Industrial IoT
Industrial IoT Market by Technology (Camera, Condition Monitoring, Distributed Control System), Component (Hardware, Services, Software), Industry - Global Forecast 2024-2030
360iResearch Analyst
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[195 Pages Report] The Industrial IoT Market size was estimated at USD 86.45 billion in 2023 and expected to reach USD 94.38 billion in 2024, at a CAGR 9.41% to reach USD 162.26 billion by 2030.

The industrial Internet of Things (Industrial IoT or IIoT) refers to the integration of interconnected devices, sensors, machines, and other industrial equipment with information technology to collect, exchange, and analyze data. This integration aims to improve efficiency, productivity, and operational performance by utilizing real-time data and advanced analytics. Automation is a primary driver of Industrial IoT. By automating various processes, industries can achieve higher productivity and efficiency, reduce errors, and minimize operational costs. Many industries face stringent regulations requiring accurate reporting and monitoring. Industrial IoT helps companies comply with these regulations by providing accurate and up-to-date data. However, integrating Industrial IoT technologies with existing systems can be complex and time-consuming, often necessitating specialized skills and knowledge. Connecting industrial systems to the internet increases vulnerability to cyber-attacks, data breaches, and other security threats. Integrating AI and machine learning with Industrial IoT can enhance predictive maintenance, optimize production processes, and provide deeper insights through advanced data analytics. Industrial IoT can play a pivotal role in sustainability by optimizing resource usage, reducing waste, and enabling more efficient energy management.

Industrial IoT Market
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Regional Insights

In the Americas, the market for Industrial Internet of Things (IIoT) is growing steadily. The United States and Canada are key contributors to the adoption of IIoT technologies, driven by advancements in the manufacturing, transportation, and energy sectors. The presence of a robust technology infrastructure and frequent innovations in IoT applications, coupled with the presence of major players, supports growth. Europe is a significant landscape in the global IIoT market, with countries such as Germany, France, and the United Kingdom showcasing innovations. Germany, in particular, is notable for its "Industry 4.0" initiative, which aims to transform traditional manufacturing into smart factories. France and the UK are investing heavily in IIoT for energy efficiency and transportation improvements. In the Middle East, the IIoT market is emerging, driven primarily by countries such as the United Arab Emirates and Saudi Arabia. The APAC region is seeing rapid growth in the IIoT landscape. China, India, and South Korea are at the forefront, with China focusing on smart manufacturing and logistics. Japan and South Korea are investing in a range of sectors, including manufacturing, healthcare, and transportation. India and Southeast Asian countries are also catching up, with government support aimed at enhancing domestic capabilities for manufacturing.

As a forward-thinking organization, PTC Inc. was grappling with challenges in enhancing our supply chain's connectivity, operational efficiency, and flexibility. The Industrial IoT Market Research Report by 360iResearch proved to be a game-changer. The report offered invaluable insights and actionable strategies that directly addressed our needs. Utilizing the findings, we implemented changes that led to a significant improvement in our operational efficacy and adaptability. We highly recommend this comprehensive report for any organization aiming to elevate their operational standards. The positive impact on our operations has been truly remarkable, and we are sincerely satisfied with the outcomes.
PTC Inc.
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Market Dynamics

The market dynamics represent an ever-changing landscape of the Industrial IoT 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
    • Rapidly Growing Industrial Automation
    • Growing Demand for Connected Supply Chain and Operational Efficacy & Flexibility
    • Increasing Business Adoption of Cloud Computing Platforms
  • Market Restraints
    • Lack of Skilled Workforce and Standardization in Communication Protocols
    • Incompatibility with Legacy Equipment and Coupled with Relatively High Implementation Costs
  • Market Opportunities
    • Constant Innovation and Development in the Field of IIoT
    • Industry Inclination towards Predictive Maintenance Technologies
  • Market Challenges
    • Possibilities of Data Security and Privacy Threats
Market Segmentation Analysis
  • Components: Expanding innovations in the software component of IIoT

