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.
Driver: Rise in demand
for automation in industries
Over the past few years,
industrial automation has witnessed significant growth in the manufacturing
sector. Owing to high market competition and end user demand, manufacturers are
more concerned with producing higher volume and better-quality products. These
efforts have led to an increased focus on core areas, such as the production
process, asset monitoring, and maintenance and support of assets in the
factory. The use of automation will enable manufacturers to reduce human labor
costs and expenses, increase productivity, enhance the consistency of processes
or products, and deliver quality products. Industrial automation processes use
control systems, such as computers or robots, to monitor and handle processes
and machines. Industrial IoT platforms play an important role in enhancing the
process of industrial automation. Industrial IoT platforms help generate
cooperative communication and interaction from manufacturing control systems
like actuators, robotics, and analyzers. These platforms help to improve
flexibility and deliver enhanced manufacturing.
Restraint: Lack of
standardization in IoT protocols
To increase economies of
scale, more technical standardization is required for reducing the industrial
IoT platform market’s entry barriers. Hence, there is a need for a global
governing body. The standards are to be carefully designed to enable innovations
in the industrial IoT market. Often, service providers help drive large parts
of the market toward an acceptable IoT communications protocol. While some
preliminary protocols are visible to the market, formally available protocols
remain to be seen. The International Telecommunication Union (ITU) has created
an Internet of Things Global Standard Initiative (IoT-GSI) for developing a
standard for IoT on a global scale. The European Commission has created many
European standard bodies for IoT-specific standards, such as European
Telecommunications Standards Institute (ETSI), European Committee for
Standardization (CEN), and European Committee for Electro-Technical
Standardization (CENELEC). These bodies develop policies referring to European
standard regulations and directives.
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Opportunity: Predictive
maintenance of machinery
The need for predictive
maintenance of assets is one of the key opportunities for the growth of the
industrial IoT market globally. Predictive maintenance helps lower operating
and capital costs by facilitating proactive servicing and repair of assets while
allowing highly efficient use of repair resources, both human labor and
replacement parts. It enables companies to accurately diagnose and prevent
failures in real time, which is vital for critical infrastructure. The failure
of high-tech machinery and equipment can prove to be highly expensive, in terms
of repair costs, in addition to the production losses resulting from the
downtime. Typically, technicians are sent to conduct routine diagnostic
inspections and preventive maintenance of machinery depending on fixed
schedules. However, several companies are now opting for industrial IoT-enabled
predictive maintenance measures. For instance, Volvo Group Trucks invested in a
new predictive analytics platform using IBM SPSS for vehicle information due to
the growing business need for predictive maintenance to fulfill uptime
commitments. It transformed its use of vehicle data from reactive to predictive
analysis. By monitoring the truck usage and the current status of the various
key components of vehicles, the company is able to tailor maintenance to
individual truck-level PdM and predict component failure while the truck is on
the road or in the shop.
Challenges: Maintenance
and updates of IIoT systems
Industrial IoT systems
require regular maintenance and updates to keep up with changing business
requirements. As new components are added to these systems, their software also
require upgrading. These upgraded systems need to be integrated with the existing
equipment, as well as with the additional systems. The addition of new
components to industrial IoT systems results in increased maintenance
activities. Companies find it challenging to maintain and upgrade industrial
IoT systems even while ensuring uninterrupted services.
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