Industrial IoT Market Size, Share, Growth, Trends and Forecast 2023-2028

March 23 02:01 2023
Industrial IoT Market Size, Share, Growth, Trends and Forecast 2023-2028
Industrial IoT Market
The global Industrial Internet of things (IIoT) market size reached US$ 221.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 516.6 Billion by 2028, exhibiting a growth rate (CAGR) of 15.49% during 2023-2028, driven by the increasing application of industrial IoT across numerous industry verticals, such as retail, transportation, and oil and gas.

This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Industrial Internet of Things (IIoT), commonly referred to as Industry 4.0, is the integration of intelligent sensors and actuators with the internet to optimize industrial and manufacturing processes. It forms a network of smart devices that collect, share, exchange, and analyze data from industrial operations, resulting in improved efficiency, increased visibility, reduced costs, and enhanced troubleshooting and maintenance capabilities. In addition, it helps improve productivity, allows business models to save money and time, lowers operating expenses, and enhances security and safety. As a result, industrial IoT is gaining immense traction in several industries across the globe.

Industrial IoT Industry Trends:

The market is primarily driven by the increasing application of industrial IoT across numerous industry verticals, such as retail, transportation, and oil and gas. In addition, the escalating demand for connected devices and data solutions in various industrial applications, including medical devices, robotics, and software-defined production processes, is contributing to the market growth. Moreover, the widespread adoption of artificial intelligence (AI), machine learning (ML), and IoT in the manufacturing sector to aid in optimizing industrial processes, predict machine failure, send emergency alerts, offer quality control, and predictive and prescriptive analytical solutions which represents another major growth-inducing factor. Besides this, the recent outbreak of the coronavirus disease (COVID-19) pandemic accelerated the adoption of these solutions owing to the popularity of remote working. Furthermore, rapid urbanization, automation, extensive research and development (R&D) activities to enhance industrial IoT technology, and increasing productivity in operations are creating a positive market outlook.

Request for a free sample copy of this report:

The report has segmented the market into the following categories:

Breakup by Component:

  • Hardware
  • Software
  • Services
  • Connectivity

Breakup by End-User:

  • Manufacturing
  • Energy and Utilities
  • Automotive and Transportation
  • Healthcare
  • Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape:

  • Cisco Systems Inc.
  • General Electric
  • Honeywell International Inc.
  • Intel Corporation
  • International Business Machines Corporation
  • ABB Group
  • Rockwell Automation
  • Siemens AG
  • Huawei Technologies Co. Ltd.
  • Bosch
  • KUKA Robotics
  • Texas Instruments Incorporated
  • Dassault Systèmes SE
  • PTC
  • Arm Limited
  • NEC Corporation

Ask Analyst for Customization and Browse full report with TOC & List of Figure:

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Media Contact
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: Send Email
Phone: +1-631-791-1145
Address:134 N 4th St.
City: Brooklyn
State: NY
Country: United States