Industrial Internet of Things (IIoT) Market is Projected To Reach USD 102460 Million By 2028 At A CAGR Of 5.3% - Valuates Reports

BANGALORE, India, June 21, 2022 /PRNewswire/ -- Industrial Internet of Things Market is segmented by Type- Wired Technology, Wireless Technology, Field Technology, by Application - Manufacturing, Energy, Oil & Gas, Metal & Mining, Healthcare, Retail, Transportation, Medical, Other. Global Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Consumer Resources Category.

The global Industrial Internet of Things (IIoT) market size is projected to reach USD 102460 million by 2028, from USD 71160 million in 2021, at a CAGR of 5.3% during 2022-2028.

Major Factors Driving The Growth of the Industrial Internet of Things Market are:

The growth of the IIoT industry is driven by the increasing adoption of Industry 4.0. Furthermore, the need to increase efficiency, the need for predictive maintenance and to develop insights about the process flow in various industries, including manufacturing, Energy, Oil & Gas, Metal & Mining, Healthcare, Retail, Transportation, and Medical is expected to drive the growth of IIoT market. 

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TRENDS INFLUENCING THE GROWTH OF INDUSTRIAL IOT (IIOT) MARKET 

The increasing use of IIoT in the manufacturing sector is expected to drive the growth of the industrial internet of things market. Data from remote assets in a manufacturing unit can be accessed from a central location thanks to connected IoT devices. These assets can be remotely monitored and controlled, providing a greater degree of control. They can also boost machine utilization by emphasizing the importance of preventive maintenance. In addition, real-time data from industrial internet of things connected equipment can aid in the prediction of machine problems. This enables manufacturers to take proactive actions to address issues before they arise, resulting in increased machine uptime and overall productivity.

The industrial internet of things energy movement focuses on integrating connections into equipment and devices, connecting those devices to intelligent networks, and extracting meaningful and actionable insights from that data using data analytics. Energy generation businesses, for example, will implant industrial internet of things sensors inside wind turbine vanes to manage their velocity, rotation, and functioning in real-time in response to changing wind conditions. The main value of smart grid and IIoT solutions is that they assist in realizing the potential of existing data and harvesting it for automation, better decision making, and ultimately increased efficiency. Thus the growing use of IIoT in the energy sector is expected to fuel the industrial internet of things market growth.

Oil and gas is a large industry with a lot of variables to manage at the same time. The IIoT benefits oil and gas firms by allowing them to design an integrated deployment plan. This in turn is expected to drive the growth of the industrial internet of things market. The industrial internet of things enables Oil and gas businesses to monitor various operations and optimize, automate, or digitize them as needed. Through sensor technologies and enhanced telemetry, IIoT installation streamlines the process of monitoring these variables.

The rising adoption of IIoT in Mining is expected to further propel the industrial internet of things market. With numerous sets of exploration data and modeling to help target subsequent drilling, IIOT can give mining operators a better understanding of the resource base, decreasing uncertainty. Machines that are IIoT-enabled can help optimize material and equipment flow for better efficiency and production, as well as predict equipment breakdowns. The IIoT market is predicted to increase as a result of these factors.

 Furthermore, in healthcare, organizations will be able to record, transmit, aggregate, and analyze data in real-time using IIoT systems that connect medical equipment, allowing them to practice evidence-based treatment. In this way, the industrial internet of things can improve people's health, safety, and productivity all across the world.

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INDUSTRIAL IOT (IIOT) MARKET SHARE ANALYSIS

Based on application, manufacturing is expected to be the most lucrative segment. Manufacturing companies are rapidly adopting digital manufacturing technologies, and the Internet of Things (IIoT) plays a critical role in these cutting-edge technologies. The market is expected to develop significantly in the near future, owing to the strategic partnerships and alliances that stakeholders are forming, as well as the growing demand for a linked supply chain to provide flexibility, operational efficacy, and regulatory compliance.

