial IoT Market Assessment—by Industry Vertical                         

AgriculturePrecision FarmingLivestock MonitoringSmart GreenhouseFish FarmingSmart IrrigationManufacturingSurveillance & Safety   Quality Management   Resource Optimization   Inventory & Warehouse Management   Machine Inspection & Maintenance   Production Planning   Energy Management   Smart RoboticsRetailOperations ManagementAsset ManagementCustomer Experience ManagementEnergy & UtilityPredictive MaintenanceRemote MonitoringWorker Safety & SecurityDistribution ManagementAsset ManagementOil & GasPredictive MaintenanceRemote MonitoringWorker Safety & SecurityDistribution ManagementAsset ManagementAerospace/AirlinePerformance ManagementEnergy Management   Predictive MaintenancePassenger Experience ManagementTransportation & LogisticsSmart Ticketing & TollParking ManagementTraffic ManagementPassenger InformationFreight InformationTelematicsOther ApplicationsTelecomAsset ManagementRemote MonitoringOther ApplicationsOther Industry Verticals

Industrial IoT Market Assessment—by Geography                   

North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainPolandNetherlandsRest of EuropeAsia-PacificJapanChinaIndiaSouth KoreaAustralia & New ZealandRest of Asia-PacificLatin AmericaBrazilMexicoRest of Latin AmericaMiddle East & AfricaUAEIsraelRest of Middle East & Africa

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