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. Rise in demand for IoT-enabled digital transformation in businesses across verticals, and predictive maintenance of machinery create lucrative opportunities whereas lack of standardization in IoT protocols is a major restraint for the growth of the market.
The hardware segment
accounts for the largest market share of the industrial IoT market during
forecast period.
The hardware segment
currently holds the largest market share and is expected to maintain its
position during the forecast period. Industrial automation and sensor
technology have been established for decades, resulting in a wide range of
existing hardware solutions readily available for IIoT deployments. Diverse
industrial applications require a variety of specialized hardware components
such as sensors, processors, and connectivity ICs, contributing to a larger
market size compared to software and platforms that cater to a broader range of
functionalities.
Healthcare sector
accounts for the largest market share of the industrial IoT market in North
America during the forecast period.
The healthcare sector
has the largest market share in the North American industrial IoT market. There
are compelling reasons for significant industrial IoT adoption and growth in
the healthcare sector in North America. An aging population is driving the demand
for remote patient monitoring, telehealth solutions, and connected medical
devices. Industrial IoT improves healthcare delivery by optimizing workflows,
tracking equipment, and facilitating data-driven decision-making. Advancements
in wearables, remote monitoring devices, and data analytics are creating new
opportunities for industrial IoT in healthcare.
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Asia Pacific holds the
largest market share in industrial IoT market during the forecast period
Asia Pacific is a global
manufacturing hub; it is also emerging as an important hub for the metals &
mining vertical. Infrastructural and industrial developments in emerging
economies such as China, India, and Singapore are contributing to the development
of the industrial IoT market in Asia Pacific. The region is expected to be the
leading market for industrial IoT solutions during the forecast period. The
market in North America is flourishing owing to various initiatives undertaken
by governments of different countries and leading companies to encourage the
development and adoption of industrial IoT.
Key Market Players
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