Industrial Internet of Things
Industrial Internet of Things Market by Component (Hardware, Services, Software), Connectivity (Satellite Connectivity, Wired Connectivity, Wireless Connectivity), End-User - Global Forecast 2024-2030
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[192 Pages Report] The Industrial Internet of Things Market size was estimated at USD 271.25 billion in 2023 and expected to reach USD 310.75 billion in 2024, at a CAGR 17.62% to reach USD 844.82 billion by 2030.

The industrial Internet of Things (IIoT) majorly uses sensors and connected devices in industrial settings for collecting data, analyzing it, and making decisions based on it. IIoT can significantly assist in improving operational efficiency, cost-efficiency, productivity, and employee safety in factories. Government initiatives encouraging digital transformation in industrial settings have been one of the major factors accelerating the pace of IIoT deployment worldwide. End-users have started to realize the importance of predictive maintenance solutions, elevating the popularity of IIoT. However, the interoperability and reliability issues of IIoT, along with its security issues, have been impeding product penetration across many organizations. Market players are constantly working on advancing IIoT components while keeping in mind industry-specific needs, specifications, and safety requirements to expand their utilization. Several startups have entered the market with new products, and there have been tremendous investments to extend investments in smart factories, creating opportunities to commercialize IIoT components.

Regional Insights

The IIoT market in the Americas is rapidly advancing, primarily driven by the exponential use of connected devices in manufacturing, transportation, and energy industries. The region is home to many established market players, particularly across the U.S. and Canada, currently working on improving the operation of IIoT with the emergence of 5G networks and edge computing. In the Asia-Pacific, market players have been heavily investing in IIoT research while collaborating with international companies to develop improved solutions. China, Japan, India, and South Korea have been taking smart factory and smart manufacturing initiatives, focusing on robotics and automation to induce more opportunities for IIoT. The European market is also fast-growing, with Germany, France, the Netherlands, the UK, and Italy introducing Industry 4.0 initiatives while investing in IoT-enabled infrastructure. The Horizon 2020 program offers great funding for research of new IIoT technologies.

Industrial Internet of Things Market
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Market Dynamics

The market dynamics represent an ever-changing landscape of the Industrial Internet of Things Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Use of sensors for real-time monitoring of operations in industrial organizations
    • Government initiatives encouraging digital transformation in industrial settings
    • Increasing popularity of predictive maintenance solutions
  • Market Restraints
    • Interoperability limitations and complexity of deploying IIoT components
  • Market Opportunities
    • Advancements in IIoT systems & software with custom industry-specific products
    • Emerging startup ecosystem and new investments in smart factories
  • Market Challenges
    • Concerns associated with security risks and data privacy breaches
Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Industrial Internet of Things Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Industrial Internet of Things Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Industrial Internet of Things Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Industrial Internet of Things Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Industrial Internet of Things Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Industrial Internet of Things Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Industrial Internet of Things Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Industrial Internet of Things Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Industrial Internet of Things Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Industrial Internet of Things Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Industrial Internet of Things Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Industrial Internet of Things Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • A New IIoT Partnership: TDengine and Casne Engineering are Ready to Innovate

    The recent partnership between TDengine and CASNE Engineering could pave the way for further advancement of IIoT solutions within many industries, such as manufacturing, healthcare, and energy. With their mutual experience in both software engineering and industrial automation, this collaboration provides an opportunity to innovate within the sector. The combination of TDengine's cloud-based data platform and CASNE Engineering's technological know-how gives this partnership a unique edge in developing more efficient IIoT solutions. By leveraging their respective strengths, it is expected that this cooperation is expected to result in better customer experiences with reliable IoT products and services. [Published On: 2023-04-05]

  • ei3 expands into Japanese machinery builders market with IIoT, AI solutions

    ei3, a player in Industrial IoT (IIoT) and Artificial Intelligence (AI) solutions, expanded into the Japanese Machinery Builders market. This strategic move is expected to create new opportunities for ei3 to capitalize on the growing demand for IIoT and AI applications in Japan. As the fourth largest economy in the world and a major technological powerhouse, Japan is an ideal target market for technology companies such as ei3 that are looking to gain a foothold in the Asia Pacific. This move also allows ei3 to tap into the country’s highly skilled workforce of engineers and developers, providing a fertile ground for their innovation and development efforts. Given this move, ei3 may be well positioned to take advantage of future trends related to digital transformation initiatives taking place throughout Japan as well as other Asian markets. [Published On: 2023-03-14]

  • Qualcomm Launched New ‘Aware’ Cloud Platform for Industrial IoT Applications

    Qualcomm's new Aware Cloud Platform for Industrial Internet of Things (IIoT) applications is a technological advancement in the IIoT market. The platform enables a streamlined, secure and efficient way to manage massive amounts of data and resources and quickly develop and deploy IIoT solutions. With this launch, it is expected to revolutionize automation processes and significantly reduce costs associated with IoT development. Additionally, by providing an environment that optimizes reliability and scalability, Qualcomm's Aware Cloud Platform can help organizations achieve greater productivity levels while minimizing the risk associated with technological advancements. [Published On: 2023-02-28]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Industrial Internet of Things Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Industrial Internet of Things Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Advanced Micro Devices, Inc, Advantech Co., Ltd., Amazon Web Services, Inc., C3 IoT Inc., Cisco Systems, Inc., Cognizant Technology Solutions Corporation, Dell Inc., Emerson Electric Co., Fujitsu Component Limited, General Electric Company, Hewlett Packard Enterprise Development LP, Hitachi, Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., Infosys Limited, Intel Corporation, International Business Machines Corporation, KUKA AG, LG Corporation, Microsoft Corporation, NEC Corporation, Nokia Corporation, Oracle Corporation, PTC Inc., Qualcomm Technologies, Inc., Robert Bosch GmbH, Rockwell Automation, Inc., Samsara Inc., SAP SE, Schneider Electric, Siemens AG, SoftBank Corp., Software AG, TATA Consultancy Services Limited, Tech Mahindra Limited, Texas Instruments Incorporated, Toshiba Corporation, Yokogawa Electric Corporation, and Zebra Technologies Corporation.

