The Industrial IoT Market comprises connected sensors and instruments that collect data from industrial machines and enable remote monitoring of industrial assets and processes. With the advent of Industry 4.0, there is growing adoption of IoT technologies across sectors like manufacturing, oil & gas, healthcare, etc. to automate processes and gain real-time operational insights. Technologies like edge computing, predictive maintenance, machine learning are being leveraged with industrial IoT solutions to optimize productivity and reduce downtime of equipment. The Global Industrial IoT Market is estimated to be valued at US$ 140.84 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Industrial IoT are Aviation Industry Corporation of China, Clearpath Robotics, General Atomics Aeronautical Systems, Hi-Tech Robotic Systemz, Softbank Robotics, SMP Robotics, Aethon. With increasing digitization across industries, the demand for industrial IoT solutions is growing exponentially to manage critical infrastructure remotely and optimize processes. Major technology players are focusing on developing enhanced predictive maintenance, computer vision, and AI integrated solutions to gain more insights from industrial assets. Industrial IoT with Edge and fog computing allows real-time analytics at supplier location without latency and enables remote monitoring of critical machinery reducing downtime.
Market Trends
The increased adoption of industrial IoT across sectors like oil & gas, manufacturing is a key trend where technologies like remote monitoring, AI, predictive maintenance is helping optimize processes. Integration of industrial IoT with other technologies like 5G, edge computing, blockchain is opening new opportunities for real-time data analytics at remote locations. Advancements in sensor technologies with increased parameters for monitoring vibration, heat, pollution is enhancing predictive skills of industrial IoT solutions. Increased focus on deploying industrial IoT for sustainability with applications in renewable energy, smart grid, emission monitoring as well.
Market Opportunities
Growing investments from automotive, transportation sector for developing connected vehicles with industrial IoT and advanced driver assistance capabilities present a bright opportunity. Integration of robotics, drones with industrial IoT can make autonomous inspection of critical infrastructure more efficient. Adoption in smart cities for applications like traffic management, waste management through sensors, presents a multibillion-dollar market opportunity by 2030.
Impact of COVID-19 on Industrial IoT Market Growth
The COVID-19 pandemic has significantly impacted the growth of the industrial IoT market. During the pre-COVID period, the market was experiencing robust growth driven by increasing automation across manufacturing industries and rising adoption of IoT technologies. However, the outbreak disrupted global supply chains and halted manufacturing operations worldwide in 2020. This adversely affected the demand for industrial IoT solutions from key end-use industries such as manufacturing, oil & gas, utilities, and automotive.
With restrictions and lockdowns imposed, traditional on-premises deployment models could not be utilized fully. This resulted in delays in several IIoT projects. However, as businesses adjusted to the new normal, remote asset monitoring and maintenance gained prominence. This boosted the deployment of cloud-based IIoT platforms which facilitated remote operations. Going forward, the market is expected to rebound strongly in the post-COVID period. IIoT solutions addressing issues such as asset optimization, remote operations, predictive maintenance and supply chain management will witness increasing uptake. Adoption of advanced technologies such as AI, analytics will further accelerate. While short-term disruptions were unavoidable, the long-term demand outlook for IIoT remains positive with digital transformation gaining centerstage.
Geographical Regions with High Concentration of Industrial IoT Market Value
North America represents the largest and most valuable region for the industrial IoT market size currently. This is majorly attributed to strong technological adoption across sectors such as oil & gas, manufacturing, utilities in countries like the U.S. and Canada. Significant investments by regional companies in developing cutting-edge IIoT-based solutions have augmented market value. Asia Pacific follows North America and is anticipated to emerge as the fastest growing regional market in the coming years. Presence of major manufacturing hubs and rising focus on Industry 4.0 drive the demand from China, India, Japan and South Korea. Other high potential regions include Western Europe and Middle East & Africa.
Fastest Growing Regional Market for Industrial IoT
Asia Pacific is poised to be the fastest growing regional market for industrial IoT globally during the forecast period. This is credited to initiatives by governments across developing countries to foster industrialization through industrial automation and digitization. China, with its ‘Made in China 2025’ policy has been among the frontrunners in deploying IIoT across manufacturing facilities. The ‘Industry 4.0’ strategy adopted by India also prioritizes digital technologies to modernize domestic industries. Other South Asian nations are also emphasizing industry automation to enhance production capabilities. Such enabling initiatives coupled with increasing technology adoption will help Asia Pacific industrial IoT market scale new heights of growth.
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