Manufacturing Segment is Expected to Dominate the Global Industrial Internet of Things (IoT) Market
Security and Privacy Concerns and Increased Connectivity are the factors propelling the market growth.
According
to TechSci Research report, “Global Industrial Internet of Things (IoT)
Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”. The
Global Industrial Internet of Things (IoT) is anticipated to project robust
growth in the forecast period with a CAGR of 7.02% through 2028. IoT is the
base of digital transformation worldwide, helping to transform many Industrial,
industrial, government, and defense applications. Even though IT spending fell
in 2022, it is expected to grow in 2023. IoT will drive this IT expenditure
with approximately 19% growth in 2023, as mentioned in a report by IoT
Analytics. IoT deployment helps overcome labor shortages and could speed up
digital transformation initiatives.
Integrating
5G and IoT can promote many sustainability use cases in various industries. 83%
of organizations have improved their efficiency by introducing IoT technology.
For instance, with IoT applications in Water Industry, the utility company can
recognize, monitor, manage, and monetize water distribution effectively in
regions impacted by water scarcity. Smart Water solutions.
Browse
over xx market data Figures spread through 188 Pages and an in-depth TOC on " Global
Industrial Internet of Things (IoT) Market.”
Based
on Application, Manufacturing will dominate the market, Amongst the industries,
the manufacturing industry holds a major share of investment and market share,
with both discrete and process manufacturing intensely investing in IoT
adoption. In addition to this, management in the industry is keen on the
adoption of IoT; With the advent of Industry 4.0, IIoT is gaining traction in
both discrete manufacturing and process manufacturing as IIoT is offering means
of optimizing operations, reducing downtime, increasing efficiency, and help
make data-driven decisions is increasing the profit margin and reduce cost with
short ROIs on the IoT adoption.
In
the upcoming years, utilities, discrete manufacturing, process manufacturing,
and life sciences sectors will spend the most on IoT solutions. Most use cases
are anticipated to continue enhancing asset tracking, asset life, and the
ability to enforce physical distance through condition-based equipment tracking
and maintenance. The adoption rates from the industry are expected to be higher
than any other industry due to the increased propensity of decision-makers to
adopt IoT solutions. According to a study by GE, 58% of manufacturers mentioned
IoT is required to transform industrial operations digitally.
Based
on Region, North America will dominate the market, North America is a pioneer
in adopting most technological innovations and advancements, and the adoption
of IoT is reshaping various industrial and Industrial sectors throughout the
region. The 5G adoption in the region is high, and a total of 108 million 5G
connections have been laid by Q3 2022. The autonomous 5G deployments that are
underway will drive the market for IoT as a whole.
February
2023 - Canadian-based IoT company, Eleven-x, will help North America municipal
parking with the smart parking system that will monitor parking spots and
provide real-time data on availability. This will reduce congestion in the area
and optimize parking enforcement, further improving urban mobility.
August
2022 - North America’s biggest IOT Pay platform was acquired by GrubMarket.
This acquisition will help GrubMarket to use IOT Pay’s technology and payments
infrastructure to streamline the food supply chain industry. IOT Pay is also
looking forward to rolling out a digital banking solution for small and
medium-sized businesses (SMBs).
Key
market players in the Global Industrial Internet of Things (IoT) Market are
following:
- AT&T
Inc.
- Microsoft
Corporation
- Sony
Corporation
- Apple
Inc.
- LG
Electronics
- Alphabet
Inc.
- Hewlett
Packard Enterprise (HPE)
- Honeywell
International Inc.
- Cisco
Systems Inc.
- Intel
Corporation
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“The
Global Industrial Internet of Things (IoT) market is propelled by a myriad of
drivers that fuel its growth and adoption. Increased connectivity, with
widespread access to high-speed internet and Wi-Fi networks, underpins the
expansion of Industrial IoT. Smart home ecosystems are transforming traditional
living spaces into tech-savvy environments, offering convenience and energy
savings. Moreover, cost reductions in IoT devices have made them more
accessible, encouraging a broader range of Industrials to adopt IoT solutions.
The ubiquity of smartphones and mobile apps facilitates remote device control,
enhancing convenience and accessibility. Security and privacy concerns, while
occasionally acting as deterrents, also drive the market as Industrials seek
secure and privacy-respecting IoT products. Health and wellness monitoring,
energy efficiency, and environmental awareness contribute to the growing
adoption of IoT devices. Moreover, voice assistants and AI integration,
advancements in technology, and the impact of the COVID-19 pandemic have
further accelerated Industrial IoT adoption. These drivers collectively
continue to shape the evolving landscape of the Global Industrial IoT market.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
Industrial
Internet of Things (IoT) Market – Global Industry Size, Share, Trends, Opportunity, and Forecast
Segmented by Type (Hardware, Solutions, Services), Application (Manufacturing,
Transportation, Oil, and Gas), By Region, By Competition 2018-2028 has evaluated the future growth
potential of Global Industrial Internet of Things (IoT) Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global Industrial Internet of
Things (IoT) Market.
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