Meticulous Research®, a prominent global market research firm, has released a research report entitled "Industrial IoT Market by Component (Hardware, Platform, Services, Connectivity), Industry (Agriculture, Manufacturing, Energy & Utilities, Oil & Gas, Aerospace, Retail, Transportation & Logistics, Others) Geography - Global Forecast to 2030."

According to the latest findings by Meticulous Research®, the global Industrial IoT market is anticipated to achieve a value of $331.83 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 17.8% from 2023 to 2030. Key drivers for this market expansion include increased investments in Industry 4.0 technologies, government initiatives supporting industrial automation, and the growing imperative to enhance productivity and efficiency. However, impediments such as the lack of standardization and substantial capital and operational expenditure requirements are limiting the growth of the IIoT market.

The adoption of Industrial IoT for predictive maintenance and the proliferation of data centers are foreseen to generate opportunities for market growth. Nonetheless, challenges like security issues with IoT devices and a shortage of skilled professionals pose significant hurdles. Additionally, notable trends in the market involve the rising popularity of IIoT digital twins, the emergence of edge computing, and the increased adoption of smart manufacturing-as-a-service.

The global industrial IoT market is categorized based on components and industry verticals. The study assesses industry competitors and conducts a comprehensive analysis at both regional and country levels.

In terms of components, the global industrial IoT market is segmented into hardware, platforms, services, and connectivity. The hardware segment is projected to hold the largest market share in 2023, driven by organizations in the industrial sector striving to enhance efficiency and reduce costs through improved access to real-time information. Key players' focus on product development and investments in digital transformation further contribute to the demand for IIoT hardware.

Recent market developments include Intel Corporation's (U.S.) launch of industrial IoT processors and software packages, Moxa's (Taiwan) introduction of the AIG-300 Series of Industrial IoT gateways, and Microsoft Switzerland's (Switzerland) collaboration with Swiss Smart Factory (Switzerland) to expedite digital transformation in the manufacturing industry.

However, the platforms segment is expected to exhibit the highest CAGR during the forecast period.

In terms of industry verticals, the global industrial IoT market encompasses agriculture, manufacturing, retail, energy & utilities, oil & gas, aerospace, transportation & logistics, telecom, and other sectors. The manufacturing segment is anticipated to dominate the market in 2023 and record the highest CAGR during the forecast period. This dominance is attributed to the widespread adoption of automation and robotics systems in the manufacturing industry, aiming to enhance product quality, reduce work-in-progress time, and improve equipment reliability.

The segment's significant market share is further fueled by the growing need for centralized monitoring and predictive maintenance of assets, the rise of smart factories, the advent of Industry 4.0, and the increasing adoption of autonomous robots for industrial automation.

Recent market developments include ABB Ltd. (Switzerland) and China Telecom's joint establishment of a digitalization and industrial IoT laboratory in Hangzhou, China, and Samsung's (South Korea) investment in smart manufacturing capabilities at its largest mobile phone plant in Noida (India).

In terms of geography, the global industrial IoT market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to account for the largest market share in 2023, driven by factors such as the rising demand for automation, increased adoption of industrial robots, the advent of Industry 4.0, growing usage of cloud-based industrial solutions, and the presence of prominent market players in the region.

Asia-Pacific's industrial sector significantly contributes to the economy and is undergoing rapid transformation. The region's embrace of disruptive technologies, including AI, machine learning, and IoT, is fostering cloud adoption and accelerating the demand for cloud-based industrial IoT solutions. The region is also a focal point for various government initiatives and strategic growth plans by major vendors operating in the industrial IoT market.

Major initiatives in the region involve ABB Ltd. (Switzerland) partnering with dtac TriNet Co., Ltd. (Thailand) to develop robotics and machine automation solutions, and the launch of the smart manufacturing experience center by the Standard and Industrial Research Institute of Malaysia (SIRIM) (Malaysia) in 2020, aiming to advance Industry 4.0 strategies.

Key Players:
The key players operating in the industrial IoT market are ABB Ltd. (Switzerland), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co, Ltd. (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.)

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Key questions answered in the report-
• Which are the high-growth market segments based on component and industry vertical?
• What was the historical market for industrial IoT globally?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, and opportunities in the global industrial IoT market?
• Who are the major players, and what shares do they hold in the global industrial IoT market?
• What is the competitive landscape like in the global industrial IoT market?
• What are the recent developments in the global industrial IoT market?
• What are the different strategies adopted by the major players in the global industrial IoT market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global industrial IoT market, and how do they compete with the other players?

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