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  • Industrial Internet of Things Market Analysis | 2022-2028

    Industrial Internet of Things Market Analysis | 2022-2028

    Industrial Internet of Things Market Analysis | 2022-2028
    Report code - SR2327 Delivery - 2 Weeks
    Industrial Internet of Things Market Size, Share, Trend, Forecast, Competitive Analysis, a See more...

    “The Industrial Internet of Things Market is expected to grow from USD 75.61 billion in 2021 to USD 116.10 billion by 2028 at a CAGR of 6.3% during the forecast period”.

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    Market Dynamics

    Introduction

    The Industrial Internet of Things (IIoT) refers to the use of smart sensors and actuators to boost manufacturing and industrial operations. The IIoT allows enterprises and industries to have better ability and accuracy in their operations. It has a strong focus on machine-to-machine (M2M) communication, big data, and machine learning. The IIoT encloses industrial applications such as robotics, medical devices, and software-bound manufacturing processes.

    Drivers: Fast adoption of AI and IoT in the manufacturing sector

    Since the introduction of Industry 4.0, the adoption of AI and IoT technologies in the manufacturing sector has grown significantly. AI- and IoT-enabled systems allow optimization of production processes, contributing to quality control, sending of early alerts, and prediction of equipment failure. By collecting accurate data, manufacturers can make use of innovative AI applications to gain a competitive edge in the market.

    The COVID-19 pandemic outbreak in 2020 led to a testing time for the manufacturing sector. Stringent lockdowns, restrictions on movement, and the absence of the required workforce made manufacturers mandatorily improvise their manufacturing processes. This resulted in the faster adoption of AI and IoT in various manufacturing processes and functions. Processes such as condition monitoring and equipment maintenance began to be carried out using AI and ML algorithms with no regular workforce in manufacturing units.

    Standardization of IPv6

    The advancement of Internet Protocol version 6 (IPv6) has contributed to the growing IIoT market, as the number of things connected to the Internet is increasing exponentially worldwide. The IP version 4 (IPv4) was not able to support this exponential growth of the number of connected things effectively.

    According to Google, only 4% of the devices in the world presently use the IPv6 protocol, while the remaining 96% of the devices still use the IPv4 protocol. With the standardization of IPv6, the global demand for IIoT technology is anticipated to grow significantly. IPv6 offers capabilities such as high capacity and advanced security, thereby providing a suitable foundation and platform for innovations in the IIoT market space.

    Restraints: Incompatibility of legacy equipment with new data communication networks

    Machines used in manufacturing plants require in-built hardware to facilitate M2M communication. These hardware components are either connected to a wired or a wireless network. The connected components gather necessary data from machines and send them to a central server for storage, processing, and analysis. Machines in old manufacturing units might not be equipped with these new data transmission components, requiring them to be fitted externally. Some legacy machines may also need alterations to implant these components in them, thereby resulting in greater spending.

    This acts as a major restraint for manufacturing firms using old machinery. The impact of this restraint is anticipated to decrease slowly in the upcoming years, as many manufacturing firms have begun to realize the advantages of M2M communication. Many companies have already begun developing solutions to combine their legacy equipment with new communication networks. For instance, General Electric has developed field agents or gateways that can be connected directly to industrial equipment to help network connectivity.

    Opportunities: Increasing application of AI and IoT in the healthcare sector during the pandemic

    IoT and AI technologies have been rapidly incorporated into the healthcare industry during the last five years. Healthcare wearables have started using IoT and AI technologies, leading to an integrated hospital ecosystem. For instance, with the help of continuous glucose monitoring, a wearable device coupled with intelligent algorithms can monitor glucose levels and automatically deliver the right insulin dosage to diabetes patients.

    The onset of the COVID-19 pandemic triggered a sudden growth in the demand for technologies such as mobile personal emergency response systems (mPERS) to ease remote patient monitoring. These systems help monitor patient condition 24/7 without the direct involvement of hospital staff physically, thereby mitigating infection risks. Because of the fear of contracting COVID-19, people began avoiding emergency rooms and doctors’ offices for non-COVID-19 health concerns. This is one of the key drivers for the growing remote patient monitoring (PM) market.

