INDUSTRIAL IOT MARKET ANALYSIS

Industrial IoT MarketSize and Trends

The global Industrial IoT market size was valued at US$ 101.45 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 20.5% from 2022 to 2030.  The market is driven by the growing demand for advanced industrial automation solutions. These solutions help enterprises to cut maintenance costs and avoid unplanned downtime, thereby increasing profitability. The market is also propelled by the rising investments in IoT devices across various industries, owing to their increasing applications and a growing number of benefits.

Figure 1. Global Industrial IoT Share (%), By Region, 2022

Global Industrial IoT Market Drivers:

Growing demand for IIoT applications in smart industries to boost market growth

Industrial IoT (IIoT) has offers various features such as production integration, asset optimization, remote diagnosis, and smart monitoring, which allows improved operational efficiency, utmost performance of equipment, and high productivity. Moreover, it potentially impacts manufacturing industry, which promotes modernized maintenance and asset monitoring. Smart manufacturing is a specific application of IIoT and operates using IIoT enabled machinery for keeping a check on the production. The use of IIoT in smart industries promotes automation in operations. Thus, the demand for IIoT applications continues to increase in smart industries, which is expected to augment growth of the global industrial IoT market over the forecast period.

Low cost of sensors and advanced sensor technology to propel market pace

The use of digital infrastructure is growing, which in turn has promoted IIoT in various industries. Designers are planning integration of IIoT into all the possible segments due to the scalability of the technology. With this technology, line managers can supervise all the individual components and machineries in their production lines to gain complete transparency. The use of sensors is growing across these industries for various purposes, as their cost is low and the advancements in sensor technologies are growing. Thus, the global Industrial IoT market is expected to gain major growth over the forecast future.

Global Industrial IoT Market Trends:

Growing adoption of digital twin is a recent trend

Digital twin is a virtual replication of physical components available in the real world. With the use of recorded data gathered from cameras, sensors, and other data collecting devices, a virtual copy of a particular asset, and individual product, or a whole facility can be made. There are various advantages of digital twin including higher dependability of manufacturing lines, greater productivity, reduced machine downtime, and improved performance among others. Thus, adoption of this technology is increasing across several industry, and this trend is expected to drive growth of the global industrial IoT market over the forecast period.

Increased popularity of 3D printing is another trend

The manufacturing processes are continuously advancing. These processes are of four types, which are additive manufacturing, casing manufacturing, molding manufacturing, and subtractive manufacturing. 3D printing is a part of additive manufacturing, and it is a process of making three-dimensional objects using a digital image. This technology has become advantageous in various industries, due to which its adoption continues to grow with time. This trend is likely to continue in the global industrial IoT market in the coming future.