The Industrial IoT Market is estimated to be valued at US$ 122.25 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
 

Market Overview:

The industrial IoT market involves integration of machines, devices and systems to allow them to connect, communicate and exchange data over an IP network. This allows tracking and monitoring of assets to enable effective decision making. It helps organizations gain real-time visibility of operations and optimize processes.

 

Market key trends:

One of the major trends driving the industrial IoT market growth is the rising adoption of connected devices and systems across industries. Manufacturing organizations are increasingly integrating sensors, RFID tags and other IoT devices in their production lines, machines and equipment to gather critical data. This helps them gain insights into asset performance, detect deficiencies and drive efficiencies. IoT solutions also enable remote monitoring of physical infrastructure and environmental conditions, which improves uptime. Furthermore, IoT delivers predictive maintenance capabilities that help avoid unexpected breakdowns and reduce downtime for equipment and machinery.

 

Porter's Analysis

Threat of new entrants: The industrial IoT market requires huge capital investment for infrastructure setup and maintenance. Government regulations around data security and privacy further increases entry barriers.

Bargaining power of buyers: Buyers have moderate bargaining power as there are numerous solution providers in the market offering differentiated solutions. However, switching costs associated with technology migration limits buyers' options.

Bargaining power of suppliers: Key technology providers like Intel, Cisco etc exert significant influence due to their technical expertise and market dominance. However, availability of open-source platforms reduces their bargaining power.

Threat of new substitutes: Edge computing and localization of intelligence minimizes the need for cloud dependency and offers an alternative. However, lack of interoperability challenges wider acceptance of substitutes.

Competitive rivalry: The industrial IoT market sees intense competition with frequent product launches and expanded service portfolios from key players. M&A activity further consolidates competitive landscape.
 

SWOT Analysis

Strength: Vast potential for productivity gains, operational efficiencies, predictive maintenance, and new revenue streams drive rapid industrial IoT adoption.

Weakness: Legacy infrastructure modernization challenges and high costs involved in implementation limits scope for SMEs. Additionally, data security vulnerabilities raise operator and customer concerns.

Opportunity: Uptake across manufacturing, energy, transportation sectors supported by declining hardware costs, standardization of protocols presents substantial growth prospects over the next decade.

Threats: Geopolitical trade tensions impact global supply chains. Additionally, skills shortage impacts deployments raising dependency on third party integrators.

 

Key Takeaways

The global Industrial IoT market Growth is expected to witness high, exhibiting CAGR of 20% over the forecast period, due to increasing adoption of industrial automation solutions. The market size is projected to reach US$ 1,230 Bn by 2030.

Regionally, North America dominates currently due to large manufacturing capacity and early technology adoption. Asia Pacific is expected to be the fastest growing market led by China, India and other developing Asian countries driven by their Make-in-India and Made-in-China initiatives.

Key players operating in the industrial IoT market are ABB Ltd., GE Digital, PTC Inc., Robert Bosch GmbH, Siemens AG, Accenture plc., Capgemini, and HCL Technologies Limited. These providers offer comprehensive end-to-end industrial IoT platforms and solutions catering to cloud, edge, on-premise deployment needs across industries.

For more insights, read- https://www.dailyprbulletin.com/industrial-iot-market-share-size-and-growth-share-trends-analysis-demand-forecast/