The global Industrial IoT (IIoT) market size is projected to reach US$ 102460 million by 2028, from US$ 71160 million in 2021, at a CAGR of 5.3% during 2022-2028.
Key drivers of the industrial internet of things market include growing adoption in manufacturing and the prominence of industry 4.0. Energy consumption monitoring has improved significantly which will positively impact the trends of the market during the forecast period.
The need for digitizing industrial operations in the oil and gas industry will fuel the growth of the IIoT market in the coming years. The advent of smart mines will surge the demand for the Industrial internet of things market in the subsequent years.
The ever-increasing complex retail industry will propel the growth of the market in the forthcoming years.
IoHT or internet of healthcare things is making its way gradually which will provide lucrative opportunities for the market’s growth during the forecast period. The transportation sector will push the market forward in the subsequent years.
Industrial Internet of Things Market Trends
Manufacturing industry
Industry 4.0 is here to stay. Manufacturing companies have to face several challenging situations to retain their competitive edge. IIoT gives supervisors the ability to automate repetitive tasks. Physical machinery is connected via sensors to advanced software that monitors performance continuously. It bypasses manual tasks and carefully conducts data-driven analysis either on the manufacturing floor or anywhere in the world. Human errors are eliminated and security breaches are minimized to a large extent as sensitive manufacturer data is protected through the powerful computing capabilities of AI-driven algorithms. Moreover, predictive maintenance reduces downtime as the total cost of the project is known beforehand with quick identification of any faults or defects. The huge influx of data and sensors help in maintaining workplace safety and employee productivity. Smart wearables provide information related to employee posture and surrounding noise levels to gauge their activity pattern. It automatically alerts workers to correct their actions. If any accidents occur then the matter can be quickly resolved. Historic data reference will be crucial for preventing any future occurrences. These factors will boost the growth of the Industrial internet of things market during the forecast period.
Energy
IIOT is being deployed for energy consumption monitoring. Sensors and meters are clamped in the wires of the machines to track their passing of electricity. By measuring the total energy consumed by production lines and the total number of products manufactured the effectiveness of particular equipment can be gauged efficiently. On-floor downtime and energy, leakage can be cut off completely with advanced monitoring systems. The data analysis provides a base for solid decision-making capability in the future. These factors will boost the growth of the Industrial internet of things market in the coming years.
Oil and gas industry
Oil exploration companies are located in primitive areas with no proper human habitation. During emergency situations like oil spills, it is important for deploying quick proactive solutions to reduce unexpected shutdowns of oil exploration sites. Industry players have to bear an immense financial burden due to unplanned downtime. Interconnected devices provide remote monitoring giving ample time to predict any malfunctions or serious accidents thereby reducing repair costs. Quality control and inspection duties are streamlined as round-the-clock monitoring through IoT sensors allow oil refineries to conduct maintenance based on hard core data instead of a hunch. Various facilities can run at full capacity without the need for standby mode. IIOT helps companies to manage their planning, scheduling, and procurement processes which in turn enables them to cut down on unnecessary logistical costs. Oil prices are rising constantly and cutting down expenses is the only way to maintain their expenditure. Workers are surrounded by flammable liquids and other toxic materials 24/7. Wireless monitoring helps in preventing dangerous accidents through constant monitoring of employee activity. Such factors will surge the growth of the Industrial internet of things market in the near future.
Metal and Mining
The entire connectivity of devices, vehicles, and equipment provides critical information that can be relayed back to the software that measures the overall mining operation in real-time. Smart mines use scientific analysis together with heavy machinery to provide data on in-demand metals and minerals. These can then be utilized for efficient extraction from the earth’s surface. This in turn will boost the demand for the Industrial internet of things market during the forecast period.
Retail sector
Retailers are reaping the benefits of Industrial IoT-based sensors. RFID tags and GPS technology provide clear visibility of entire supply chain operations starting with the movement of goods from manufacturing facilities to warehouses for storage purposes and final shipment for end-user customers. Automated product inventory solutions provide retailers the ability to prevent situations of overstock and understock. Automation checkout systems can tag every item a consumer buys and make payments directly by scanning a QR code present in their smartphone apps. Foot traffic monitoring and smart fulfillment are other use case scenarios. All these factors will drive the growth of the Industrial internet of things market in the upcoming years.
Healthcare
The medical industry is going through a transformative phase. Real-time monitoring of IoT devices increases the rate at which diseases are detected. Vital health parameters are tracked continuously with the automated collection, transfer, and analysis of patient data. This ensures access to quality medical care, diagnosis, and treatment. Moreover, mhealth apps provide the opportunity for remote consultations. An entire database of individual patients is created for real-time visibility of all related stakeholders. These factors will boost the expansion of the IIOT market during the forecast period.
Transportation
The real-time location of a particular vehicle is collected and sent to a central system and then transferred to internet-enabled mobile devices that trigger alerts giving information to users on when it will arrive at a stand. IoT helps in efficient fleet monitoring with effective accident response, managing the fuel consumption and maintenance costs. Entire delivery fleets can be tracked remotely like the loading, unloading time, total weight of the vehicle, etc. Such factors will drive the growth of the IIOT market in the upcoming years.
Based on type, the segmentation includes wired, wireless and field technology.
Based on application, The manufacturing segment will dominate the IIOT market share due to the extensive adoption of digital technologies and IoT sensors by manufacturing facilities.
Based on region, North America will grow the highest in the IIOT market share due to the early adoption of IoT and being the hub of technological innovations. While Asia-Pacific will grow the fastest due to the growing trend of factory automation in countries like China, Japan, Taiwan, etc.
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Report Metric |
Details |
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Report Name |
IIoT Market |
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The Market size value in 2021 |
71160 Million USD |
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The Revenue forecast in 2028 |
102460 Million USD |
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Growth Rate |
CAGR of 5.3% from 2022 to 2028 |
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Base year considered |
2021 |
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Forecast period |
2022-2028 |
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Forecast units |
Value (USD) |
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Segments covered |
Type, End-User, Offerings, and Region |
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Report coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
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Geographic regions covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Companies covered |
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Ans. The global Industrial IoT (IIoT) market size is projected to reach US$ 102460 million by 2028, from US$ 71160 million in 2021.
Ans. The global Industrial IoT (IIoT) market is expected to grow at a compound annual growth rate of 5.3% from 2022 to 2028.
Ans. ARM Holding (UK), Cisco (US), GE (US), Intel (US), Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US), Dassault Systèmes (France), Honeywell (US), Huawei Technologies (China), IBM (US), KUKA AG(Germany), NEC Corporation (Japan), Bosch (Germany), Siemens AG (Germany), PTC (US).
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