Industrial Internet of Things (IIoT) Market, By Component (Hardware, Solution & Service), By Deployment (On-Cloud, On-Premise), By Connectivity (Wired and Wireless), By End-User (IT & Telecom, Manufacturing, Healthcare, Retail, Oil &Gas, Automotive and Others) - Forecast 2030

Industrial IoT Market Scope:

The IoT or Internet of Things is the latest technology that builds a worldwide network of devices and machines that are capable of exchanging and communicating information with each other via the internet. The IoT can create data about various connected objects, can analyze the objects, and can take necessary decisions. Emerging technologies like robotics, machine learning, artificial intelligence, and analytics are expected to boost the industrial IOT marketdemand over the forecast period, i.e. 2020-2030. 

The increasing investments by various industry leaders in the industrial IOT marketwould galvanize the growth of the market in the future years. The increasing speed of industrialization and the emergence of automation to decrease the pressure on various production assemblies would likely offer newer industrial IOT market opportunities.According to the assumption of MRFR or Market Research Future, the industrial IOT market sizewould reach USD 859.42 Billion at a rate of 20.11% CAGR in the course of the forecast period. 

Industrial IoT Market COVID-19 Analysis:

The COVID-19 pandemic has impacted all the worldwide industries and countries. The oil, transport, gas, manufacturing, and many more industries are still bearing the brunt of its adverse effects. As a result of the lockdowns announced because of the death surge due to the pandemic, the gas and oil industry had witnessed a severe drop in daily demand. Since January 2020, oil prices have dropped by at least 50% in various countries and the US markets are experiencing a record of low demand. 

In April 2020, the International Energy Agency declared that the oil demand has dropped by 29 billion barrels on a daily basis. The decrease was further projected to become 23.1 million barrels on a daily basis by the end of 2020. Therefore, these changes in the industry are likely to affect the ongoing, existing, and potential growth of industrial IOT market size as in this scenario IoT could be considered as not necessary. Moreover, it could have been canceled or delayed in the coming future. 

Industrial IoT Market Dynamics:

Drivers:The main three key factors that drive the growth of the global industrial IOT marketare – the low operational cost of IoT, the growth in various technical advancements, the high rate of adoption of the various cloud-based models of deployment. 

The connected and smart products are the necessary components in the smart manufacturing procedures and the connected supply chains. Moreover, the advantages offered by the low-cost connected devices have permitted the manufacturers to implement various industrial IOT market trendsto increase the overall productivity of the industry and also to decrease the amount of resource consumption. 

Also, because of low operating costs, many of the manufacturers tend to incorporate the industrial IOT market trendsapplications in various machines to develop the performance of the machines at a decreased cost. Also, the demand for data protection, low-cost information storage, and backup are important industrial IOT market opportunitiesfor SME or small and medium-sized enterprises. The cloud implementations made via industrial IOT market trendshelp the business organizations to deliver better services of IoT to unique industry verticals. 

Also, the growth in industrial IOT market size has permitted the major industry players to provide their end-users a much improved industrial IOT market opportunities. The emergence of smart sensors into various industrial machines has permitted the manufacturers to lower the operating expenses by at least 505 and it is expected to get lowered further in the course of the Industrial IOT Market Forecast period. Moreover, augmented reality and virtual reality offer end-users a complete 360 degree of any object before it’s got manufactured in real. Opportunities:  According to the industrial IOT market forecast, after years of anticipation, steady uptake, and hype, the IoT or internet of things is expected to emerge into mainstream business utilization. The industrial IOT market forecast also reveals that the number of industries that utilize IoT-related technologies has uplifted from 13% to 25% within 2014 to 2021. Also, by 2023, the global numbers of IoT-connected devices are presumed to uplift by at least 43 billion. Therefore, from 2018, the industrial IOT market share would experience a threefold growth.