Report Code: CMI45076

Published Date: April 2024

Pages: 320+

Category: Technology

Report Snapshot

CAGR: 7.5%
78.5B
2023
80.8B
2024
176.2B
2033

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Siemens AG
  • General Electric Company
  • IBM Corporation
  • Cisco Systems Inc.
  • Microsoft Corporation
  • Others

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Reports Description

Global Industrial IoT Market was valued at USD 80.8 Billion in 2024 and is expected to reach USD 176.2 Billion by 2033, at a CAGR of 7.5% during the forecast period 2024 – 2033.

Industrial Internet of Things (IIoT) refers to the extension and application of Internet of Things (IoT) technology within industrial sectors and environments. It involves connecting industrial equipment, machines, sensors, and devices to the internet or private networks to collect, exchange, and analyze data.

Industrial IoT Market: Growth Factors

Increasing demand for IoT-equipped smart wearables in the medical industry

The increasing demand for IoT-equipped smart wearables in the medical industry is a significant driver of the industrial IoT (IIoT) market. These smart wearables, such as health monitoring devices and fitness trackers, integrate sensors and connectivity features to collect real-time health data from patients. This data is then transmitted to healthcare providers for remote monitoring and analysis.

IIoT enables seamless connectivity between wearable devices and healthcare systems, facilitating proactive healthcare interventions, personalized treatments, and continuous patient monitoring. Moreover, IIoT enables healthcare organizations to streamline processes, improve operational efficiency, and enhance patient outcomes through predictive maintenance of medical equipment, inventory management optimization, and automation of healthcare workflows.

As the demand for IoT-enabled smart wearables continues to rise in the medical industry, it propels the growth and adoption of IIoT solutions, driving innovation and transformation in healthcare delivery. For instance, the proliferation of the Internet of Medical Things (IoMT) is attributed to advancements in sensor technology, the development of robust data science principles, and the increased availability of more accessible and user-friendly hardware, as outlined in the World Health Organization’s Traditional Medicine Strategy.

Expansion of 5G infrastructure worldwide

The expansion of 5G infrastructure worldwide significantly drives the industrial Internet of Things (IIoT) market by enhancing connectivity, speed, and reliability. With its ultra-low latency and high bandwidth capabilities, 5G enables real-time data transmission and processing, which is crucial for industrial applications.

This enables seamless communication between a vast array of IoT devices, sensors, and machines across industrial settings, facilitating efficient monitoring, control, and automation of processes. Industries can leverage 5G-enabled IIoT to implement advanced technologies like remote operation, predictive maintenance, and autonomous systems, leading to improved operational efficiency, productivity, and cost savings.

Additionally, the robust security features inherent in 5G networks ensure the protection of sensitive industrial data, fostering trust and adoption among businesses. As 5G infrastructure continues to expand globally, it catalyzes the growth and adoption of industrial IoT solutions across various sectors, driving innovation and transforming industrial operations.

For instance, India aiming to achieve a $5 trillion economy by 2025, and the roadmap for socio-economic development and future prosperity hinges on 5G technology. Collaborations between cellular companies and phone manufacturers are ensuring seamless support for 5G service provision, laying the foundation for this ambitious goal.

Industrial IoT Market: Restraints

Increased risk of cyber-attacks and data breaches

The increased risk of cyber-attacks and data breaches presents significant challenges to the industrial IoT (IIoT) market. Industrial systems, including those connected through IIoT networks, are attractive targets for malicious actors seeking to disrupt operations, steal sensitive data, or cause physical damage.

Vulnerabilities in IIoT devices, networks, and software can be exploited to gain unauthorized access, manipulate systems, or introduce malware. Such attacks can result in downtime, production losses, safety hazards, and financial damages for industrial organizations.

Moreover, the interconnected nature of IIoT ecosystems means that a breach in one part of the network can potentially compromise the entire system. As a result, cybersecurity concerns deter some businesses from adopting IIoT solutions or expanding existing deployments, slowing the growth of the market.

Addressing these security challenges through robust cybersecurity measures, regulations, and industry standards is crucial to fostering trust and confidence in IIoT technologies.

Global Industrial IoT Market 2024–2033 (By Deployment)

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Industrial IoT Market: Opportunities

Increasing deployment of communication satellites to boost high-speed internet connectivity

The increasing deployment of communication satellites plays a crucial role in boosting high-speed internet connectivity, which in turn drives the growth of the Industrial Internet of Things (IIoT) market. Satellites provide global coverage, enabling connectivity in remote or challenging-to-reach locations where traditional terrestrial networks may be unavailable or unreliable.

