by The global Industrial IoT Market is estimated to be valued at US$ 122.25 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Industrial IoT allows interconnected devices and systems to share information with each other and enterprisers across all business functions in real-time. Industrial IoT increases operational efficiency, optimizes processes, reduces downtime and maintenance costs.
Market key trends:
One of the major trends driving the growth of the industrial IoT market is the adoption of cloud platforms. Cloud platforms provide scalability, data storage, computing power and connectivity which helps organizations deploy IoT solutions quickly and manage connected devices remotely. The cloud platforms collect data from IoT devices located at different sites, analyze insights and provide real-time visibility. This helps organizations make informed decisions and improve operational efficiency.
SWOT Analysis
Strength: The industrial IoT provides improved operational efficiency and reduces costs for industries. It allows real-time monitoring of industrial systems from remote locations.
Weakness: Data security and privacy concerns remain a challenge due to widespread connectivity in the industrial IoT. Lack of common standards also limit wider adoption of the technology.
Opportunity: The growth of technologies such as cloud computing, edge computing, and 5G networks provide opportunities for industrial organizations to leverage IoT at scale. Developing industries in emerging economies offer new business opportunities.
Threats: Vulnerabilities in IoT systems can disrupt critical industrial operations and cause production outages. Skilled workforce shortage hampers IoT implementation and maintenance capabilities of many organizations.
Key Takeaways
The Global Industrial Iot Market Size is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing digitization and automation trends across industries. North America dominated the industrial IoT market in 2023 with a share of over 30%, owing to significant technology adoption by companies based in the US and Canada.
Regional analysis
Asia Pacific is projected to be the fastest growing region during the forecast period, driven by major initiatives of digital transformation by industries in China, India, Japan and South Korea. Countries aim to leverage IoT to upgrade existing infrastructure and gain competitive advantage. Europe is another major regional market for industrial IoT solutions due to stringent regulatory standards and focus on advanced manufacturing.
Key players operating in the industrial IoT market are ABB Ltd., GE Digital, PTC Inc., Robert Bosch GmbH, Siemens AG, Accenture plc., Capgemini, and HCL Technologies Limited. Players focus on development of IoT platforms, devices, solutions and services to facilitate digital transformation of industrial operations. Strategic partnerships and mergers & acquisitions remain key growth strategies for companies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
