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. 2024-2032.
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 size would reach USD 184.67 Billion at a rate of 10.3% CAGR in the course of the forecast period 2024-2032.
Figure 1: Industrial IoT Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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.
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.
The IoT is basically the networking of various physical objects with the assistance of actuators, sensors, and various other devices that are capable of collecting and transmitting data about various objects. The information collected from these devices can be analyzed in the future to enhance the operations, products, and services of industrial IOT key players. Also, the best utilization of application of these technologies lies in various areas of optimization of energy like sensors that are deployed around the grid electricity that aid the utilities to monitor the utilization of energy remotely. It also adjusts the distribution and generation of energy flow to account for both peak times and peak downtimes of industrial IOT key players.
The global IoT market industry that faces various industrial IOT market challenges can be segmented depending on organization size, components, region, vertical, and connectivity. Despite the industrial IOT market challengesthe worldwide IoT market is expected to witness a decent amount of growth in the course of the forecast period, i.e. 2017 to 2013.
Based on organization size, the worldwide IoT market can be divided into:
On the basis of components the IoT industry can be classified into:
Depending on the region, the IoT market can be classified into:
Rest of the world:
By Vertical/End-Users:
On the basis of vertical, the IoT market industry can be classified into:
By Connectivity/ Application:
Depending on connectivity, the global IoT market can be divided into:
On the basis of the latest research findings, the North American region is expected to hold the highest share of the worldwide agile IoT market in the course of the forecast period because of the presence of strongly established economies in this particular region. This feature permits them to spend hugely in the R and D. In addition with the increasing adoption of various smart connected devices and rapid digitalization throughout the verticals of the IoT industry, and also the improvement in the technological fields have further enhanced the increasing demand of IoT industry in North American region. Also, the European regions and the Asia Pacific region are assumed to experience prominent growth because of the speedy advancements of IOTs in these regions.
The IoT industry’s competitive landscape offers details by the entire economic profit of the vendors and the companies, the sales and revenues generated in this industry, the IoT share in the global market, the overview of the business organization, the launch of new products, the opportunities and prices, the overview of production sites, prices of IoT, SWOT analysis, etc.
Report Overview:
Based on the global IoT market analysis, the market is anticipated to experience a growth of at least 751.3 Million USD by 2023. Therefore, there will be at least a 23.88% rise in Compound Annual Growth Rate or CAGR in the course of the forecast period, i.e. 2017-2023. The North American region is one most the most significant players based on IOT applications of the region because of its vast industrial and manufacturing sector.
Scope of report and segmentation table:
| Report Attribute/Metric | Details |
| Market Size: 2032 | USD 184.67 Billion |
| CAGR | 10.3% |
| Base Year | 2019 |
| Forecast Period | 2024-2032 |
| Historical Data | 2023 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component , Connectivity |
| Geographies Covered | North America, Europe, Asia-Pacific |
| Key Vendors | General Electric (U.S.) Siemens AG (Germany) Accenture PLC (Ireland) Huawei Technologies CO. Ltd. (Japan) Robert Bosch GmbH (Germany) Intel Corporation (U.S.) |
| Key Market 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. |
| Key Market Drivers | The connected and smart products are the necessary components in the smart manufacturing procedures and the connected supply chains. |
Industrial Internet Of Things Market Highlights:
Frequently Asked Questions (FAQ) :
The market is going to achieve a valuation of USD 184.67 Billion by 2032
The market is going to achieve its growth from 2024 to 2030.
The factors driving the market are directed towards the emergence of novel technologies such as data analytics, robotics, machine learning, and artificial intelligence.
Rockwell Automation, Inc. (U.S.), General Electric Company (U.S.), Intel Corporation (U.S.) are the top 3 key players investing in the market share significantly.
IBM has been a great contributor to the market share.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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