Industrial IoT Market

The Industrial Internet of Things (IIoT) focuses on smart devices, sensors and equipment that are connected to centralized computer systems. This connectivity enables them to collect, exchange and analyze data for a variety of applications including productivity and efficiency gains. In contrast to the consumer Internet of Things that includes devices like heart monitoring fitness bands and smart home appliances, IIoT connects machines and industrial work equipment with a higher degree of sensitivity. This allows organizations to quickly identify and respond to changes in production processes, worker safety, energy bills and more.

The primary benefits of IIoT in manufacturing are increased productivity and improved agility. By using sensors, software and other technology to monitor and optimize existing processes and workflows, companies can reduce costs by eliminating inefficient manual methods of performing tasks. This enables organizations to increase production rates and get products out to the market faster.

Market Dynamics:

The increasing implementation of advanced sensors and distributed control system in businesses is driving the global industrial IoT market’s growth. The ability of these systems to automate the entire work process helps businesses to streamline their operations, and also reduce their operating costs.

However, the lack of skilled workforce that has knowledge related to handling IoT systems and sensors can limit the growth of this market. Furthermore, the compatibility of IoT devices with the existing communication network is another factor that may restrict the growth of the market.

Key features of the study:

• This report provides in-depth analysis of the global Industrial IoT market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global Industrial IoT market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include ABB Ltd., GE Digital, PTC Inc., Robert Bosch GmbH, Siemens AG, Accenture plc., Capgemini, and HCL Technologies Limited
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global Industrial IoT market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global Industrial IoT market

Detailed Segmentation:

• Global Industrial IoT Market, By Ecosystem
• • Hardware
  • Platform
  • Services
  • Connectivity
    • Wired Technologies
      • Ethernet
      • Modbus
      • PROFINET
      • FOUNDATION Fieldbus
    • Wireless Technologies
      • Wi-Fi
      • ZigBee
      • Bluetooth and Bluetooth Low Energy
      • Cellular Technology
      • LPWAN Technology
• Global Industrial IoT Market, By Technology
  • Sensors
  • Distributed Control System (DCS)
  • Camera
  • Condition Monitoring
  • Radio Frequency Identification (RFID)
  • GPS
  • Yield Monitor
  • Industrial Robotics
  • Flow and Application Control Devices
  • Others
• Global Industrial IoT Market, By Application
  • Data Management Solutions for Analytics
  • Distribution Management System
  • Manufacturing Execution System (MES)
  • Outage Management System
  • Product Lifecycle Management
  • Remote Monitoring
  • Retail Management System
  • Predictive Maintenance
  • Others
• Global Industrial IoT Market, By Industry
  • Energy and Utilities
  • Automotive
  • Manufacturing
  • Retail
  • Agriculture
  • Healthcare
  • Metal and Mining
  • Others
• Global Industrial IoT Market, By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
  • ABB Ltd.
  • GE Digital
  • PTC Inc.
  • Robert Bosch GmbH
  • Siemens AG
  • Accenture plc.
  • Capgemini
  • HCL Technologies Limited