Industrial IoT Market Increasing Demand for Efficient Management Practices Report

The industrial IoT market is projected to reach a valuation of US$ 1.3 Tn by 2032, advancing at a CAGR of 12.2% throughout the forecast period.
Technological developments in semiconductor and electronic devices, growing usage of cloud computing platforms, standardization of IPv6, and backing from governments of various nations for IIoT R&D efforts are all driving the industrial IoT market forward.
The industrial internet of things market is predicted to grow at a rapid pace over the forecast period, thanks to advances in technology and the increasing availability of affordable sensors and processors that can provide real-time access to information.
The industrial IoT market is expected to grow due to the growing requirement to improve operational competence and excellent collaboration among major market participants to achieve the same. Furthermore, the techniques being developed to create a united digital-human workforce are projected to provide significant prospects for industrial IoT market share growth.
List of Key Players Covered in Industrial IoT market are:
• Huawei
• Cisco
• GE
• Intel
• Rockwell Automation
• Texas Instruments
• Honeywell
• NEC Corporation
• Siemens AG
The leading industry participants are projected to concentrate on cost-cutting, making it difficult for new entrants to break into the industrial IoT market. Venture capital funding, on the other hand, is projected to aid IIoT firms in breaking into the market.
Companies in both the private and public sectors are likely to begin focusing on innovation, productivity, and value as they grasp the importance of IIoT in offering integrated and sustainable products and services to tech-savvy organizations. Industrial IoT is becoming more accessible and safer, according to leading market participants.
Businesses are looking forward to establishing resilience to ensure growth in the post-COVID age, as well as adjusting to remote working and automating their processes accordingly. As a result, they're concentrating on the industrial IoT market adoption trends in order to entice customers, improve customer experience, and raise brand awareness. All of these activities augur well for the industrial IoT market's growth in the next years.
Key Takeaways
• The US industrial IoT market size is projected to reach US$ 302.4 Bn by 2032.
• From 2021 to 2028, the logistics and transportation segment is expected to grow at a CAGR of more than 26%. The considerable emphasis that logistics and transportation businesses are placing on improving asset management and, as a result, on the implementation of smart transportation can be linked to the rise.
• The manufacturing segment of the industrial IoT market is expected to rise at a CAGR of 11.1% throughout the forecast period.
• In 2021, networking technology held the biggest industrial IoT market share. The backbone of the IIoT is networking technology, particularly wireless technology.
• In terms of value, APAC is expected to have the greatest share of the market in 2021. Asia Pacific has become a global focus point for large investments and corporate growth, and it is a major hub for industrial manufacturing.
The internet of things market is predicted to rise due to the region's growing population, rising R&D investments, and international and domestic IT businesses' increased focus on the expansion of big data analytics and cloud-based services in the region.
Recent Developments
Intel, in collaboration with John Deere, introduced AI technology to help fix an expensive, long-standing problem in the production welding process in April 2021. In its manufacturing facilities, Deere is testing a system that employs computer vision to automatically recognise frequent errors in the automated welding process.
Regional Insights
Due to the existence of well-established economies in this region, the North American region is predicted to hold the largest share of US$ 302.4 Bn in the global Industrial IoT market over the forecast period, according to the latest research. This allows them to invest much in research and development.
The UK has the second-largest market size of US$ 142.7 Bn in the Industrial IoT market. Owing to the rapid developments of IOTs in these regions, the European and Asia Pacific regions are expected to see significant growth.
By Region:
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
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