This expanded internet access allows industries to deploy IIoT solutions across a broader geographic area, facilitating real-time data collection and communication between industrial devices, sensors, and control systems. With improved connectivity, companies can implement advanced IIoT applications such as predictive maintenance, asset tracking, and remote monitoring more effectively.

Additionally, satellite-based networks offer high bandwidth and low latency, essential for supporting large-scale IIoT deployments and enabling seamless integration with cloud-based platforms for data analytics and decision-making, further driving the adoption and growth of IIoT technologies in various industrial sectors.

For instance, satellites have transformed internet accessibility, connecting even the most remote regions to the web. Companies such as SpaceX, Amazon, and OneWeb are poised to launch extensive constellations of low Earth orbit (LEO) satellites, promising to greatly enhance global internet coverage.

Global Industrial IoT Market 2024–2033 (By Component)

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Industrial IoT Market: Segmentation Analysis

The Industrial IoT market is segmented by component, deployment, end user, and region.  Based on components, the market is classified as hardware, and solution & services. Hardware dominated the market in 2022 with a market share of 60% and is expected to keep its dominance during the forecast period 2024-2032.

Hardware components play a crucial role in driving the Industrial Internet of Things (IIoT) market by providing the physical infrastructure necessary to enable connectivity, data collection, and communication within industrial environments. Sensors and actuators are fundamental hardware elements used to monitor and control machinery, equipment, and processes, allowing for real-time data acquisition and feedback.

Industrial gateways and routers facilitate the connection of these devices to networks, whether local or cloud-based, enabling seamless communication and data transmission. Additionally, edge computing devices process data closer to its source, reducing latency and enhancing responsiveness in time-critical applications.

Robust and reliable hardware components ensure the resilience and stability of IIoT systems in harsh industrial environments, promoting efficiency, productivity, and safety. As the demand for connected industrial solutions grows, advancements in hardware technologies continue to drive innovation and expansion in the IIoT market.

Based on deployment, the market is classified into on-cloud and on-premise. The on-cloud segment dominated the market in 2022 with a market share of 65% and is expected to keep its dominance during the forecast period 2024-2032. The adoption of on-cloud solutions is driving the industrial IoT (IIoT) market by offering several key benefits. On-cloud solutions provide a scalable and flexible infrastructure for managing large volumes of data generated by industrial devices and sensors.

Moreover, on-cloud solutions often incorporate advanced security measures and compliance protocols, ensuring data integrity and regulatory compliance. This is critical for industrial environments where data security and privacy are paramount concerns. Furthermore, on-cloud deployments enable seamless integration with other cloud-based services and applications, facilitating interoperability and ecosystem development.

Based on end user, the market is classified into IT & telecom, manufacturing, healthcare, oil & gas, automotive and others. The manufacturing segment dominated the market in 2022 with a market share of 35% and is expected to keep its dominance during the forecast period 2024-2032.

The manufacturing industry is a primary driver of the Industrial Internet of Things (IIoT) market due to its vast potential for operational optimization and cost reduction. By integrating IoT technology into manufacturing processes, companies can achieve real-time monitoring of equipment performance, predictive maintenance to prevent downtime, and improved supply chain management through enhanced visibility and tracking.

IoT sensors embedded in machinery and products gather data on production efficiency, quality control, and inventory levels, enabling better decision-making and process optimization.

Additionally, IIoT facilitates the implementation of smart factories, where interconnected devices and systems communicate and collaborate autonomously, leading to increased productivity and agility. The manufacturing sector’s adoption of IIoT solutions is fuelled by the desire to remain competitive in a rapidly evolving landscape, where efficiency, flexibility, and responsiveness are critical factors for success.

Report Scope

Feature of the Report Details
Market Size in 2024 USD 80.8 Billion
Projected Market Size in 2033 USD 176.2 Billion
Market Size in 2023 USD 78.5 Billion
CAGR Growth Rate 7.5% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Component, Deployment, End User and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Industrial IoT Market: Regional Analysis

By region, Industrial IoT market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominated the global Industrial IoT market in 2022 with a market share of 40% in 2022 and is expected to keep its dominance during the forecast period 2024-2032.

North America drives the industrial IoT (IIoT) market through several key factors. The region boasts a mature and technologically advanced industrial sector, with a high adoption rate of automation and digitalization across various industries such as manufacturing, energy, healthcare, and transportation.

