[188 Pages Report] The Industrial Internet of Things Market size was estimated at USD 271.25 billion in 2023 and expected to reach USD 310.75 billion in 2024, at a CAGR 17.62% to reach USD 844.82 billion by 2030.
The industrial Internet of Things (IIoT) majorly uses sensors and connected devices in industrial settings for collecting data, analyzing it, and making decisions based on it. IIoT can significantly assist in improving operational efficiency, cost-efficiency, productivity, and employee safety in factories. Government initiatives encouraging digital transformation in industrial settings have been one of the major factors accelerating the pace of IIoT deployment worldwide. End-users have started to realize the importance of predictive maintenance solutions, elevating the popularity of IIoT. However, the interoperability and reliability issues of IIoT, along with its security issues, have been impeding product penetration across many organizations. Market players are constantly working on advancing IIoT components while keeping in mind industry-specific needs, specifications, and safety requirements to expand their utilization. Several startups have entered the market with new products, and there have been tremendous investments to extend investments in smart factories, creating opportunities to commercialize IIoT components.
The IIoT market in the Americas is rapidly advancing, primarily driven by the exponential use of connected devices in manufacturing, transportation, and energy industries. The region is home to many established market players, particularly across the U.S. and Canada, currently working on improving the operation of IIoT with the emergence of 5G networks and edge computing. In the Asia-Pacific, market players have been heavily investing in IIoT research while collaborating with international companies to develop improved solutions. China, Japan, India, and South Korea have been taking smart factory and smart manufacturing initiatives, focusing on robotics and automation to induce more opportunities for IIoT. The European market is also fast-growing, with Germany, France, the Netherlands, the UK, and Italy introducing Industry 4.0 initiatives while investing in IoT-enabled infrastructure. The Horizon 2020 program offers great funding for research of new IIoT technologies.
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Market Dynamics
The market dynamics represent an ever-changing landscape of the Industrial Internet of Things Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
- Market Drivers
- Use of sensors for real-time monitoring of operations in industrial organizations
- Government initiatives encouraging digital transformation in industrial settings
- Increasing popularity of predictive maintenance solutions
- Market Restraints
- Interoperability limitations and complexity of deploying IIoT components
- Market Opportunities
- Advancements in IIoT systems & software with custom industry-specific products
- Emerging startup ecosystem and new investments in smart factories
- Market Challenges
- Concerns associated with security risks and data privacy breaches
Porter’s Five Forces Analysis
The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Industrial Internet of Things Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Industrial Internet of Things Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Industrial Internet of Things Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Recent Developments
A New IIoT Partnership: TDengine and Casne Engineering are Ready to Innovate
The recent partnership between TDengine and CASNE Engineering could pave the way for further advancement of IIoT solutions within many industries, such as manufacturing, healthcare, and energy. With their mutual experience in both software engineering and industrial automation, this collaboration provides an opportunity to innovate within the sector. The combination of TDengine's cloud-based data platform and CASNE Engineering's technological know-how gives this partnership a unique edge in developing more efficient IIoT solutions. By leveraging their respective strengths, it is expected that this cooperation is expected to result in better customer experiences with reliable IoT products and services. [Published On: April 05, 2023]
ei3 expands into Japanese machinery builders market with IIoT, AI solutions
ei3, a player in Industrial IoT (IIoT) and Artificial Intelligence (AI) solutions, expanded into the Japanese Machinery Builders market. This strategic move is expected to create new opportunities for ei3 to capitalize on the growing demand for IIoT and AI applications in Japan. As the fourth largest economy in the world and a major technological powerhouse, Japan is an ideal target market for technology companies such as ei3 that are looking to gain a foothold in the Asia Pacific. This move also allows ei3 to tap into the country’s highly skilled workforce of engineers and developers, providing a fertile ground for their innovation and development efforts. Given this move, ei3 may be well positioned to take advantage of future trends related to digital transformation initiatives taking place throughout Japan as well as other Asian markets. [Published On: March 14, 2023]
Qualcomm Launched New ‘Aware’ Cloud Platform for Industrial IoT Applications
Qualcomm's new Aware Cloud Platform for Industrial Internet of Things (IIoT) applications is a technological advancement in the IIoT market. The platform enables a streamlined, secure and efficient way to manage massive amounts of data and resources and quickly develop and deploy IIoT solutions. With this launch, it is expected to revolutionize automation processes and significantly reduce costs associated with IoT development. Additionally, by providing an environment that optimizes reliability and scalability, Qualcomm's Aware Cloud Platform can help organizations achieve greater productivity levels while minimizing the risk associated with technological advancements. [Published On: February 28, 2023]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Industrial Internet of Things Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Industrial Internet of Things Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Advanced Micro Devices, Inc, Advantech Co., Ltd., Amazon Web Services, Inc., C3 IoT Inc., Cisco Systems, Inc., Cognizant Technology Solutions Corporation, Dell Inc., Emerson Electric Co., Fujitsu Component Limited, General Electric Company, Hewlett Packard Enterprise Development LP, Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., Infosys Limited, Intel Corporation, International Business Machines Corporation, KUKA AG, LG Corporation, Microsoft Corporation, NEC Corporation, Nokia Corporation, Oracle Corporation, PTC Inc., Qualcomm Technologies, Inc., Robert Bosch GmbH, Rockwell Automation, Inc., Samsara Inc., SAP SE, Schneider Electric, Siemens AG, SoftBank Corp., Software AG, TATA Consultancy Services Limited, Tech Mahindra Limited, Texas Instruments Incorporated, Toshiba Corporation, Yokogawa Electric Corporation, and Zebra Technologies Corporation.
Market Segmentation & Coverage
This research report categorizes the Industrial Internet of Things Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Component
- Hardware
- Actuators
- Cables
- Computer Chips
- IoT Sensors
- Smart Devices
- Services
- Installation & Maintenance
- Managed
- Professional
- Software
- Analytics
- Data Management
- Remote Monitoring
- Security Solutions
- Hardware
- Connectivity
- Satellite Connectivity
- Wired Connectivity
- Wireless Connectivity
- End-User
- Agriculture
- Automotive
- Chemicals & Materials
- Energy & Power
- Food & Beverages
- Healthcare
- Logistics & Transport
- Metal & Mining
- Oil & Gas
- Retail & Consumer Goods
- Semiconductor & Electronics
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
This research report offers invaluable insights into various crucial aspects of the Industrial Internet of Things Market:
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Industrial Internet of Things Market, by Component
- Industrial Internet of Things Market, by Connectivity
- Industrial Internet of Things Market, by End-User
- Americas Industrial Internet of Things Market
- Asia-Pacific Industrial Internet of Things Market
- Europe, Middle East & Africa Industrial Internet of Things Market
- Competitive Landscape
- List of Figures [Total: 21]
- List of Tables [Total: 579]
- List of Companies Mentioned [Total: 40]
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