By 2032, the industrial IoT market is expected to be worth US$ 1.3 trillion, growing at a CAGR of 12.2%.
Technological advancements in semiconductor and electronic devices, rising cloud computing platform utilization, IPv6 standardization, and government support for IIoT R&D activities are all propelling the industrial IoT market ahead.
Because of advancements in technology and the rising availability of affordable sensors and processors that can enable real-time access to information, the industrial internet of things market is expected to rise at a rapid pace over the projected period.
The following are some of the key players in the Industrial IoT market:
- Huawei
- Cisco
- GE
- Intel
- Rockwell Automation
- ABB
- Texas Instruments
- Honeywell
Leading industry participants are expected to focus on cost-cutting, making new entrants difficult to enter the industrial IoT market. On the other hand, venture capital funding is expected to help IIoT companies break into the market.
Important Points to Remember
- By 2032, the US industrial IoT industry is expected to be worth $302.4 billion.
- The logistics and transportation market is predicted to increase at a CAGR of more than 26% from 2021 to 2028. The surge can be attributed to the significant emphasis that logistics and transportation companies are placing on asset management and, as a result, on the adoption of smart transportation.
- During the forecast period, the manufacturing segment of the industrial IoT market is estimated to grow at a CAGR of 11.1 percent.
- In 2021, networking technology accounted for the largest proportion of the industrial IoT market. Networking technology, particularly wireless technology, is the backbone of the IIoT.
- In terms of market value, APAC is predicted to hold the largest share in 2021. The Asia Pacific has emerged as a significant hub for industrial manufacturing and has become a global focal point for large investments and corporate expansion.