Industrial Internet of Things Market Worth $1,693.30 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Feb. 8, 2023 /PRNewswire/ -- The global industrial internet of things market size is anticipated to reach USD 1,693.30 billion and is expected to expand at 23.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Major emphasis on predictive maintenance, automation, and proficient supply chain management across a number of industrial verticals, including manufacturing is driving the market growth. Several organizations have accepted the benefits of adopting IIoT in productivity improvement and have implemented a range of advanced IIoT solutions based on hardware, which are compatible such as actuators and sensors combined with software, contributing to the growth of the industrial IoT industry.

Key Industry Insights & Findings from the report:

• The market is driven by the growing automation techniques used in various industry verticals such as manufacturing and automobile.
• Based on the component segment, the services segment is anticipated to record the highest CAGR of over 24% from 2023 to 2030, owing to a significant increase in the number of connected gadgets.
• Based on end-use segment, the manufacturing sub-segment accounted for the largest market share of 18% in 2022 as companies are rapidly adopting digital manufacturing technologies, while logistics & transport is poised to grow with the highest CAGR of over 26% during the forecast period.
• North America held the largest revenue share in 2022 closely followed by Europe owing to the early adoption and implementation of industrial IoT technology.

Read 140-page market research report, "Industrial Internet Of Things Market Size, Share & Trends Analysis Report By Component (Solution, Services, Platform), By End-use (Manufacturing, Logistics & Transport), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Industrial Internet Of Things Market Growth & Trends

The management of several industrial processes is undergoing a paradigm shift owing to machine-to-machine (M2M) communication. The growing use of M2M communication for applications like smart grids, along with other industry verticals such as healthcare, security, and automotive, is expected to propel industrial IoT market growth. For instance, in May 2022, SAP partnered with Apple Inc., to streamline the digital supply chain and empower workers with innovative tools. This tool is expected to help in decreasing the training need, improve overall productivity, and simplify onboarding.

The COVID-19 outbreak has adversely impacted the industrial internet of things industry. The pandemic has caused supply chain management difficulties for several businesses across the globe. Vendors are placing numerous orders, but the businesses are unable to fulfill them, which eventually led to financial difficulties. However, cognitive industrial IoT can help organizations track products for increasing total yield in transit along with accurately evaluating orders issued. As a result, organizations are anticipated to adopt cognitive industrial IoT solutions as part of their efforts to reform their operations and strategies, which is projected to fuel the industrial IoT market growth over the forecast period.

Edge Analytics provides the same capability as a traditional analytics tool, with the exception of where the analytics are conducted. The key distinction is that edge analytics programmers must run on edge devices that may be limited in storage, computing power, or connection. Digitization has been the driving force behind the most recent revolutions. Companies have long struggled with how to extract relevant insights from the millions of nodes of data created each day by IoT-connected devices. The number of linked gadgets, from a smartwatch to a smart speaker, is increasing the volume of data to be mined. Many new technologies, like AI and Big Data, have become indispensable for gathering insights.

North America will gain a larger market share in the edge analytics market due to an increase in the need for predictive analytics, which will increase the adoption of edge analytics solutions with a higher concentration of industrial and telecommunications industries. With the rise of IoT, there has been a surge in interest in edge analytics. For many firms, streaming data from different IoT sources produces a massive data repository that is challenging to manage.

Industrial Internet of Things Market Segmentation

Grand View Research has segmented the global industrial internet of things market based on component, end-use, and region

Industrial Internet of Things Market - Component Outlook (Revenue, USD Billion, 2018 - 2030)

• Solution
• Remote Monitoring
• Data Management
• Analytics
• Security Solutions
• Others
• Services
• Professional
• Managed
• Platform
• Connectivity Management
• Application Management
• Device Management

Industrial Internet of Things Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Metal & Mining
• Chemical
• Manufacturing
• Energy & Power
• Oil & Gas
• Healthcare
• Logistics & Transport
• Agriculture
• Others

Industrial Internet of Things Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Benelux
• Nordic Countries
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Latin America
• Mexico
• Brazil
• Chile
• Peru
• Middle East and Africa

List of Key Players in the Industrial Internet of Things Market

• ABB
• ARM Holding Plc
• Atmel Corporation
• Cisco Systems, Inc.
• General Electric Company (GE)
• International Business Machines Corporation (IBM)
• Intel Corporation
• Rockwell Automation, Inc.
• Siemens AG
• Microsoft Corporation

Check out more related studies published by Grand View Research:

• IoT Device Management Market - The global IoT device management market size is expected to reach USD 19.77 billion by 2030, registering a CAGR of 34.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market has been evolving continuously in line with the advances in technology and the changing needs of the incumbents of various end-use industries and industry verticals, especially small and medium enterprises. Growing demand for IoT services need for digitalization, and the increasing penetration of communication and networking technologies are expected to drive the market over the forecasted years.
• IoT Cloud Platform Market - The global IoT cloud platform market size is anticipated to reach USD 51.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.6% from 2023 to 2030. The rapid adoption of internet of things (IoT) cloud platforms to connect hardware, such as sensors and smart devices to the cloud, to handle different communication protocols, and provide reliability, security, and authentication for users and devices is driving the IoT cloud platform market growth. In addition, the growing use of AI and ML integrated IoT platforms among organizations to reduce costs and maintain a competitive advantage is expected to boost the IoT cloud platform market growth.
• Enterprise IoT Market - The global enterprise IoT market size is expected to reach USD 1416.8 billion by 2030 and is projected to expand at a compound annual growth rate (CAGR) of 13.5% from 2022 to 2030, based on a new report by Grand View Research, Inc. The growing adoption of cloud-based platforms and rising demand for digitalization are fueling the growth of the market. Additionally, enterprise IoT is a new era of global transformation driven by advancements in technology, growing economic opportunities, and increasing demand for operational efficiency. These factors are expected to boost the market growth exponentially.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.