According to the report by Expert Market Research (EMR), the global industrial IoT market size is projected to grow at a CAGR of 6.7% between 2024 and 2032. Aided by the growing demand for automation and favourable policies of multiple governments, the market is expected to grow significantly by 2032.
Industrial IoT represents the integration of complex machinery with networked sensors and software. This technology is revolutionising traditional industrial sectors by enabling automated, efficient, and data-driven operations. IIoT encompasses a wide array of technologies, including machine learning, big data, sensor data, machine-to-machine communication, and automation technologies that have the potential to transform traditional industrial and manufacturing practices.
Several factors are propelling the industrial IoT market growth. Firstly, there is an increasing demand for automation and improved efficiency in industries. With IIoT, industries can optimise production processes, reduce operational costs, and enhance overall productivity. Secondly, the advent of cloud computing and advanced data analytics has enabled industries to leverage large volumes of data for strategic decision-making and predictive maintenance.
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Moreover, the rise in government initiatives promoting industrial automation and smart factories is further boosting the industrial IoT market demand. Governments across the globe are supporting the adoption of IIoT technologies to enhance industrial productivity and maintain competitive advantage in the global market.
The applications of IIoT are vast and varied, impacting several sectors including manufacturing, logistics, oil and gas, agriculture, and healthcare. In manufacturing, IIoT is used for predictive maintenance, supply chain optimisation, and for monitoring the health and performance of machines. In logistics, it assists in fleet management, warehouse automation, and efficient inventory management. In the healthcare sector, IIoT is revolutionising patient care through remote monitoring and advanced diagnostic tools.
As per the industrial IoT market analysis, the future of IIoT is brimming with possibilities. The integration of artificial intelligence (AI) with IIoT is set to create smarter and more autonomous industrial systems. Edge computing is also gaining prominence, allowing data processing to be conducted closer to the source, thus enhancing efficiency. Furthermore, as sustainability becomes a priority, IIoT is expected to play a crucial role in enabling green manufacturing practices.
Industrial IOT Market Segmentation
The market can be divided based on component, end user, and region.
Market Breakup by Component
- Hardware
- Software
- Services
- Connectivity
Market Breakup by End User
- Manufacturing
- Energy and Utilities
- Automotive and Transportation
- Healthcare
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Industrial IOT Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global industrial IoT market. Some of the major players explored in the report by Expert Market Research are as follows:
- Honeywell International Inc.
- ABB Limited.
- Cisco Systems Inc.
- IBM Corporation
- Siemens AG
- General Electric Company
- Intel Corporation
- Microsoft Corporation
- Amazon Web Services, Inc.
- Rockwell Automation, Inc
- Others
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