IOT NEWS

Industrial IoT News

Industrial IoT Home

IIoT Manufacturing Market Reaches $1,495B with More Growth Expected, New Reports Indicate

By Alex Passett
October 23, 2023

The Internet of Things manufacturing market has experienced undeniable, significant growth in recent years; general IoT, AIoT, IIoT and so on. (In short order here, we’ll get into just how significant.) However, though growth has been driven by the seemingly ever-increasing demand for real-time asset monitoring, smart sensors, new AR/VR use cases, smart city projects and much more, the market’s progress does have a weaker point right now – its problems with (or the total absence of) adequate IT infrastructure support.

And in tech, that’s no small hinderance to surmount.

However, even with due consideration of the changes necessary to improve upon said hindrance, connected operational intelligence in IIoT has presented greatly promising prospects for future market expansion.

How great?

Well, those details are in the data – a double entendre here, because we’re referring to the wealth of valuable data created by IIoT devices and systems, as well as the data on the industry’s momentum.

According to a recent report, the global IoT in manufacturing industry accounted for $198.25 billion in 2020. What’s more is it’s expected to reach $1,495.65 billion by 2030, representing an astonishingly high CAGR of 22.6%.

Needless to say, IIoT experts will continue innovating, and the fruits of those labors will continue their steep market climb.

That’s the key takeaway from the aforementioned report: “IoT in Manufacturing Market: Global Opportunity Analysis and Industry Forecast, 2021-2030.” (Request a copy here, if interested.)

Allied Market Research (AKR) detailed a lot in its report. The main focus points and IoT in manufacturing takeaways:

  • Key players profiled were Cisco Systems Inc., Hitachi Ltd., IBM, Microsoft, PTC Inc., Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, and Zebra Technologies, all of whom have respectively adopted vital strategies to increase their market penetration and strengthen their position in IIoT.
  • Regions-wise, the industry was dominated by North America in 2020. Since then, it has been expected to retain that position for the forecast period, owing its top position to factors like major shifts toward digital transformation, rises in cloud deployments among SMBs, embracing new remote work capabilities, and the ongoing modernization of manufacturing, as a whole. These, according to AKR, have driven the heaviest investments. (In that vein, APAC is also expected to see major growth by 2030, as well.)
  • Components-wise, the software segment has dominated the overall market; this makes a lot of sense, given the right software-centric tools on the right experts’ toolbelts, so to speak, allow for quick and highly informed decisions to be made that previously weren’t possible in manufacturing. (e.g. predictive maintenance alerts, AI/ML integrations with IIoT solutions)

I’m not a betting man, but I’d theoretically wager good money that the “of Things” part of the tech world will continue getting enterprise-grade coverage in the years to come. This has simply been one vantage point, in terms of the overall business value that IIoT has had on the market.




Edited by Greg Tavarez
Get stories like this delivered straight to your inbox. [Free eNews Subscription]
SHARE THIS ARTICLE
Related Articles

SS&C's Blue Prism Next Gen Platform Demonstrates More Power through Intelligent Automation

By: Alex Passett    5/9/2024

SS&C Technologies Holdings, Inc. found that enterprises that have used/are still using its SS&C Blue Prism platform saw an ROI of 330%, representing a…

Read More

Healthy Industrial Growth: ABI Research Underpins Demand for Private Cellular IoT/IIoT Connections as Markets Adapt

By: Alex Passett    4/30/2024

According to a new report from global technology intelligence firm ABI Research, the manufacturing and transportation industries will have the most pr…

Read More

FreeWave Technologies' FGR3-IO Levels Up Businesses' Remote Operations in IIoT

By: Alex Passett    4/25/2024

FreeWave Technologies announced the launch of its latest enhancement for IIoT use cases - the FGR3-IO, designed to elevate the capabilities of 900 MHz…

Read More

A 'Truly Great' Match for IIoT: Avassa and OnLogic Establish Partnership

By: Alex Passett    4/18/2024

Edge management software provider Avassa and industrial computer manufacturer OnLogic have partnered to benefit IIoT use cases.

Read More

Industrial Sectors See a Boost in Adoption of Zero Trust Practices, According to Xage

By: Alex Passett    4/11/2024

A new Xage report dives into various industrial and IIoT-centric sectors improving their security protocols by adopting a variety of crucial zero trus…

Read More