The global industrial internet of things (IoT) market is expected to exhibit strong growth, reaching USD 1514.3 billion by 2030. As per the report titled "Industrial Internet of Things (IoT) Market Size, Share & Recession Impact Analysis, By Component (Solution (Remote Monitoring, Data Management, Analytics, Security Solutions and Others), Services (Professional and Managed), Platform (Connectivity Management, Application Management and Device Management)), By End-Use (Metal & Mining, Chemical, Manufacturing, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Agriculture and Others), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 315.8 billion and USD 1514.3 billion in 2030. The market is expected to exhibit a CAGR of 25.10% during the forecast period.
General Electric Announced the Start of the iFIX HMI/SCADA Upgrading Programme
In March 2022, the launch of the iFIX HMI/SCADA updates was announced by General Electric in order to increase efficiency and give faster time to insights. The company will be able to improve its current software and provide clients with superior technology thanks to this advancement, which will also assist to increase brand value by ensuring confidence and quality.
Government Support for Industrial Automation Fuels Industrial IoT Market Expansion
All industrial sectors have started using predictive maintenance as a result of costly industrial breakdowns or commercial operating downtime. These unplanned downtimes can be avoided with the right precautions and proactive maintenance planning. Incorporating industrial IoT solutions into product development can also help firms plan maintenance schedules and anticipate problems in the future, as well as resolve breakdown scenarios on a large scale. This can reduce the need for additional maintenance and guarantee that the production will be finished within the allotted period. Milling machine spindles, which are prone to breaking, cost a lot of money to replace. In order to prevent breakage, IoT-based special sensors, such as ultrasonic or vibration sensors, are employed to recognise the patterns of a fragile spindle and produce data informing the spindle's behaviour. Industrial IoT technologies, such as digital twins and other automation tools, can help professionals examine how equipment performs under various working conditions and build simulations to foretell failure scenarios. Thus, it is anticipated that rising market prospects would result from greater knowledge of predictive maintenance.
Compatibility Issues with Communication Networks will Prevent the Market from Growing
Industrial machinery must have built-in components to support M2M communication. Either a wired network or a wireless network, such Wi-Fi or an RFID module, is connected to these components. The interconnected parts gather pertinent data from the apparatus and send it to a centralised computer for archival and analysis. These data transmission components may not be built into the machinery in older industrial units, necessitating their external installation. It might also be necessary to make modifications to some legacy equipment in order to refit these components, which would raise the cost. This poses a significant obstacle for businesses that use outdated equipment. The effects of this restriction are anticipated to gradually fade over the coming years as the majority of industries start to see the advantages of M2M communication.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the industrial internet of things (IoT) market plan acquisitions to improve their brand recognition globally. For instance, in March 2022, to increase service dependability and lower operating costs, Cisco Systems, Inc. created an innovative IoT Control Center platform. The organisation will be able to offer more diverse and high-quality solutions due to this progress.
Recent Development:
General Electric Announced the Start of the iFIX HMI/SCADA Upgrading Programme
In March 2022, the launch of the iFIX HMI/SCADA updates was announced by General Electric in order to increase efficiency and give faster time to insights. The company will be able to improve its current software and provide clients with superior technology thanks to this advancement, which will also assist to increase brand value by ensuring confidence and quality.
Government Support for Industrial Automation Fuels Industrial IoT Market Expansion
All industrial sectors have started using predictive maintenance as a result of costly industrial breakdowns or commercial operating downtime. These unplanned downtimes can be avoided with the right precautions and proactive maintenance planning. Incorporating industrial IoT solutions into product development can also help firms plan maintenance schedules and anticipate problems in the future, as well as resolve breakdown scenarios on a large scale. This can reduce the need for additional maintenance and guarantee that the production will be finished within the allotted period. Milling machine spindles, which are prone to breaking, cost a lot of money to replace. In order to prevent breakage, IoT-based special sensors, such as ultrasonic or vibration sensors, are employed to recognise the patterns of a fragile spindle and produce data informing the spindle's behaviour. Industrial IoT technologies, such as digital twins and other automation tools, can help professionals examine how equipment performs under various working conditions and build simulations to foretell failure scenarios. Thus, it is anticipated that rising market prospects would result from greater knowledge of predictive maintenance.
Compatibility Issues with Communication Networks will Prevent the Market from Growing
Industrial machinery must have built-in components to support M2M communication. Either a wired network or a wireless network, such Wi-Fi or an RFID module, is connected to these components. The interconnected parts gather pertinent data from the apparatus and send it to a centralised computer for archival and analysis. These data transmission components may not be built into the machinery in older industrial units, necessitating their external installation. It might also be necessary to make modifications to some legacy equipment in order to refit these components, which would raise the cost. This poses a significant obstacle for businesses that use outdated equipment. The effects of this restriction are anticipated to gradually fade over the coming years as the majority of industries start to see the advantages of M2M communication.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the industrial internet of things (IoT) market plan acquisitions to improve their brand recognition globally. For instance, in March 2022, to increase service dependability and lower operating costs, Cisco Systems, Inc. created an innovative IoT Control Center platform. The organisation will be able to offer more diverse and high-quality solutions due to this progress.
Recent Development:
- In September 2020, with the acquisition of Arm, Nvidia was able to create an outstanding business that contributes to every technology market worldwide. For $ 40 billion in a combination of stock and cash, Nvidia purchased UK-based chip designer Arms in September. With the vast network of arm CPUs and Nvidia's AI computing capabilities, AI computing is now available from the cloud and is expanding to every corner of the planet, including smartphones, robots, and self-driving automobiles.
List of Key Players Profiled in the Report
- 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
Further Report Findings
- The market in North America is expected to gain a huge portion of the global Industrial internet of things (IoT) market share in the coming years as a result of several efforts made to promote its development and implementation by major corporations and governments in this region.
- Significant funds have also been spent on the research and development of IoT technologies.
- In the Asia Pacific, the growth in this region is primarily driven by early internet adoption, the presence of more smart cities, and significant investments in upgrading to cutting-edge technology are all present in this region.
Report Scope and Segmentation
| Attributes | Details |
| Market Size in 2022 | USD 315.8 Billion |
| Market Forecast in 2030 | USD 1514.3 Billion |
| Compound Annual Growth Rate | 25.10 % |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Component, By End-Use and By Geography |
| By Component |
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| By End-Use |
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| By Region |
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| Base Year | 2022 |
| Historical Year | 2016-2021 |
| Forecast Year | 2023-2030 |
