by The global Industrial IoT Market is estimated to be valued at US$ 122.25 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Industrial IoT market involves integration of multiple technologies such as computing devices, sensors, actuators, and connectivity which allows inter-connectivity between people, industrial processes, and machines. Industrial IoT solutions gather data from industrial machines through sensors, analyze the data from devices and equipment and find insights to improve operations, reduce costs and downtime. They provide advantages such as predictive maintenance, remote monitoring, enhanced operational efficiency and improved supply chain management.
Market key trends:
One of the key trends in the Industrial IoT market is rising adoption of industrial robots across various industries. Industrial robots help automate production processes and improve operational efficiency. Their use reduces dependency on human labor for hazardous, labor-intensive and repetitive tasks. With advancements in technologies like artificial intelligence and machine learning, industrial robots are gaining more functionalities and capabilities. Their deployment is growing in automotive, manufacturing, food & beverages and other industries to meet consumer demands efficiently with predictable quality. This is expected to drive significant growth of the Industrial IoT market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high capital requirements and existing patent protection.
Bargaining power of buyers: The bargaining power of buyers is high since there are many established players in the market providing substitutable products.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and less differentiation in components.
Threat of new substitutes: The threat of new substitutes is moderate as new technologies can disrupt existing solutions.
Competitive rivalry: High due to presence of major global players.
Key Takeaways
The Global Industrial Iot Market Demand is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing demand for automation and data exchange in manufacturing industries. The market size for 2023 is US$ 122.25 Bn.
North America captured the largest share of the Industrial IoT market in 2023 due to strong presence of automation companies and early adoption of emerging technologies in the region. Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to rising industrialization and growing manufacturing industry in China and India.
Key players operating in the Industrial IoT market are ABB Ltd., GE Digital, PTC Inc., Robert Bosch GmbH, Siemens AG, Accenture plc., Capgemini, and HCL Technologies Limited. These players are focusing on inorganic growth strategies such as partnerships, collaborations and acquisitions to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
