Meticulous Research® has announced the publication of its latest report titled ‘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.’ The report forecasts that the industrial IoT market will reach $408.2 billion by 2031, growing at a CAGR of 19.3% from 2024 to 2031. This growth is driven by significant investments in Industry 4.0 technologies, government initiatives promoting industrial automation, and a growing need for improved productivity and efficiency. However, the market faces challenges such as a lack of standardization and high capital and operational expenditures.

Opportunities for growth include the use of Industrial IoT for predictive maintenance and the expansion of data centers. Challenges include IoT device vulnerabilities and a shortage of skilled professionals. Key market trends include the rise of IIoT digital twins, edge computing, and smart manufacturing-as-a-service.

The market is segmented by component and industry vertical, with an analysis of competitors and regional and country-level market evaluations.

The component segmentation includes hardware, platforms, services, and connectivity. In 2024, the hardware segment is expected to hold the largest market share at 32.2%, driven by efforts to enhance efficiency, reduce costs, and improve Overall Equipment Effectiveness (OEE) through real-time information access. The platforms segment is projected to achieve the highest CAGR during the forecast period.

The industry vertical segmentation includes agriculture, manufacturing, retail, energy & utilities, oil & gas, aerospace, transportation & logistics, telecom, and others. The manufacturing segment is expected to hold the largest share at 24.5% in 2024 and record the highest CAGR, driven by the adoption of automation and robotics to improve product quality, reduce production time, and enhance equipment reliability. IIoT is transforming traditional manufacturing supply chains into dynamic digital supply networks (DSNs).

The manufacturing sector’s market share is supported by the need for centralized monitoring and predictive maintenance, the rise of smart factories, Industry 4.0 advancements, and the increasing use of autonomous robots.

Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead with a 38.2% market share in 2024, driven by increasing automation demands, industrial robot adoption, Industry 4.0, cloud-based solutions, and the presence of key market players.

Asia-Pacific’s industrial sector is undergoing rapid transformation, driven by the adoption of disruptive technologies like AI, machine learning, and IoT, which accelerate cloud adoption. Government initiatives and strategic vendor plans further support market growth. The region is expected to grow at the highest CAGR of 19.8% during the forecast period.

Key Players:

The key players operating in the industrial IoT market are ABB Ltd. (Switzerland), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co, Ltd. (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.)

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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 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?

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