Industrial IoT Market worth $286.3 billion by 2029 at a CAGR of 8.1%

(IT-NEWSWIRE.COM, June 28, 2024 ) The industrial IoT market is valued at USD 194.4 billion in 2024 and is projected to reach USD 286.3 billion by 2029; it is expected to grow at a CAGR of 8.1% from 2024 to 2029. Emergence of 5G technology, rise in demand for IoT-enabled digital transformation in businesses across verticals, and predictive maintenance of machinery are some of the major opportunities in the industrial IoT market.

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The industrial IoT market is expected to grow with the highest growth rate within the cloud-based deployment segment. Cloud-based industrial IoT deployment solutions enable remote access and management of devices from anywhere with an internet connection. It offers virtually limitless scalability, allowing businesses to easily add or remove devices as their needs evolve. Cloud providers handle software updates and maintenance, reducing the burden on IT teams within industrial organizations. These are some of the key factors contributing to the high growth of this segment.

Manufacturing Execution System (MES) holds the largest market share in the Software Offering segment in the Industrial IoT market. The Manufacturing Execution System (MES) is a well-established technology with a successful track record in manufacturing environments. Its widespread adoption has led to a larger market for MES software within the industrial IoT domain. Modern MES solutions are designed to integrate with advanced technologies such as AI, machine learning, and Big Data analytics, enabling advanced functionalities and further optimization of production processes.

In North America, the US accounted for the largest share of the industrial IoT market in 2023 and is expected to retain its position during the forecast period. The US has a history of being an early adopter of new technologies. This translates to a larger pool of companies familiar with IIoT concepts and more open to implementing them in their operations. The US has a well-established and technologically advanced manufacturing sector. This sector is increasingly adopting industrial IoT solutions to improve efficiency, optimize production processes, and gain a competitive edge. The US government has shown support for the development and adoption of industrial IoT technologies. This can come in the form of funding research and development initiatives, offering tax breaks for businesses that invest in IIoT, or promoting the use of IIoT in specific industries. Also, the significant presence of key market players such as General Electric (US), Emerson Electric Co. (US), Intel Corporation (US), Cisco Systems, Inc. (US) and the rise in demand for automation of industries are the major factors driving the market growth in the US.

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Key Market Players:

Key players in the industrial IoT market availed opportunities like partnerships and acquisitions. Product development and expansion were a few other strategies adopted by companies to strengthen their market position.

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Industrial IoT Market worth $286.3 billion by 2029 at a CAGR of 8.1%