Additionally, North America is home to numerous leading IIoT solution providers, innovative startups, and technology giants, fostering a robust ecosystem for IIoT development and deployment. Furthermore, the region’s strong focus on innovation, research, and development contributes to the continuous evolution and advancement of IIoT technologies and applications.

Moreover, supportive government initiatives, favourable regulatory frameworks, and significant investments in digital infrastructure further propel the growth of the IIoT market in North America. Overall, the combination of technological expertise, market maturity, entrepreneurial spirit, and a conducive business environment positions North America as a major driving force in shaping the global industrial IoT landscape.

Global Industrial IoT Market 2024–2033 (By Billion)

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Industrial IoT Market: Recent Developments

  • In February 2022, Siemens, IBM, announced a collaboration with Red Hat. This joint effort involves Siemens Digital Industries Software leveraging IBM’s open hybrid cloud strategy, powered by Red Hat OpenShift. The aim is to enhance the deployment versatility of MindSphere®, Siemens’ industrial IoT platform-as-a-service solution.
  • In January 2022, Intel introduced the 12th Gen Intel® Core™ processors designed to boost innovation in Internet of Things (IoT) applications. These processors cater to retail, manufacturing, healthcare, and digital safety sectors, offering higher core counts, improved graphics/media/display, AI capabilities, and a variety of price, performance, and power options.
  • In April 2022, GE constructed a standalone entity concentrating on developing a holistic (IIoT) software suite. With $1.2 billion in yearly software revenue and an established worldwide industrial clientele, the company aims to initiate this venture.

 List of the prominent players in the Industrial IoT Market:

  • Siemens AG
  • General Electric Company
  • IBM Corporation
  • Cisco Systems Inc.
  • Microsoft Corporation
  • Bosch Group
  • Schneider Electric SE
  • Rockwell Automation Inc.
  • Honeywell International Inc.
  • ABB Ltd.
  • Huawei Technologies Co. Ltd.
  • Intel Corporation
  • Oracle Corporation
  • SAP SE
  • Hitachi Ltd.
  • Amazon Web Services
  • PTC Inc.
  • Dell Technologies Inc.
  • Accenture plc
  • Emerson Electric Co.
  • Others

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

The Industrial IoT Market is segmented as follows:

By Component

  • Hardware
  • Solution & Services

By Deployment

  • On-Cloud
  • On-Premise

By End User

  • IT & Telecom
  • Manufacturing
  • Healthcare
  • Oil &Gas
  • Automotive
  • Others