Based on region, North America and the Asia Pacific is expected to be the most lucrative region. Several well-established market participants can be found in North America. The region was also an early adopter of IIoT and has evolved into an innovation hotspot.

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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Key players

• ARM Holding (UK)
• Cisco (US)
• GE (US)
• Intel (US)
• Rockwell Automation (US)
• ABB (Switzerland)
• Texas Instruments (US)
• Dassault Systèmes (France)
• Honeywell (US)
• Huawei Technologies (China)
• IBM (US)
• KUKA AG(Germany)
• NEC Corporation (Japan)
• Bosch (Germany)
• Siemens AG (Germany)
• PTC (US)

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SIMILAR REPORTS

-  The global IoT Cloud Platform market size is projected to reach USD 10330 million by 2028, from USD 3108.9 million in 2021, at a CAGR of 18.2% during 2022-2028.

-  The global IoT Platforms Market size is projected to reach USD 17100 million by 2027 from USD 2956.7 million in 2020 at a CAGR of 28.5% during 2021-2027.

-  The global Internet of Things (IoT) Security market size is projected to reach USD 7722.1 million by 2028, from USD 2087.8 million in 2021, at a CAGR of 20.3% during 2022-2028.

-  The global IoT in Manufacturing market size is projected to reach USD 1148.9 million by 2028, from USD 550.2 million in 2021, at a CAGR of 10.6% during 2022-2028.

-  The global IoT Fleet Management Market size is projected to reach USD 26410 million by 2027, from USD 6955.7 million in 2020 at a Compound Annual Growth Rate (CAGR) of 21.0% during 2021-2027.

-  In 2018, the Global IoT market size was USD 164 Billion and it is expected to grow with a CAGR of 38.62% between 2018 and 2025.

-  The global Narrowband IoT (NB-IoT) market size is projected to reach USD 1225.9 million by 2027, from USD 213.1 million in 2020, at a Compound Annual Growth Rate (CAGR) of 27.8% during 2021-2027.

-  IoT Solutions and Services market size (the most likely outcome), the revenue in 2021 is USD 178.3 Billion , and the global market size will reach USD 460.4 Billion by 2028, with a CAGR of 14.5%.

-  Global revenue for IoT Medical Devices was valued at USD 16.25 Billion in 2020, and is expected to generate revenue of USD 58.33 Billion by end of 2027, growing at a CAGR of 19.85% between 2021 and 2027.

-  The global IoT Healthcare market size is projected to reach USD 222260 Million by 2028, from USD 53340 Million in 2021, at a CAGR of 22.1% during 2022-2028.

-  The global Agriculture IoT market size is projected to reach USD million by 2028, from USD million in 2021, at a CAGR of % during 2022-2028.

-  The global Internet of Things Insurance market size is projected to reach USD 198550 million by 2028, from USD 25290 million in 2021, at a CAGR of 30.4% during 2022-2028.

-  In 2020, the global IoT Chip market size was USD 39880 million and it is expected to reach USD 109140 million by the end of 2027, with a CAGR of 15.5% during 2021-2027.

-  The global IoT Sensors market size is estimated to be worth USD 11500 million in 2022 and is forecast to a readjusted size of USD 31060 million by 2028 with a CAGR of 18.0% during the review period.

-  The global Cellular IoT market size is projected to reach USD 2930.1 million by 2027, from USD 1818.2 million in 2020, at a CAGR of 7.0% during 2021-2027.

-  The global IoT Device Management market size is projected to reach USD 7668.1 Million by 2028, from USD 1783.2 Million in 2021, at a CAGR of 22.6% during 2022-2028.

-  The global IIoT Platform market size is projected to reach USD 19780 million by 2028, from USD 3587 million in 2021, at a CAGR of 27.1% during 2022-2028.

-  The global big data and business analytics market size was valued at USD 198.08 billion in 2020, and is projected to reach USD 684.12 billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.

-  Global Industrial IoT Wireless Module Market Insights and Forecast to 2028

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