Meticulous Research® has published a report titled ‘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 2031.’ This report projects the industrial IoT market to reach $408.2 billion by 2031, growing at a CAGR of 19.3% from 2024 to 2031. The market’s growth is fueled by significant investments in Industry 4.0 technologies, supportive government policies, and a rising demand for enhanced productivity and efficiency. However, market growth is constrained by challenges such as a lack of standardization and high capital and operational expenditures.

Opportunities for market expansion include the use of Industrial IoT for predictive maintenance and the expansion of data centers. Challenges include IoT device vulnerabilities and a shortage of skilled professionals. Key trends influencing the market are the rise of IIoT digital twins, edge computing, and the adoption of smart manufacturing-as-a-service.

The market is segmented by component and industry vertical, with competitor analysis and regional and country-level market evaluations.

The component segmentation includes hardware, platforms, services, and connectivity. In 2024, the hardware segment is anticipated to capture the largest market share at 32.2%, driven by efforts to enhance efficiency, reduce costs, and improve Overall Equipment Effectiveness (OEE) through real-time information access. The platforms segment is expected to record the highest CAGR during the forecast period.

By industry vertical, the market is segmented into agriculture, manufacturing, retail, energy & utilities, oil & gas, aerospace, transportation & logistics, telecom, and others. The manufacturing segment is projected to have the largest share at 24.5% in 2024 and the highest CAGR. The adoption of automation and robotics in manufacturing is a key driver, as these technologies improve product quality, reduce production time, and enhance equipment reliability. IIoT is poised to revolutionize traditional manufacturing supply chains into dynamic digital supply networks (DSNs).

The manufacturing sector’s market share is also bolstered by the need for centralized asset monitoring and predictive maintenance, the rise of smart factories, Industry 4.0 advancements, and the increasing use of autonomous robots.

Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead with a 38.2% market share in 2024, driven by increasing automation demands, industrial robot adoption, Industry 4.0, cloud-based solutions, and the presence of key market players.

Asia-Pacific’s industrial sector is rapidly transforming, with the adoption of disruptive technologies like AI, machine learning, and IoT driving cloud adoption. Government initiatives and strategic vendor plans further drive market growth. The region is anticipated to grow at the highest CAGR of 19.8% during the forecast period.

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 2024–2031?
What are the major drivers, restraints, and opportunities in the industrial IoT market?
Who are the major players, and what shares do they hold in the industrial IoT market?
What is the competitive landscape like in the industrial IoT market?
What are the recent developments in the industrial IoT market?
What are the different strategies adopted by the major players in the industrial IoT market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the industrial IoT market, and how do they compete with the other players?

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