Report Ocean has released a market research report on the Industrial Internet Of Things industry, covering more than 150 countries and analyzing more than 1.00000 published and upcoming reports annually. The report, prepared by subject matter experts, researchers and market research professionals, uses various methodologies and analytical approaches, including SWOT AND PESTLE analysis and regression analysis, to predict market growth. It also reviews industry regulations and policies and potential future advances.
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The global market size for Industrial Internet of Things was USD 260.2 billion in 2021. The global IoT market is projected to grow to USD 1716.4 billion by 2030, registering a rate of compound annual growth (CAGR) of 19.1% during the forecast period 2022 to 2030.
Factors affecting the market
- The growing popularity of Artificial Intelligence (AI) and the Internet of Things (IoT) is driving the growth of the global industrial Internet of Things market.
- The growing e-commerce sector shows that the demand for high quality and affordable goods is increasing rapidly. Thus, the adoption of the Industrial Internet of Things in the e-commerce segment will help companies to have great suitability with cost efficiency.
- The benefits of the Industrial Internet of Things are driving the growth of the market. Industrial IoT ensures workforce safety and also reduces operational costs. Furthermore, the market is seeing an increasing number of companies gradually establishing hybrid services to strengthen their position. Furthermore, the Internet of Things plays a crucial role in ensuring easy access to machines. Thus, all these benefits will contribute to the growth of the market.
- Remote work policies have changed the outlook for the global industrial IoT market. During the COVID-19 pandemic, the new wave of telecommuting has changed the point of view. Thus, it triggered the call for transparency in operations. Therefore, many companies are focusing on building IoT to better serve customers. As a result, it will fuel market growth during the study period.
- Legacy equipment incompatibility may hamper the growth of the global IoT industrial market during the study period.
Impact of COVID-19 on the Industrial Internet of Things market
The COVID-19 pandemic has seen losses across various industries. Thus, the market has witnessed a severe decline in the automotive segment. Additionally, various other manufacturing industries have stopped operations as per government rules. All of this has had an impact on the global industrial IoT market. On the contrary, the remote work trend has become the significant factor fueling the growth of the market even during the pandemic. Furthermore, the market will also witness favorable growth in the post-COVID era.
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Regional analysis
North America is expected to hold the highest share in the global Industrial Internet of Things market due to the presence of the leading manufacturers in the market. Furthermore, the growing number of startups presents favorable opportunities for market growth in the region. Furthermore, the growing penetration of advanced technologies across all verticals is driving the growth of the market.
The Asia-Pacific Industrial Internet of Things market is expected to witness considerable growth thanks to the contribution of emerging countries such as India, Taiwan and China. Manufacturing organizations across the region are gradually adopting advanced technologies to drive profits. Additionally, supportive government initiatives, such as Made in China 2025 and Made in India, will benefit the regional IoT industrial market.
Competitors in the market
- ABB
- Huawei
- Cisco
- GE
- intel
- Rockwell automation
- Texan tools
- treasure
- IBM
- KUKA AG
- NEC company
- Bosch.IO
- Siemens AG
- SAP
- Other top players
Market segmentation
Global Industrial Internet of Things market segmentation focuses on Components, End User, and Region.
By Components
For end user
- Production
- Logistics and transport
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By Region
- North America
- The United States
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia and New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of the MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
- The market report presents the estimated size of the ICT market at the end of the forecast period. The report also looks at the historical and current market size.
- During the forecast period, the report analyzes the growth rate, market size and market valuation.
- The report presents the current industry trends and future potential of the markets in North America, Asia Pacific, Europe, Latin America, the Middle East and Africa.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and financial performance of key players.
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