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| Global Industrial Iot Market Size |
Industrial Internet of Things (IIoT) solutions enable remote monitoring of
industrial equipment and infrastructure with the help of sensors, RFID, and
other connected devices. It allows predictive maintenance of industrial
equipment by analyzing the real-time data collected from sensors. This reduces
unexpected downtime of equipment and improves operational efficiency. IIoT
solutions also help in remote asset monitoring and controlling industrial
processes from any location.
The global
Industrial IoT Market is estimated to be valued at US$ 122.25 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Growing need for remote monitoring and predictive maintenance is one of the key
trends driving the growth of the industrial IoT market. Connected devices in
the IIoT ecosystem allow monitoring hazardous industrial operations remotely
which improves personnel safety. It also enables equipment performance
monitoring on a real-time basis to anticipate failures and schedule maintenance
accordingly. This predictive maintenance approach reduces unexpected downtime
and operational costs for industries. With IIoT solutions, industries can track
the performance of their high-value assets even located at remote locations.
This ability of remote asset performance monitoring and predictive maintenance
is spurring the demand for IIoT solutions globally.
Segment Analysis
The global Industrial IoT market is dominated by hardware segment. The various
hardware components utilized in Industrial IoT solutions include sensors, RFID
tags, gateways, and M2M communication infrastructure. Sensors segment within
hardware dominates the market as most Industrial IoT implementation requires
sensors for collecting industrial operational data across a manufacturing
facility or plant. Advances in sensor technologies coupled with their mass
deployment across industries is driving the dominance of sensors in the
Industrial IoT hardware market.
Key Takeaways
Global
Industrial Iot Market Size is expected to witness high growth over the
forecast period of 2023 to 2030. The market is projected to reach a size of US$ 122.25 Bn by 2030, expanding at a
CAGR of 10%.
Regional analysis related content comprises
The Asia Pacific region is currently the fastest growing as well as the most
dominant region in the global Industrial IoT market. Presence of large
manufacturing bases along with rapid industrialization in China, India, Japan,
and Southeast Asian countries is driving high adoption of Industrial IoT
technologies in the region. In addition, supportive government policies
promoting smart manufacturing is also contributing to the Asia Pacific's
dominance in the Industrial IoT market. North America is another major region
owing to presence of developed industrial and manufacturing infrastructure in
U.S and Canada.
Key players related content comprises
Key players operating in the Industrial IoT market are Honeywell International
Inc., Aker Solutions, Dakota Gasification Company, Exxon Mobil Corporation,
Baker Hughes, Air Liquide, Exxon Mobil, Air Liquide, Aker Solutions, Baker
Hughes, Fluor Corporation, General Electric and Halliburton. Honeywell
International Inc. dominates the overall Industrial IoT solutions market with
strong product portfolio and global presence.
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