by IIoT devices are installed in industries like manufacturing, energy, healthcare that connect various physical assets like manufacturing equipment, industrial robots, HVAC systems, power generators to the internet and leverage data analytics and machine learning to optimize operations. IIoT helps improve operational efficiency, reduce downtime and maintenance costs through advanced analytics of real-time data from connected assets.
The Global Industrial IoT Market is estimated to be valued at US$ 140.84 Billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2031.
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. These players are focusing on developing innovative IIoT solutions for predictive maintenance, remote asset monitoring and automation.
The growing demand for optimization of Industrial IoT Market Size operations and processes across industries is a major factor driving the adoption of IIoT solutions. IIoT helps improve efficiency, reduce costs and enhance productivity for manufacturing companies.
The increasing global expansion of manufacturing facilities and operations is propelling the implementation of IIoT platforms. Cloud-based IIoT solutions help multi-national corporations remotely monitor, manage and optimize their global assets and facilities.
Market key trends
Digitization of industrial operations through IIoT is one of the major trends revolutionizing various industries. Installation of sensors and network connectivity in industrial equipment generates massive volumes of real-time data. Advanced analytics of this operational data through AI and machine learning helps predict maintenance needs, detect performance issues and optimize processes. IIoT with predictive maintenance capabilities is helping industries move from reactive to proactive maintenance approach and minimize unexpected downtime. This trend is expected to accelerate over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants have to face high initial costs for setting up the infrastructure and need significant financial resources as well as technological capabilities to enter the industrial IoT market.
Bargaining power of buyers: Large industrial buyers have high bargaining power as they have the choice between multiple providers and can negotiate on price and quality of services.
Bargaining power of suppliers: Major component and technology suppliers have some bargaining power due to their specialized expertise and resources required but the bargaining power is reduced due presence of many players.
Threat of new substitutes: Threat of substitutes is moderate as industrial IoT aims to improve operational efficiency and asset utilization in contrast to traditional methods, therefore limited threat of substitutes.
Competitive rivalry: The industrial IoT market has the presence of both global as well as regional technology companies offering customized solutions leading to high competition.
Geographical regions: North America accounts for the largest share of the global industrial IoT market in terms of value owing to large manufacturing sector and early adoption by industries in the region. The industrial IoT adoption is led by United States. Asia Pacific is projected to grow at the fastest pace during the forecast period attributed to growing industrialization,presence of manufacturing hubs and government initiatives for digital transformation of industries in countries like China and India.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