    In the context of Industrial IoT (IIoT), software plays a significant role in managing and analyzing data. Industrial IoT software includes applications, platforms, and tools designed to collect, process, and interpret data from connected devices. Data analytics platforms in Industrial IoT (IIoT) serve to collect, process, and analyze data generated by connected devices and sensors. These platforms use algorithms and machine learning(ML) to derive actionable insights, helping businesses optimize operations, predict equipment failures, and improve decision-making processes. Data collection & standardization platforms collect data from various sources, such as sensors, machines, and legacy systems, and standardize it into a common format. Data visualization and reporting platforms allow users to create graphical representations of data, making complex information more accessible and understandable. These tools often provide dashboards and reports that help stakeholders monitor key metrics, track performance, and identify trends and anomalies. Network management software manages and monitors the networks connecting IIoT devices. It ensures network health, performance, and security by detecting issues, managing traffic, and overseeing device connections. Application & device development platforms provide tools and frameworks for developing IIoT applications and devices. Cybersecurity software protects IIoT systems from cyber threats. It includes tools for monitoring network traffic, detecting suspicious activities, and ensuring data integrity. Hardware in IIoT refers to the physical devices and components that collect, transmit, and process data. This includes sensors, machines, and gateways that are interconnected to form an industrial IoT network. Sensors are crucial devices that detect and also measure physical features such as temperature, pressure, and motion. Actuators convert electrical signals into physical actions, such as opening a valve or moving a robotic arm. Memory devices store data generated by IIoT systems. This includes volatile memory (such as RAM) for temporary storage and non-volatile memory (such as flash storage) for long-term retention. Logic devices, such as programmable logic controllers (PLCs), execute control algorithms and manage the operation of machinery. They process inputs from sensors and execute commands to actuators, playing a vital role in the industrial automation landscape. Edge devices process data locally at or near the source of data generation instead of sending it to a centralized cloud or data center. This reduces latency, enhances response times, and lowers bandwidth usage. Input/Output (I/O) modules interface between the control system and the physical devices such as sensors and actuators. Processors in IIoT systems perform computations, run algorithms, and manage data flow. Transducers convert one form of energy into another. Industrial IoT solutions refer to the comprehensive integration of software, hardware, and services that address specific industrial needs or challenges. System integration services bring together various components of an IIoT system, such as hardware, software, and networks, to ensure they work seamlessly. These services are critical for creating cohesive systems that operate efficiently and effectively. Consulting services provide expertise and advice to organizations looking to implement or optimize IIoT solutions. Maintenance and support services ensure the ongoing reliability and performance of IIoT systems. These services include regular system checks, troubleshooting, updates, and repairs, helping to prevent downtimes and extend the lifecycle of the equipment. Data storage services provide secure and scalable storage solutions for the data generated by IIoT devices. Cloud services offer infrastructure, platforms, and software hosted remotely, accessible through the internet. In the context of IIoT, they provide scalable computing power, storage, and various tools for data analytics, application development, and real-time monitoring, enabling organizations to leverage IIoT capabilities without substantial upfront investments in physical infrastructure.

  • Industry: Expansion of the oil and gas sector and need advanced predictive maintenance solutions

    In agriculture, there is a significant focus on efficient resource management, crop health monitoring, predictive analytics for yield improvement, and labor cost reduction. These needs primarily drive the applications of precision farming, automated irrigation, and livestock monitoring. In the automotive and transportation sector, IIoT caters to enhanced vehicle-to-everything (V2X) communication, predictive maintenance, fleet management, and supply chain optimization. Connected cars, smart logistics, and autonomous vehicle technologies exemplify the sector's end-usage. The banking, financial services, and insurance (BFSI) sector emphasizes enhanced security, improved customer experience, and predictive maintenance of ATMs and digital banking infrastructure. Applications include smart ATMs, secure transactions, and customer data analytics. In chemicals and material processing, the focus is on asset tracking, real-time production monitoring, and safety compliance. Automated chemical mixing and predictive process analytics are prominent applications. Energy and utility companies prioritize smart grid optimization, predictive maintenance, and efficient energy consumption, utilizing applications such as smart meters and grid management systems. Healthcare and pharmaceutical sectors leverage remote monitoring, predictive maintenance of medical devices, and inventory management in pharmacies. Smart devices, telemedicine, and pharma track-and-trace systems are critical applications. In IT and telecommunication, IIoT's primary needs are enhanced network reliability, real-time data processing, and scalable infrastructure, supporting data centers, IoT platforms, and smart city initiatives. For metal and mining, IIoT drives real-time asset tracking, workforce safety, and equipment health monitoring. Automated drilling, predictive maintenance, and worker safety management constitute the end-usage. Oil and gas companies focus on predictive maintenance, asset tracking, and safety compliance, with applications in remote monitoring of drilling sites and pipeline monitoring. Retail and consumer goods sectors emphasize customer experience, inventory management, and supply chain optimization, utilizing smart shelves, automated checkouts, and personalized marketing strategies. The semiconductor industry focuses on production efficiency, quality control, and predictive maintenance, with applications in automated fabrication plants and real-time quality analysis.

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 IoT 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 IoT 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 IoT 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 IoT 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 IoT 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 IoT 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 IoT 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 IoT 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 IoT 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 IoT 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.

The Industrial IoT Market Research Report by 360iResearch has been a game-changer for us in our constant pursuit of innovation and development in the field of IIoT. Before leveraging this report, we faced significant challenges in identifying market trends and actionable strategies. However, the comprehensive insights and data-driven recommendations provided by the report have been invaluable. Specific examples include optimizing our product development and enhancing our competitive edge. We are highly satisfied with the report's impact on our operations, allowing us to stay ahead in the ever-evolving IIoT landscape.
Intel Corporation
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FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Industrial IoT 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 IoT 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
  • New Margo Initiative by Linux Foundation to Tackle IIoT Interoperability, Boost Efficiency and Sustainability

