According to a new report published by UnivDatos Markets Insights, the Industrial IoT Market is expected to grow at a CAGR of around 7% from 2022-2028, reaching USD 112 billion by 2028. The analysis has been segmented into Component (Hardware, Software, and Solution); Connectivity (Wired and Non-wired); End-Users (Manufacturing, Energy & Power, Healthcare, Agriculture, and Other); Region/Country.
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The industrial IoT market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the industrial IoT market. The industrial IoT market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the industrial IoT market at the global and regional levels.
Market Overview
Industrial IoT is defined as the use of actuators and smart sensors to enhance manufacturing and production along with the improvement in the industrial process. Additionally, industrial IoT is often called industry 4.0 or industrial internet and uses the power of real-time analytics and smart machine to provide effective and required results. In recent times, IoT in the industrial sector has seen significant growth owing to its ability to find the inefficiency and problems at an early stage and provide several benefits such as cost and time saving as well as provide control over quality and sustainable practices. In an industrial setting, IoT is connected with the devices that collect, monitor, analyze, and exchange of data. The connected devices are able to capture, sense, and store the information and could analyze the effective output from the raw data.
The Industrial IoT Market is expected to grow at a steady rate of around 7% owing to the increasing utilization of the industrial IoT in the energy sector, automotive sector, manufacturing sector, and agriculture sector coupled with the increasing investment and technological advancement. Major companies in the market offer industrial IoT for challenging applications with technologically advanced features. For instance, in February 2021, Cisco partnered with the Newark company to provide the industrial IoT network for non-carpeted and harsh environmental conditions across North America.
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COVID-19 Impact
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the industrial IoT industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for Industrial IoT manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, China is one of the major players in the industrial IoT market. China's supply shortages have triggered a chain reaction throughout the world.
The global industrial IoT market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on component, the market is segmented into hardware, solution, and services. The solution segment is expected to witness significant market growth during the forecast period on the account of increasing overall equipment effectiveness, improve efficiency, and cost reduction through better access to the data from real-time solutions are supporting the growth of the solution segment. Also, the production process planning, optimization by the data collection, real-time monitoring, and sensor-generated data analysis are propelling the growth of the solution segment. For instance, the solution segment could be used in smart factories, asset monitoring, inventory management, machine maintenance, and predictive maintenance among others.
· Based on connectivity, the market is segmented into the wired and non-wired segments. The non-wired segment is expected to witness significant market growth during the forecast period owing to its cost-effectiveness and less complex nature. Additionally, the wireless segment provides the additional advantage of the work done through the remote location along with the increased production and safety of the individual and organization. The integration of the 5G technology and technological advancement supported the growth of the wireless industrial IoT. For instance, Cisco developed the cisco catalyst IW9167 wireless series that provides the connectivity for the state-of-the-art hardware and is able to operate under critical applications.
· Based on end-users, the industrial IoT market is segmented into manufacturing, energy & power, healthcare, agriculture, and other segments. The industrial IoT in the manufacturing sector is expected to witness significant market growth during the forecast period owing to machine utilization, predictive maintenance, asset tracking, facility management, and just-in-time manufacturing facility. Additionally, IoT helps the organization with the better scheduling and planning of production activities along with process optimization and improved efficiency.
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Industrial IoT Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the growing number of industries and better connectivity networks in the region. Additionally, the increasing population along with increasing research & development expenditure with the increasing number of local and international IT companies in the region are expected to support the industrial IoT market in the region. Also, the growing investment and increasing number of various industry verticals such as healthcare, manufacturing, and grid formation are creating the demand for industrial IoT in the region. Furthermore, the government takes several measures in the region to support industry 4.0. For instance, in India, the government’s industry 4.0 vision rests on four major principles including information transparency, interconnection, decentralized decision making, and technical assistance.
The major players targeting the market include
· Oracle Corporation
· IBM Corporation
· Cisco System Inc.
· Microsoft Corporation
· Rockwell Automation Inc.
· Energyworx BV
· HCL Technologies Limited
· Honeywell International Inc.
· ABB Ltd.
· Siemens AG
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Industrial IoT market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the industrial IoT market?
• Which factors are influencing the industrial IoT market over the forecast period?
• What are the global challenges, threats, and risks in the industrial IoT market?
• Which factors are propelling and restraining the industrial IoT market?
• What are the demanding global regions of the industrial IoT market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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