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Industrial IoT Market, (2024 – 2033) (USD Billion)
    • 2.2 Global Industrial IoT Market: snapshot
  • Chapter 3. Global Industrial IoT Market – Industry Analysis
    • 3.1 Industrial IoT Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing demand for IoT-equipped smart wearables in the medical industry
      • 3.2.2 Expansion of 5G infrastructure worldwide
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Component
      • 3.7.2 Market Attractiveness Analysis By Deployment
      • 3.7.3 Market Attractiveness Analysis By End User
  • Chapter 4. Global Industrial IoT Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Industrial IoT Market: Company Market Share, 2023
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and Joint Ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Industrial IoT Market – Component Analysis
    • 5.1 Global Industrial IoT Market Overview: By Component
      • 5.1.1 Global Industrial IoT Market Share, By Component, 2023 and 2033
    • 5.2 Hardware
      • 5.2.1 Global Industrial IoT Market by Hardware, 2024 – 2033 (USD Billion)
    • 5.3 Solution & Services
      • 5.3.1 Global Industrial IoT Market by Solution & Services, 2024 – 2033 (USD Billion)
  • Chapter 6. Global Industrial IoT Market – Deployment Analysis
    • 6.1 Global Industrial IoT Market Overview: By Deployment
      • 6.1.1 Global Industrial IoT Market Share, By Deployment, 2023 and 2033
    • 6.2 On-Cloud
      • 6.2.1 Global Industrial IoT Market by On-Cloud, 2024 – 2033 (USD Billion)
    • 6.3 On-Premise
      • 6.3.1 Global Industrial IoT Market by On-Premise, 2024 – 2033 (USD Billion)
  • Chapter 7. Global Industrial IoT Market – End User Analysis
    • 7.1 Global Industrial IoT Market Overview: By End User
      • 7.1.1 Global Industrial IoT Market Share, By End User, 2023 and 2033
    • 7.2 IT & Telecom
      • 7.2.1 Global Industrial IoT Market by IT & Telecom, 2024 – 2033 (USD Billion)
    • 7.3 Manufacturing
      • 7.3.1 Global Industrial IoT Market by Manufacturing, 2024 – 2033 (USD Billion)
    • 7.4 Healthcare
      • 7.4.1 Global Industrial IoT Market by Healthcare, 2024 – 2033 (USD Billion)
    • 7.5 Oil &Gas
      • 7.5.1 Global Industrial IoT Market by Oil &Gas, 2024 – 2033 (USD Billion)
    • 7.6 Automotive
      • 7.6.1 Global Industrial IoT Market by Automotive, 2024 – 2033 (USD Billion)
    • 7.7 Others
      • 7.7.1 Global Industrial IoT Market by Others, 2024 – 2033 (USD Billion)
  • Chapter 8. Industrial IoT Market – Regional Analysis
    • 8.1 Global Industrial IoT Market Regional Overview
    • 8.2 Global Industrial IoT Market Share, by Region, 2023 & 2033 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Industrial IoT Market, 2024 – 2033 (USD Billion)
        • 8.3.1.1 North America Industrial IoT Market, by Country, 2024 – 2033 (USD Billion)
    • 8.4 North America Industrial IoT Market, by Component, 2024 – 2033
      • 8.4.1 North America Industrial IoT Market, by Component, 2024 – 2033 (USD Billion)
    • 8.5 North America Industrial IoT Market, by Deployment, 2024 – 2033
      • 8.5.1 North America Industrial IoT Market, by Deployment, 2024 – 2033 (USD Billion)
    • 8.6 North America Industrial IoT Market, by End User, 2024 – 2033
      • 8.6.1 North America Industrial IoT Market, by End User, 2024 – 2033 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Industrial IoT Market, 2024 – 2033 (USD Billion)
        • 8.7.1.1 Europe Industrial IoT Market, by Country, 2024 – 2033 (USD Billion)
    • 8.8 Europe Industrial IoT Market, by Component, 2024 – 2033
      • 8.8.1 Europe Industrial IoT Market, by Component, 2024 – 2033 (USD Billion)
    • 8.9 Europe Industrial IoT Market, by Deployment, 2024 – 2033
      • 8.9.1 Europe Industrial IoT Market, by Deployment, 2024 – 2033 (USD Billion)
    • 8.10 Europe Industrial IoT Market, by End User, 2024 – 2033
      • 8.10.1 Europe Industrial IoT Market, by End User, 2024 – 2033 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Industrial IoT Market, 2024 – 2033 (USD Billion)
        • 8.11.1.1 Asia Pacific Industrial IoT Market, by Country, 2024 – 2033 (USD Billion)
    • 8.12 Asia Pacific Industrial IoT Market, by Component, 2024 – 2033
      • 8.12.1 Asia Pacific Industrial IoT Market, by Component, 2024 – 2033 (USD Billion)
    • 8.13 Asia Pacific Industrial IoT Market, by Deployment, 2024 – 2033
      • 8.13.1 Asia Pacific Industrial IoT Market, by Deployment, 2024 – 2033 (USD Billion)
    • 8.14 Asia Pacific Industrial IoT Market, by End User, 2024 – 2033
      • 8.14.1 Asia Pacific Industrial IoT Market, by End User, 2024 – 2033 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Industrial IoT Market, 2024 – 2033 (USD Billion)
        • 8.15.1.1 Latin America Industrial IoT Market, by Country, 2024 – 2033 (USD Billion)
    • 8.16 Latin America Industrial IoT Market, by Component, 2024 – 2033
      • 8.16.1 Latin America Industrial IoT Market, by Component, 2024 – 2033 (USD Billion)
    • 8.17 Latin America Industrial IoT Market, by Deployment, 2024 – 2033
      • 8.17.1 Latin America Industrial IoT Market, by Deployment, 2024 – 2033 (USD Billion)
    • 8.18 Latin America Industrial IoT Market, by End User, 2024 – 2033
      • 8.18.1 Latin America Industrial IoT Market, by End User, 2024 – 2033 (USD Billion)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Industrial IoT Market, 2024 – 2033 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Industrial IoT Market, by Country, 2024 – 2033 (USD Billion)
    • 8.20 The Middle-East and Africa Industrial IoT Market, by Component, 2024 – 2033
      • 8.20.1 The Middle-East and Africa Industrial IoT Market, by Component, 2024 – 2033 (USD Billion)
    • 8.21 The Middle-East and Africa Industrial IoT Market, by Deployment, 2024 – 2033
      • 8.21.1 The Middle-East and Africa Industrial IoT Market, by Deployment, 2024 – 2033 (USD Billion)
    • 8.22 The Middle-East and Africa Industrial IoT Market, by End User, 2024 – 2033
      • 8.22.1 The Middle-East and Africa Industrial IoT Market, by End User, 2024 – 2033 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 Siemens AG
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 General Electric Company
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 IBM Corporation
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Cisco Systems Inc.
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Microsoft Corporation
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Bosch Group
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Schneider Electric SE
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Rockwell Automation Inc.
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Honeywell International Inc.
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 ABB Ltd.
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Huawei Technologies Co. Ltd.
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
    • 9.12 Intel Corporation
      • 9.12.1 Overview
      • 9.12.2 Financials
      • 9.12.3 Product Portfolio
      • 9.12.4 Business Strategy
      • 9.12.5 Recent Developments
    • 9.13 Oracle Corporation
      • 9.13.1 Overview
      • 9.13.2 Financials
      • 9.13.3 Product Portfolio
      • 9.13.4 Business Strategy
      • 9.13.5 Recent Developments
    • 9.14 SAP SE
      • 9.14.1 Overview
      • 9.14.2 Financials
      • 9.14.3 Product Portfolio
      • 9.14.4 Business Strategy
      • 9.14.5 Recent Developments
    • 9.15 Hitachi Ltd.
      • 9.15.1 Overview
      • 9.15.2 Financials
      • 9.15.3 Product Portfolio
      • 9.15.4 Business Strategy
      • 9.15.5 Recent Developments
    • 9.16 Amazon Web Services
      • 9.16.1 Overview
      • 9.16.2 Financials
      • 9.16.3 Product Portfolio
      • 9.16.4 Business Strategy
      • 9.16.5 Recent Developments
    • 9.17 PTC Inc.
      • 9.17.1 Overview
      • 9.17.2 Financials
      • 9.17.3 Product Portfolio
      • 9.17.4 Business Strategy
      • 9.17.5 Recent Developments
    • 9.18 Dell Technologies Inc.
      • 9.18.1 Overview
      • 9.18.2 Financials
      • 9.18.3 Product Portfolio
      • 9.18.4 Business Strategy
      • 9.18.5 Recent Developments
    • 9.19 Accenture plc
      • 9.19.1 Overview
      • 9.19.2 Financials
      • 9.19.3 Product Portfolio
      • 9.19.4 Business Strategy
      • 9.19.5 Recent Developments
    • 9.20 Emerson Electric Co.
      • 9.20.1 Overview
      • 9.20.2 Financials
      • 9.20.3 Product Portfolio
      • 9.20.4 Business Strategy
      • 9.20.5 Recent Developments
    • 9.21 Others.
      • 9.21.1 Overview
      • 9.21.2 Financials
      • 9.21.3 Product Portfolio
      • 9.21.4 Business Strategy
      • 9.21.5 Recent Developments
List Of Figures

