Industrial IoT Market: Current Analysis and Forecast (2022-2028)

Industrial IoT Market: Current Analysis and Forecast (2022-2028)

The global Industrial IoT Market is expected to grow at a significant rate of around 7% during the forecast period. Industrial IoT is defined as the use of actuators and smart sensors to enhance manufacturing and production along with the improvement in the industrial process. Additionally, industrial IoT is often called as industry 4.0 or industrial internet and uses the power of real-time analytics and smart machine to provide effective and required results. In recent times, IoT in the industrial sector has seen significant growth owing to its ability to find the inefficiency and problems at an early stage and provide several benefits such as cost and time saving as well as provide control over quality and sustainable practices. In an industrial setting, IoT is connected with the devices that collect, monitor, analyze, and exchange of data. The connected devices are able to capture, sense, and store the information and could analyze the effective output from the raw data.

Oracle Corporation, IBM Corporation, Cisco System Inc., Microsoft Corporation, Rockwell Automation Inc., Energyworx BV, HCL Technologies Limited, Honeywell International Inc., ABB Ltd., and Siemens AG are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
 
Insights Presented in the Report
"Amongst component, Solution category to witness higher CAGR during the forecast period”

Based on components, the market is segmented into hardware, solution, and services. The solution segment is expected to witness significant market growth during the forecast period on the account of increasing overall equipment effectiveness, improve efficiency, and cost reduction through better access to the data from real-time solutions are supporting the growth of the solution segment. Also, the production process planning, optimization by the data collection, real-time monitoring, and sensor-generated data analysis are propelling the growth of the solution segment. Furthermore, the applicability of the solution segment in several industry verticals makes it more demanding than the other. For instance, the solution segment could be used in smart factories, asset monitoring, inventory management, machine maintenance, and predictive maintenance among others.
"Amongst connectivity, the 4WD to hold a significant share in the market in 2020”

Based on connectivity, the market is segmented into the wired and non-wired segments. The non-wired segment is expected to witness significant market growth during the forecast period owing to its cost-effectiveness and less complex nature. Additionally, the wireless segment provides the additional advantage of the work done through the remote location along with the increased production and safety of the individual and organization. The integration of the 5G technology and technological advancement supported the growth of the wireless industrial IoT. For instance, Cisco developed the cisco catalyst IW9167 wireless series that provides the connectivity for the state-of-the-art hardware and is able to operate under critical applications.
"Asia-Pacific to hold a significant share in the market”

In 2020, Asia-Pacific held a significant share of the global industrial IoT market. This is mainly due to the growing number of industries and better connectivity networks in the region. Additionally, the increasing population along with increasing research & development expenditure with the increasing number of local and international IT companies in the region are expected to support the industrial IoT market in the region. Also, the growing investment and increasing number of various industry verticals such as healthcare, manufacturing, and grid formation are creating the demand for industrial IoT in the region. Furthermore, the government takes several measures in the region to support industry 4.0. For instance, in India, the government’s industry 4.0 vision rests on four major principles including information transparency, interconnection, decentralized decision making, and technical assistance.  

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.