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 20.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Industrial IoT market involves connecting physical assets such as industrial equipment, machines, and products to digital systems that can monitor performance, collect data, enable predictive maintenance, and more. This helps drive efficiency, maximize asset utilization, reduce downtime, and control costs.
Market key trends:
One of the major trends in the Industrial IoT market is the adoption of digital twin solutions. Digital twin refers to a virtual representation of a physical object or system which helps analyze and optimize the physical counterpart's performance. It mirrors the physical twin's characteristics, geometry, kinematics and behavior thus providing insights by running simulations on virtual models for various 'what if' scenarios. This helps gain real-time insights and make decisions to improve processes, monitor assets remotely and reduce costs. The growing emphasis on predictive maintenance and optimization of industrial assets is fueling investments in digital twin technologies.
Segment Analysis
Content: The global industrial IoT market is segmented by component, end-use industry, and geography. By component, the market is divided into hardware, software, and services. The hardware segment is expected to dominate the market during the forecast period. Hardware forms the backbone for industrial IoT solutions and enables easy integration of components to establish connections. It facilitates deployment of solutions across industries for monitoring and controlling machinery remotely. By end-use industry, the market is classified into manufacturing, energy & utilities, transportation & logistics, healthcare, agriculture, and others. The manufacturing segment dominates the market owing to growing adoption of industrial IoT by manufacturing companies to optimize productivity and reduce operational costs.
Key Takeaways
The Global Industrial Iot Market Demand is expected to witness high growth, exhibiting a CAGR of 20% over the forecast period, due to increasing demand for optimized industrial processes. The industrial IoT offers facility to monitor industrial assets remotely and detect irregularities, which helps reduce downtime.
Regionally, North America held the largest share of the global industrial IoT market in 2023. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period. The presence of emerging economies like China and India that are heavily investing in industrial automation to modernize manufacturing operations is driving the industrial IoT market in Asia Pacific.
Key players operating in the industrial IoT market are ABB Ltd., GE Digital, PTC Inc., Robert Bosch GmbH, Siemens AG, Accenture plc., Capgemini, and HCL Technologies Limited. These key players are focusing on new product launches and collaborations to expand their global reach. For instance, in March 2022, ABB launched a new generation of remote monitoring and analytics solution called ABB AbilityTM Remote Diagnostics for Motors and Generators to enhance asset uptime and maximize plant efficiency.
For more insights, read- https://www.marketwebjournal.com/industrial-iot-market-growth-and-trnds-analysis-share-size-demand-forecast/
