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Redding, California - July 2, 2024
Industrial IoT Market to be Worth $408.2 Billion by 2031
Industrial IoT Market by Component (Hardware, Platform, Services, Connectivity), Industry (Agriculture, Manufacturing, Energy & Utilities, Oil & Gas, Aerospace, Retail, Transportation & Logistics, Others) Geography - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial IoT Market – Global Opportunity Analysis and Industry Forecasts (2024-2031).’ According to this latest publication from Meticulous Research®, the industrial IoT market is expected to reach $408.2 billion by 2031 at a CAGR of 19.3% from 2024 to 2031.
The growth of this market is driven by rising investments in Industry 4.0 technologies, increasing government initiatives to promote industrial automation, and the growing need to improve productivity and efficiency in manufacturing processes. However, the lack of standardization and the high capital and operating expenses requirements restrain the growth of the industrial IoT market.
The increasing adoption of Industrial IoT for predictive maintenance and the rise in the number of data centers are expected to create growth opportunities for market players. However, the vulnerability of IoT devices to cyberattacks poses a major challenge to market growth. Additionally, the rising popularity of digital twins, the emergence of edge computing, and the rising adoption of smart manufacturing-as-a-service are some of the major trends in this market.
The industrial IoT market is segmented by component and industry vertical. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
By component, in 2024, the hardware segment is projected to dominate the industrial IoT market with a share of 32.2%. The continuous efforts of organizations in the industrial sector to enhance their efficiency, reduce costs, and improve overall equipment effectiveness (OEE) through enhanced access to real-time information propels this segment's growth. Moreover, the heightened focus of key players on product development and rising investments in the digital transformation of industries are expected to drive the demand for IIoT hardware.
By industry vertical, in 2024, the manufacturing segment is projected to dominate the industrial IoT market with a share of 24.5%. The dominating share of this segment is mainly due to the increasing adoption of automation and robotics systems extensively throughout production lines in the manufacturing industry to enhance product quality, reduce work-in-progress time, and improve equipment reliability.
Furthermore, the growing need for centralized asset monitoring and predictive maintenance, the increasing number of smart factories, the advent of Industry 4.0, and the increasing adoption of autonomous robots for industrial automation contribute to this segment's significant market share.
By geography, in 2024, Asia-Pacific is projected to dominate the industrial IoT market with a share of 38.2%. The dominating share of this regional market is attributed to the increasing requirement for automation across various business sectors, the increasing adoption of industrial robots, the advent of Industry 4.0, the growing adoption of cloud-based industrial solutions, and the presence of prominent market players in the region.
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5102
Key questions answered in the report:
- Which are the high-growth market segments based on component and industry vertical?
- What was the historical market for the industrial IoT globally?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the industrial IoT market?
- Who are the major players, and what shares do they hold in the industrial IoT market?
- What is the competitive landscape like in the industrial IoT market?
- What are the recent developments in the industrial IoT market?
- What are the different strategies adopted by the major players in the industrial IoT market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the industrial IoT market, and how do they compete with the other players?
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
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