Industrial Internet of Things Market - Global Forecast 2024-2030
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Market Segmentation & Coverage

This research report categorizes the Industrial Internet of Things Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Component
    • Hardware
      • Actuators
      • Cables
      • Computer Chips
      • IoT Sensors
      • Smart Devices
    • Services
      • Installation & Maintenance
      • Managed
      • Professional
    • Software
      • Analytics
      • Data Management
      • Remote Monitoring
      • Security Solutions
  • Connectivity
    • Satellite Connectivity
    • Wired Connectivity
    • Wireless Connectivity
  • End-User
    • Agriculture
    • Automotive
    • Chemicals & Materials
    • Energy & Power
    • Food & Beverages
    • Healthcare
    • Logistics & Transport
    • Metal & Mining
    • Oil & Gas
    • Retail & Consumer Goods
    • Semiconductor & Electronics

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Industrial Internet of Things Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Industrial Internet of Things Market, by Component
  7. Industrial Internet of Things Market, by Connectivity
  8. Industrial Internet of Things Market, by End-User
  9. Americas Industrial Internet of Things Market
  10. Asia-Pacific Industrial Internet of Things Market
  11. Europe, Middle East & Africa Industrial Internet of Things Market
  12. Competitive Landscape
  13. Competitive Portfolio
  14. List of Figures [Total: 22]
  15. List of Tables [Total: 578]
  16. List of Companies Mentioned [Total: 40]
Why Custom Industrial Internet of Things (IIoT) Solutions are important
June 27, 2023
BLOG
Why Custom Industrial Internet of Things (IIoT) Solutions are important
Companies today understand the importance of accessing actionable data and utilizing technology to optimize their operations. This is particularly true in the industrial sector, where optimizing processes is critical to gain a competitive edge. As a result, the Industrial Internet of Things (IIoT) is gaining immense traction. IIoT connects various systems, devices, and platforms to create a connected ecosystem sharing real-time data. However, industrial applications can be complex and require solutions tailored to meet specific needs. This blog post will discuss why custom industrial IoT solutions are the way to go.

Customization for Industry-Specific Processes:

One of the main advantages of customized solutions is that they are designed to fit the specific needs of industries. Each industry has unique operations, processes, and workflows that traditional off-the-shelf IoT solutions may only partially address. With custom IIoT solutions, the hardware and software can be tailored to integrate with existing systems and automate processes. This ensures that operations are streamlined and optimized, which helps businesses save time, reduce costs and achieve better productivity.

Enhanced Data Security:

Data security is a top concern for businesses operating in industrial sectors. Whether intellectual property, proprietary processes, or company financial data, businesses must protect their information well. While off-the-shelf IoT solutions may offer some level of security, they may need to be revised to the standards required by specific industries. Customized IIoT solutions are designed to meet industry-specific security standards, ensuring businesses can keep their data safe.

Scalability and Flexibility:

Industrial businesses often need to expand or adapt as they grow. A scalable and flexible IoT solution can help enterprises to do this quickly and seamlessly. Custom IIoT solutions can be designed to enable businesses to add new features and functionalities easily or even integrate new technologies as they become available. This results in a future-proof solution that is adaptable to change and serves its purpose over varying stages.

Reduced Maintenance Costs:

Off-the-shelf IoT solutions may be cheaper initially but require constant upgrades, maintenance, or hardware or software component replacement. Custom IIoT solutions can be designed using higher-quality hardware and software, reducing maintenance costs in the long run. It also reduces the need for constant upgrades or replacements, as the system is optimized for specific industry processes and workflows.

Better Return on Investment (ROI):

All businesses look out for investments that help them grow revenues in the long run; investing in custom IIoT solutions is no exception. Industrial companies that invest in custom IIoT solutions benefit from significant ROI. Increased productivity and efficiency, coupled with cost savings and reduced maintenance expenses, result in a higher ROI than would otherwise be achieved with traditional solutions. The ROI generated from investing in custom IIoT can help businesses stay competitive, lower their operational expenses, and ultimately achieve a higher bottom line.

As businesses increasingly rely on technology to optimize operations and processes, customized Industrial IoT solutions are increasingly viewed as the way to go. Custom solutions designed for specific industry processes, scalability, and flexibility, enhanced data security, reduced maintenance costs, and increased ROI provide businesses with a competitive edge. With countless possibilities and techniques to optimize in the industrial sector, investing in customized IIoT solutions is a cost-effective way to unlock full business potential.

Frequently Asked Questions
  1. How big is the Industrial Internet of Things Market?
    Ans. The Global Industrial Internet of Things Market size was estimated at USD 271.25 billion in 2023 and expected to reach USD 310.75 billion in 2024.
  2. What is the Industrial Internet of Things Market growth?
    Ans. The Global Industrial Internet of Things Market to grow USD 844.82 billion by 2030, at a CAGR of 17.62%
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    Ans. Most reports are fulfilled immediately. In some cases, it could take up to 2 business days.
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