    Recent Developments

    • In November 2022, Honeywell launched Honeywell Forge Sustainability+ to help enterprises meet carbon reduction goals. Honeywell Forge Sustainability+ for Industrials | Emissions Management and Honeywell Versatilis Signal Scout wireless Industrial IoT leak detection sensors allow enterprises to measure, monitor, report, and reduce carbon emissions.
    • In October 2022, Emerson signed a five-year agreement with LANXESS, a specialty chemicals company, to optimize LANXESS’s operational performance and support sustainability targets through advanced automation technologies.
    • In July 2022, General Electric announced upgrades in its iFIX HMI/SCADA, a high-performance automation software that provides faster time to insight and greater efficiency to industrial operations.
    • In April 2022, Cisco and General Motors announced a collaboration to deploy Cisco wireless backhaul technology for real-time and high-speed performance testing of General Motors’ pre-production vehicles. Cisco’s industrial wireless networking enables General Motors’ engineers to quickly analyze crucial vehicle data to make faster and data-driven decisions.
    • In January 2022, Intel launched 28 new 12th Gen Intel Core mobile and 22 desktop processors for laptops and desktops, enterprise systems, and IoT applications.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Device and Technology-Type Analysis

    Sensors, RFID, Industrial Robotics, Distributed Control Systems (DCS), Condition Monitoring, Smart Meters, Electronic Shelf Labels (ESL), Cameras, Smart Beacons, Yield Monitors, Guidance & Steering, Flow & Application Control Devices, GPS/GNSS, Networking Technology, and Interface Boards

    Networking technologies accounted for the largest market share, in 2021.

     

    Software-Type Analysis

    SCADA, Manufacturing Execution Systems (MES), Distribution Management Systems, Product Lifecycle Management (PLM), Outage Management Systems (OMS), Remote Patient Monitoring, Transit Management Systems, Retail Management Software, Visualization Software, and Farm Management Systems

    The industrial IoT market of transit management systems is to witness the highest CAGR over the forecast period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    Asia Pacific held the largest share of the market, in 2021.

     

    By Device and Technology Type

    “Networking technologies accounted for the largest market share in 2021”.

    Networking technologies, especially wireless, are the key enablers of IIoT. Several machines and sensor nodes are connected to the internet with the help of these technologies to allow M2M communication. These technologies are also helpful in collecting large volumes of data for enhanced decision-making. A variety of wireless communication technologies are offered in the market based on connectivity range, data transfer rates, and power requirements. The industrial sector is increasingly relying on cellular technologies for M2M communication.

    By Software Type

    “The industrial IoT market of transit management systems is to witness the highest CAGR over the forecast period”.

    Transit management systems give accurate information according to the location and performance of vehicles. Vehicles with automatic vehicle location (AVL) technology can easily be tracked. Transit management systems are also used for tracking and controlling the location of in-transit goods. Users tracking the location of vehicles get this information through different technologies implemented on the vehicles.

    Bus rapid transit (BRT) systems are used to deliver information related to the transit time of buses. These systems are helpful for emergency management systems and travel assistant devices (TADs) as they assist passengers with special needs.

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    Regional Analysis

    “Asia Pacific accounted for the largest share of the industrial IoT market”.

    Asia Pacific held the largest share of the market, in terms of value, in 2021. The region is a prominent hub for manufacturing and has become a global attraction for large investments and business expansions. The increasing population, growing investments for research and development activities, and the growing focus of international and domestic IT companies on the growth of cloud-based services and big data analytics in the region are anticipated to act as growth drivers of this market

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    Key Players

    The following are the key players in the Industrial Internet of Things Market (arranged alphabetically)

    • ABB
    • ARM Holding
    • Ansys
    • Arundo Analytics
    • Bosch
    • Bright Machines
    • Cisco
    • Dassault Systemes
    • Dragos
    • Emerson Electric
    • General Electric
    • Google
    • Honeywell
    • Huawei
    • Intel
    • Kuka
    • Microsoft
    • NEC
    • PTC
    • Rockwell Automation
    • SAP SE
    • Siemens
    • Sigfox
    • Texas Instruments
    • Worldsensing Sl

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    in-depth Analysis of the Industrial Internet of Things Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research:

    Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The industrial internet of things market is expected to grow at a CAGR of 6.3% during 2022-2028.

    The industrial internet of things market is likely to reach USD 116.10 billion by 2028.

    Since the introduction of Industry 4.0, the adoption of AI and IoT technologies in the manufacturing sector has grown significantly. AI- and IoT-enabled systems allow optimization of production processes, contributing to quality control, sending of early alerts, and prediction of equipment failure.

    Asia Pacific held the largest share of the market, in terms of value, in 2021. The region is a prominent hub for manufacturing and has become a global attraction for large investments and business expansions.

    The key players operating in the global Industrial Internet of Things market are ABB, General Electric, Intel, Emerson Electric, Honeywell, Cisco, SAP SE, Huawei, Siemens, ARM Holding, Rockwell Automation, PTC, Dassault Systemes, Sigfox, NEC, Bosch, Worldsensing Sl, Ansys, Texas Instruments, Arundo Analytics, Bright Machines, Kuka, Dragos, Microsoft, and Google.

    The market is studied from 2016-2028.