IOT NEWS

Industrial IoT News

Industrial IoT Home

'$191.6B by 2031' for Industrial IoT Market, New Report Details

By Alex Passett
July 15, 2024

Good tidings this Monday, readers.

It’s no wild secret – no cat-out-of-the-bag moment, by any means – that the Industrial Internet of Things (IIoT) is legitimately transforming operational intelligence and productivity; particularly when businesses leverage automation. Interconnected IIoT ecosystems (comprised of machines, devices, sensors and the like) create opportunities for teams to enhance workplace efficiencies, optimize data-driven decision-making capabilities, and drive real innovation via predictive maintenance, support from fine-tuned robotics, energy management, streamlined logistics dashboards and much more.

Automation-wise, the demand therein has certainly set the tone for great IIoT market growth. Examples include automatically capturing real-time data from equipment-attached sensors that track vibration levels, pressure and temperature, as well as automated defect detection and maintenance scheduling (allowing for planned downtime and the prevention of unexpected breakdowns), and automation involving product data for quality control, tracking and even recall management. There’s also the automation that powers collaborate robots (or “cobots”) on the factory floor, mobility-focused robotics that transport materials autonomously (like automated guided vehicles, or “AGVs”), automated tracking of remote assets, drone-based inspections that run on automated schedules, etc.

Suffice it to say, there is great promise when it comes to automation in IIoT.

This is why we’re covering additional market projects from SkyQuest, a name we’ve touched on recently in articles about rising adoption rates of IoT sensors and how reliably harnessing NB-IoT data communications improves critical “of Things” solutions.

According to SkyQuest, advancements in IIoT connectivity and automation will lead to a market valuation of $191.6 billion by 2031, representing a compound annual growth rate of 7.2%.

Just sit on those numbers, but for a moment. That’s a lot.

Per SkyQuest, huge players are leading the IIoT charge and investing in the development of automation-improved solutions to “bolster the demand for novel IIoT hardware components, wired and wireless technologies, robotics, visualization hardware and distributed industrial control systems,” thus strengthening services “by the day” as successes in IIoT climb.

Moreover, verticals like manufacturing, transportation, mining, metal and energy are estimated to share center stage; high demand for efficiency-boosting solutions in myriad industrial facilities “is estimated to make these segments highly lucrative.” Apart from these verticals, SkyQuest states that providers are exploring automation in retail, agriculture and even healthcare “to maximize their business scope, collaborate with IIoT partners and boost revenue generation going forward.”

Read more about IIoT here, courtesy of SkyQuest.




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

'A Truly Exciting Time' for IIoT: Our First Look at the Industrial IoT Conference 2025

By: Alex Passett    2/11/2025

The Industrial IoT Conference has officially kicked off in Fort Lauderdale, Florida. It's part of the #TECHSUPERSHOW experience, taking place from Feb…

Read More

Greater IIoT Efficiency, Reduced Carbon Footprint: SLB Added AI-Driven Geosteering to its Autonomous Drilling Solutions

By: Alex Passett    2/10/2025

Global energy technology company SLB introduced autonomous geosteering to its Neuro solutions, thus building on its autonomous directional drilling an…

Read More

The Power of AI and ML: Learn More in Order to Transform Your IoT Operations at the Industrial IoT Conference 2025

By: Alex Passett    2/4/2025

At the upcoming Industrial IoT Conference (part of IoT Evolution Expo 2025 and #TECHSUPERSHOW experience, taking place from February 11-13 at the Brow…

Read More

Cut Through the Noise, Synchronize Operations: Learn How at the Industrial IoT Conference 2025

By: Alex Passett    1/27/2025

At upcoming events like the Industrial IoT Conference and IoT Evolution Expo 2025 (both part of the #TECHSUPERSHOW experience that's taking place from…

Read More

How Do We Talk About the Intersection of IIoT and GenAI? Plenty of Insights at IoT Evolution Expo 2025

By: Alex Passett    1/21/2025

At the upcoming Industrial IoT Conference (part of IoT Evolution Expo 2025 and #TECHSUPERSHOW experience, taking place from February 11-13 at the Brow…

Read More