The global Industrial IoT (IIoT) market is expected to grow at a compound annual growth rate (CAGR) of around 24% from 2023 to 2030.
North America held around 30% market share of the global Industrial IoT (IIoT) market in 2022. North America region has established a strong presence in the global Industrial IoT (IIoT) market. This can be attributed to the region's proactive approach in adopting and implementing IIoT technology across various industries. North America has been at the forefront of embracing IIoT and has emerged as a hub of innovation in this field.
Some of the key players operating in the Industrial IoT (IIoT) market include ABB, Accenture, Advantech, ARM, AWS (Amazon Web Services), C3.ai, Cisco Systems, Dassault Systems, Digi, Emerson Electric, FANUC, General Electric, Hitachi, Honeywell, Huawei, IBM, Intel, Kuka, Microsoft, Mitsubishi Electric, NEC Corporation, NXP Semiconductors, Omron, Oracle, PTC, Robert Bosch, Rockwell Automation, SAP, Sasken Technologies, Schneider Electric, Siemens, Software AG, Tech Mahindra, Texas Instruments, ZIH Corp., and Others.
The global Industrial IoT (IIoT) market size in terms of revenue (total IIoT spending) was estimated to be around USD 300 Billion in 2022.
Some of the key factors driving the Industrial IoT (IIoT) market growth include the increasing demand for connected supply chains that enhance operational efficacy, flexibility, and regulatory compliance. The IIoT market is also benefiting from the availability of affordable sensors and processors enabling real-time access to information.
Some of the key trends identified in the Industrial IoT (IIoT) market include the implementation of cutting-edge technologies such as 5G and Edge Computing to enhance IIoT systems, leveraging AI and Digital Twinning for improved efficiency, prioritizing Advanced Cybersecurity measures, integrating Augmented Reality (AR) and Virtual Reality (VR) with IIoT systems for enhanced visualization, and deploying IIoT solutions to achieve Sustainability and Energy Efficiency targets.
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