    The Margo initiative hosted by the Linux Foundation has been launched, addressing challenges in digital transformation within Industrial IoT IIoT ecosystems comprising companies such as ABB Process Automation, ABB Machine Automation, Capgemini, Microsoft, Rockwell Automation, Schneider Electric, including AVEVA and Siemens aiming to enhance interoperability at the edge crucial for improving efficiency and sustainability in industrial operations. By standardizing communication protocols among different systems and devices, this move is expected to result in improved efficiency, increased sustainability, and accelerated digital transformation [Published On: 2024-04-25]

  • Qt Group and Qualcomm Partner to Accelerate Industrial IoT Development with Enhanced GUI Tools and Processors

    Qt Group and Qualcomm have announced a collaboration aimed at enhancing the development of advanced graphical user interfaces (GUIs) and software quality assurance for industrial IoT devices. By combining Qt’s cross-platform development tools with Qualcomm's processors, IoT manufacturers can accelerate their time-to-market. This partnership allows software vendors to efficiently develop and test UI solutions on Qualcomm’s processors while also simplifying and speeding up the creation of Systems on Modules (SoMs) for embedded devices like robots and security cameras. [Published On: 2024-04-10]

  • Digi International Releases Digi IX40: 5G Edge Computing Router Enhances Industrial IoT With Secure, Scalable Connectivity

    Digi International Inc. has introduced the Digi IX40, a 5G edge computing industrial IoT cellular router tailored for Industry 4.0 applications. This solution supports advanced use cases such as robotics, predictive maintenance, asset monitoring, and smart manufacturing. Integrated with Digi Remote Manager, the IX40 enhances security, scalability, speed, reliability, and efficiency. It offers 5G connectivity and edge intelligence, connecting multiple machines in demanding environments while integrating cloud-based operational and information technology services. Its all-in-one design and powerful computing capabilities facilitate real-time data processing, remote monitoring, and precision analytics, essential for industries such as automation, utilities, renewable energy, oil and gas, and digital signage. [Published On: 2024-02-13]

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 IoT 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.

The Industrial IoT Market Research Report published by 360iResearch has been a pivotal resource for our rapidly growing industrial automation initiatives. Before accessing the report, we faced numerous challenges in understanding market dynamics and identifying growth opportunities. The report provided us with invaluable insights and actionable strategies, enabling us to streamline our operations and make data-driven decisions. For instance, we were able to identify key market trends and adjust our strategies accordingly, resulting in a more efficient allocation of resources and a significant boost in productivity. We are extremely satisfied with the positive impact the report has had on our organization's operations and highly recommend it to other industrial automation companies looking to thrive in the competitive market.
NEC Corporation
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Key Company Profiles

The report delves into recent significant developments in the Industrial IoT Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Ansys, Inc., Arm Ltd., Cisco Systems, Inc., Dassault Systèmes SE, General Electric Company, Honeywell International Inc., Huawei Technologies Co., Ltd., Intel Corporation, International Business Machines Corporation, KUKA AG, NEC Corporation, PTC Inc., Robert Bosch GmbH, Rockwell Automation, Inc., SAP SE, Siemens AG, Sigfox S.A., Texas Instruments Incorporated, and Worldsensing SL.

Industrial IoT Market - Global Forecast 2024-2030
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Market Segmentation & Coverage

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

  • Technology
    • Camera
    • Condition Monitoring
    • Distributed Control System
    • Electronic Shelf Label
    • Flow and Application Control Device
    • GPS or GNSS
    • Guidance and Steering
    • Industrial Robotics
    • Interface Board
      • Communication Board
      • Multifunctional Board
      • Vehicle Detection Board
    • Networking Technology
      • Wired Technologies
        • Ethernet
        • Foundation Fieldbus
        • Modbus
        • Profinet
      • Wireless Technologies
        • Bluetooth Low Energy
        • Cellular Technologies
        • Satellite Technology
        • Wi-Fi
        • ZigBee
    • RFID
    • Sensor
    • Smart Beacon
    • Smart Meter
    • Yield Monitor
  • Component
    • Hardware
    • Services
    • Software
  • Industry
    • Agriculture
    • Automotive & Transportation
    • BFSI
    • Chemicals & Material Processing
    • Energy & Utility
    • Healthcare & Pharmaceuticals
    • IT & Telecommunication
    • Metal & Mining
    • Oil & Gas
    • Retail & Consumer Goods
    • Semiconductors

  • 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 IoT 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 IoT Market, by Technology
  7. Industrial IoT Market, by Component
  8. Industrial IoT Market, by Industry
  9. Americas Industrial IoT Market
  10. Asia-Pacific Industrial IoT Market
  11. Europe, Middle East & Africa Industrial IoT Market
  12. Competitive Landscape
  13. Competitive Portfolio
  14. List of Figures [Total: 22]
  15. List of Tables [Total: 690]
  16. List of Companies Mentioned [Total: 20]
Frequently Asked Questions
  1. How big is the Industrial IoT Market?
    Ans. The Global Industrial IoT Market size was estimated at USD 86.45 billion in 2023 and expected to reach USD 94.38 billion in 2024.
  2. What is the Industrial IoT Market growth?
    Ans. The Global Industrial IoT Market to grow USD 162.26 billion by 2030, at a CAGR of 9.41%
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