NEWS PROVIDED BYMarketsandMarkets
Jun 24, 2024, 10:01 ET
CHICAGO, June 24, 2024 /PRNewswire/ — The industrial IoT market is valued at USD 194.4 billion in 2024 and is projected to reach USD 286.3 billion by 2029; it is expected to grow at a CAGR of 8.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. Increasing adoption of IPv6, growing adoption of cloud platforms, increased IoT-related government initiatives and R&D activities worldwide, rise in demand for automation in industries, and global rise in internet penetration.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=129733727
Browse in-depth TOC on “Industrial IoT Market”
132 – Tables
69 – Figures
243 – Pages
Industrial IoT Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2024 | $ 194.4 billion |
| Estimated Value by 2029 | $ 286.3 billion |
| Growth Rate | Poised to grow at a CAGR of 8.1% |
| Market Size Available for | 2020–2029 |
| Forecast Period | 2024–2029 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Offering, Software, Connectivity Technology, Deployment, Vertical and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Key Market Challenge | Maintenance and updates of IIoT systems |
| Key Market Opportunities | Predictive maintenance of machinery |
| Key Market Drivers | Rise in demand for automation in industries |
The industrial IoT market for platforms segment is expected to grow at the highest CAGR during the forecast period.
The platforms segment is expected to experience the highest growth rate during the forecast period. The IIoT platform landscape is still maturing compared to hardware. As IIoT adoption grows, the need for robust platforms to manage and analyze the increasing data volume becomes more critical. IIoT generates vast amounts of data, driving the demand for secure storage, powerful analytics tools, and centralized management capabilities offered by platforms. This demand is expected to accelerate the growth of the platform segment. As industries shift towards data-driven decision-making, platforms become more valuable for extracting insights from IIoT data and optimizing processes. This focus on data utilization will further fuel the growth of the platform segment.
The manufacturing sector holds the largest market share in the industrial IoT market for the Asia Pacific.
The manufacturing sector holds the largest market share in the industrial IoT market for the Asia Pacific region, making it a global manufacturing hub. Countries like China, Japan, and South Korea are leading the way in this sector. Industrial IoT provides significant benefits such as predictive maintenance, process optimization, and improved quality control, all of which are crucial for manufacturers.
Asia Pacific is projected to experience the highest growth rate during the forecast period. Many Asian countries are undergoing rapid urbanization, leading to increased investments in smart city initiatives that heavily depend on industrial IoT. Multiple governments in the Asia Pacific region are encouraging the adoption of industrial IoT across various industries through subsidies and infrastructure development plans. The developing economies in the region offer significant potential for industrial IoT solutions as they construct new infrastructure and modernize existing industries.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=129733727
Agricultural sector in North America holds the largest market share in industrial IoT market during the forecast period.
The agriculture sector holds the largest market share in the North American industrial IoT industry. Agriculture in North America has significant potential for industrial IoT adoption and growth due to several factors. Industrial IoT enables data-driven farming practices such as precision irrigation, soil monitoring, and targeted crop management. It can optimize resource utilization (water, fertilizers, pesticides), reduce waste, and improve overall farm productivity. Farmers can use industrial IoT for remote monitoring of crops, livestock, and environmental conditions.
Key Players
Some of the leading companies operating in the industrial IoT companies are ABB (Switzerland), General Electric (US), Emerson Electric Co. (US), Intel Corporation (US), Cisco Systems, Inc. (US), SAP SE (Germany), Honeywell International Inc. (US), Siemens (Germany), Huawei Technologies Co., Ltd. (China), Rockwell Automation (US), Arm Limited (UK), PTC (US), Dassault Systèmes (France), IBM (US), Robert Bosch GmbH (Germany), NEC Corporation (Japan), ANSYS, Inc. (US), Worldsensing (Spain), Arundo (Norway), Software AG (Germany), among others.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=129733727
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography – Global Forecast to 2029
Internet of Robotic Things Market (IoRT) by Component (Sensor, Power, Control), Service (Professional, Managed), Platform (Device, Application, Network), Software (Analytics, Data, Security, Monitoring, Bandwidth), Application – Global Forecast to 2022
Industrial Robotics Market Size, Share and Industry Growth Analysis Report & Statistics by Type (Traditional, Collaborative), Component, Payload (Upto 16.00 Kg, 16.01-60.00 Kg, 60.01-225.00 Kg, More than 225 Kg), Application (Handling, Dispensing, Processing), End Use Industry and Region – Global Forecast to 2028
Service Robotics Market Size, Share & Industry Trends Analysis Report by Environment (Aerial, Ground, Marine), Type (Professional, Personal & Domestic), Component, Application (Logistics, Inspection & Maintenance, Public Relations, Education) and Region – Global Forecast to 2028
Smart Robots Market Size, Share by Component (Sensors, Actuators, Control Systems), Type, Operating Environment, Mobility, Application (Domestic, Field/Agricultural, Public Relations, Industrial), and Region – Global Forecast to 2025
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/industrial-internet-of-things-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/industrial-internet-of-things.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
SOURCE MarketsandMarkets