Figures No 1 to 26

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Siemens AG
  • General Electric Company
  • IBM Corporation
  • Cisco Systems Inc.
  • Microsoft Corporation
  • Bosch Group
  • Schneider Electric SE
  • Rockwell Automation Inc.
  • Honeywell International Inc.
  • ABB Ltd.
  • Huawei Technologies Co. Ltd.
  • Intel Corporation
  • Oracle Corporation
  • SAP SE
  • Hitachi Ltd.
  • Amazon Web Services
  • PTC Inc.
  • Dell Technologies Inc.
  • Accenture plc
  • Emerson Electric Co.
  • Others

FAQs

The restraints of the Industrial IoT market is increased risk of cyber-attacks and data breaches.

The major driver for the Industrial IoT market is increasing demand for IoT-equipped smart wearables in the medical industry and expansion of 5G infrastructure worldwide.

The “Hardware” category dominated the market in 2023.

The key players in the market are Siemens AG, General Electric Company, IBM Corporation, Cisco Systems Inc., Microsoft Corporation, Bosch Group, Schneider Electric SE, Rockwell Automation Inc., Honeywell International Inc., ABB Ltd., Huawei Technologies Co. Ltd., Intel Corporation, Oracle Corporation, SAP SE, Hitachi Ltd., Amazon Web Services , PTC Inc., Dell Technologies Inc., Accenture plc, Emerson Electric Co., Others.

“North America” had the largest share in the Industrial IoT Market.

The global market is projected to grow at a CAGR of 7.5% during the forecast period, 2024-2033.

The Industrial IoT Market size was valued at USD 80.8 Billion in 2024.

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