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Global Industrial IOT Market Size, Share, Growth, Forecast: By Component: Hardware, Software, Services, Connectivity; By End User: Manufacturing, Energy and Utilities, Automotive and Transportation, Healthcare, Others; Regional Analysis; Market Dynamics; Competitive Landscape; Industry Events and Developments; 2024-2032
Global Industrial IOT Market Outlook
The global industrial IoT market size attained a value of USD 87.31 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.7% to reach USD 157.31 billion by 2032.
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The expansion of the market for industrial internet of things (IIoT) is anticipated to be fuelled by technological developments and the growing number of reasonably priced processors and sensors that can offer real-time information access. The IoT industry market size is also expanding as a result of extensive collaborations amongst the main players and the increasing requirements to enhance operational proficiency. Also, the industrial IoT market map is expected to witness growth due to the major benefits facilitated by the industrial internet of things, including automated quality assurance monitoring, large profit margins from increased power efficiency, productivity growth, and manufacturing industry efficiency.
Moreover, IIoT has the capability and potential to assist industries in lowering operating costs, guaranteeing employee safety, and boosting throughput. Companies are increasingly creating new product and service hybrids to reinforce their positions and create new revenue streams by providing quantifiable outcomes in addition to selling solutions. In turn, it's projected that this will increase the IIoT market share during the forecast period.
Heightened Application of Industrial IoT in the Manufacturing Industry to Augment the Growth of the Market
The extensive use of internet of things devices in the manufacturing industry is expected to bolster the industrial internet of things market share. It is deployed in the production of dashboards in the automotive industry and is also used in the development of mobile interface in the electronics industry. This can be attributed to the beneficial properties of IoT devices, such as error prevention, efficient monitoring, and advanced analytics, which help boost manufacturing efficiency, as it allows for real time data collection and analysis right down to device level. According to the industrial IoT market analysis, IoT is also useful in product design and testing phases. For example, aircraft, trains, and other transportation equipment can be designed with sensors that help measure important components that determine the safety, performance, and durability of the product. These factors are projected to support the market growth in the forecast period.
Geographically, North America is anticipated to account for a significant market share in the global market for industrial internet of things. In this regard, the United States is likely to act as a major growth engine for the North America IoT market. This can be attributed to the presence of the leading manufacturers in the region.
Industrial IoT Market Segmentation
The industrial internet of things (IoT) refers to interconnected sensors and instruments, among others, networked together with computers to carry out various industrial applications, including manufacturing and energy management. The deployment of IIoT solutions allows for the steady automation and optimisation of industrial operations, which helps enhance the productivity and supply chain efficiency. In addition, these devices send an alert to the staff a week prior if there is requirement for replacement of any machine part, thus, helping save time.
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By component, the industrial IoT market report is divided into:
- Hardware
- Software
- Services
- Connectivity
The industrial IoT market segments can be broadly categorised, on the basis of end user, into:
- Manufacturing
- Energy and Utilities
- Automotive and Transportation
- Healthcare
- Others
The EMR report looks into the regional markets of industrial IoT like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Increased Deployment of Industrial IoT in the Healthcare Sector to Bolster the Industrial IoT Market Growth
The increased demand for IoT in the healthcare sector is expected to increase the IIoT market size. IoT in healthcare industry enables reduced medical errors, as it reduces manual data entry which allows for efficient patient monitoring and treatment. In addition, IIoT solutions also help to reduce medical device downtime. Furthermore, IoT enables healthcare professionals to connect with the patients remotely, which helps to expand the accessibility of healthcare services. As per the Industrial IoT market forecast, IoT devices can be worn on-the-go as wearables by the patients to track the health and medical conditions, such as heart monitors, glucose monitors, and others. These allow for real time data sharing and analysis to reduce the frequency of preventable deaths. These factors are expected to aid the market growth in the coming years.
Key Players in the Global Industrial IoT Market
The report presents a detailed analysis of the following key players in the global industrial IoT market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Honeywell International Inc.
- ABB Limited.
- Cisco Systems Inc.
- IBM Corporation
- Siemens AG
- General Electric Company
- Intel Corporation
- Microsoft Corporation
- Amazon Web Services, Inc.
- Rockwell Automation, Inc.
- Others
The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Industrial IOT Market Analysis
8.1 Key Industry Highlights
8.2 Global Industrial IOT Historical Market (2018-2023)
8.3 Global Industrial IOT Market Forecast (2024-2032)
8.4 Global Industrial IOT Market by Component
8.4.1 Hardware
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Software
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Services
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 Connectivity
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2023)
8.4.4.3 Forecast Trend (2024-2032)
8.5 Global Industrial IOT Market by End User
8.5.1 Manufacturing
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Energy and Utilities
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Automotive and Transportation
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Healthcare
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2023)
8.5.4.3 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Industrial IOT Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
9 North America Industrial IOT Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Industrial IOT Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Industrial IOT Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Industrial IOT Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Industrial IOT Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Honeywell International Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 ABB Limited.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Cisco Systems Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 IBM Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Siemens AG
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 General Electric Company
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Intel Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Microsoft Corporation
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Amazon Web Services, Inc.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Rockwell Automation, Inc.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Industrial IOT Market: Key Industry Highlights, 2018 and 2032
2. Global Industrial IOT Historical Market: Breakup by Component (USD Billion), 2018-2023
3. Global Industrial IOT Market Forecast: Breakup by Component (USD Billion), 2024-2032
4. Global Industrial IOT Historical Market: Breakup by End User (USD Billion), 2018-2023
5. Global Industrial IOT Market Forecast: Breakup by End User (USD Billion), 2024-2032
6. Global Industrial IOT Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Industrial IOT Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Industrial IOT Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Industrial IOT Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Industrial IOT Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Industrial IOT Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Industrial IOT Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Industrial IOT Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Industrial IOT Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Industrial IOT Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Industrial IOT Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Industrial IOT Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Industrial IOT Market Structure
Key Questions Answered in the Report
In 2023, the global industrial IoT market attained a value of USD 87.31 billion.
The market is projected to grow at a CAGR of 6.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 157.31 billion by 2032.
The major drivers of the market, such as the heightened demand in the healthcare sector, increased demand in the automotive sector, increased demand for wearables, benefits of time and cost saving, rising investments by the leading market players in the research and development of IoT technology, and rapid technological advancements, are expected to aid the market growth.
The key trends guiding the market growth include the rapid digitalisation and the increased deployment of industrial IoT solutions across industry verticals.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant components of industrial IoT include hardware, software, services, and connectivity.
The different end users include manufacturing, energy and utilities, automotive and transportation, and healthcare, among others.
The major players in the market are Honeywell International Inc., ABB Limited., Cisco Systems Inc., IBM Corporation, Siemens AG, General Electric Company, Intel Corporation, Microsoft Corporation, Amazon Web Services, Inc., and Rockwell Automation, Inc., among others.
Analyst Review
The global industrial IoT market attained a value of USD 87.31 billion in 2023, driven by the rising prevalence of IoT sensors in the manufacturing and healthcare industries. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 6.7%. The market is projected to reach USD 157.31 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. Based on component, the industrial internet of things market can be segmented into hardware, software, services, and connectivity. On the basis of end user, the market is segmented as manufacturing, energy and utilities, automotive and transportation, and healthcare, among others. The major regional markets for industrial IoT are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Honeywell International Inc., ABB Limited., Cisco Systems Inc., IBM Corporation, Siemens AG, General Electric Company, Intel Corporation, Microsoft Corporation, Amazon Web Services, Inc., and Rockwell Automation, Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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