The report "Industrial IoT Market by Offering (Hardware (Processors, Connectivity ICs, Sensors, Memory Devices, Logic Devices), Software (PLM, MES, SCADA, OMS), Platforms), Connectivity Technology, Deployment, Vertical and Region - Global Forecast to 2029" The industrial IoT market is valued at USD 194.4 billion in 2024 and is projected to reach USD 286.3 billion by 2029; it is expected to grow at a CAGR of 8.1% from 2024 to 2029. Increasing adoption of IPv6, growing adoption of cloud platforms, increased IoT-related government initiatives and R&D activities worldwide, rise in demand for automation in industries, and global rise in internet penetration.
The industrial IoT
market for platforms segment is expected to grow at the highest CAGR during the
forecast period.
The platforms segment is
expected to experience the highest growth rate during the forecast period. The
IIoT platform landscape is still maturing compared to hardware. As IIoT
adoption grows, the need for robust platforms to manage and analyze the increasing
data volume becomes more critical. IIoT generates vast amounts of data, driving
the demand for secure storage, powerful analytics tools, and centralized
management capabilities offered by platforms. This demand is expected to
accelerate the growth of the platform segment. As industries shift towards
data-driven decision-making, platforms become more valuable for extracting
insights from IIoT data and optimizing processes. This focus on data
utilization will further fuel the growth of the platform segment.
The manufacturing sector
holds the largest market share in the industrial IoT market for the Asia
Pacific.
The manufacturing sector
holds the largest market share in the industrial IoT market for the Asia
Pacific region, making it a global manufacturing hub. Countries like China,
Japan, and South Korea are leading the way in this sector. Industrial IoT
provides significant benefits such as predictive maintenance, process
optimization, and improved quality control, all of which are crucial for
manufacturers.
Asia Pacific is
projected to experience the highest growth rate during the forecast period.
Many Asian countries are undergoing rapid urbanization, leading to increased
investments in smart city initiatives that heavily depend on industrial IoT.
Multiple governments in the Asia Pacific region are encouraging the adoption of
industrial IoT across various industries through subsidies and infrastructure
development plans. The developing economies in the region offer significant
potential for industrial IoT solutions as they construct new infrastructure and
modernize existing industries.
Agricultural sector in
North America holds the largest market share in industrial IoT market during
the forecast period.
The agriculture sector
holds the largest market share in the North American industrial IoT market.
Agriculture in North America has significant potential for industrial IoT
adoption and growth due to several factors. Industrial IoT enables data-driven
farming practices such as precision irrigation, soil monitoring, and targeted
crop management. It can optimize resource utilization (water, fertilizers,
pesticides), reduce waste, and improve overall farm productivity. Farmers can
use industrial IoT for remote monitoring of crops, livestock, and environmental
conditions.
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Key Players
Some of the leading
companies operating in the industrial IoT market are ABB (Switzerland), General
Electric (US), Emerson Electric Co. (US), Intel Corporation (US), Cisco
Systems, Inc. (US), SAP SE (Germany), Honeywell International Inc. (US),
Siemens (Germany), Huawei Technologies Co., Ltd. (China), Rockwell Automation
(US), Arm Limited (UK), PTC (US), Dassault Systèmes (France), IBM (US), Robert
Bosch GmbH (Germany), NEC Corporation (Japan), ANSYS, Inc. (US), Worldsensing
(Spain), Arundo (Norway), Software AG (Germany), among others.
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