Industrial Internet Of Things Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Industrial Internet Of Things Market by region.
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The global industrial internet of things market size was US$ 260.2 billion in 2021. The global internet of things market is forecast to grow to US$ 1716.4 billion by 2030, registering a compound annual growth rate (CAGR) of 19.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
- The increasing popularity of artificial intelligence (AI) and the Internet of Things (IoT) is driving the growth of the global industrial internet of things market.
- The growing e-commerce industry depicts that the demand for top-quality and cost-efficient goods is increasing rapidly. Thus, the adoption of the Industrial Internet of Things in the e-commerce segment will help businesses have great suitability with cost-efficiency.
- The benefits of the Industrial Internet of things are driving the market growth. Industrial IoT ensures the safety of the workforce and also reduces operating costs. In addition, the market is witnessing a growing number of companies gradually establishing service hybrids to strengthen their position. Moreover, the Internet of Things plays a crucial role in assuring easy access to machines. Thus, all of these benefits will contribute to market growth.
- Remote working policies have changed the outlook of the global industrial internet of things market. During the COVID-19 pandemic, the new wave of remote working changed the viewpoint. Thus, it triggered the demand for transparency in operations. Hence, many companies are focusing on IoT establishment in order to offer better services to the customers. As a result, it will fuel the market growth during the study period.
- Incompatibility of legacy equipment may hamper the growth of the global industrial internet of things market during the study period.
Impact of the COVID-19 on the Industrial Internet of Things Market
The COVID-19 pandemic witnessed loss in various industries. Thus, the market witnessed a severe downfall in the automotive segment. In addition, various other manufacturing industries stopped the operations as per the government rules. All of this impacted the global industrial internet of things market. On the contrary, the trending remote working became the significant factor that fueled the market growth even during the pandemic. Moreover, the market will also witness favorable growth post-COVID era.
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Regional Analysis
North America is forecast to hold the highest share in the global industrial internet of things market due to the presence of chief market manufacturers. In addition, the growing number of start-ups is presenting favorable opportunities for market growth in the region. Furthermore, the increasing penetration of advanced technologies across all verticals is driving the market growth.
Asia-Pacific industrial internet of things market is forecast to witness considerable growth due to the contribution of emerging countries like India, Taiwan, and China. Manufacturing organizations across the region are gradually adopting advanced technologies to gain profits. In addition, favorable government initiatives, such as “Made in China 2025” and “Made in India,” will benefit the regional industrial internet of things market.
Competitors in the Market
- ABB
- Huawei
- Cisco
- GE
- Intel
- Rockwell Automation
- Texas Instruments
- Honeywell
- IBM
- KUKA AG
- NEC Corporation
- Bosch.IO
- Siemens AG
- SAP
- Other prominent players
Market Segmentation
The global industrial internet of things market segmentation focuses on Components, End-User and Region.
By Components
- Hardware
- Software
By End-user
- Manufacturing
- Logistics & Transport
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
- The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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