Industrial Internet of Things market projected to reach $1693.30 billion by 2030

According to a recent analysis by Grand View Research, the size of the global industrial internet of things (IIoT) market is estimated to reach $1,693.30 billion. It is likely to grow at 23.2% CAGR from 2023 to 2030. The manufacturing industry is one of many industrial sectors focusing on supply chain management, automation, and predictive maintenance.

Many businesses have recognized the advantages of implementing the IIoT for productivity improvement and have put in place various advanced IIoT solutions based on compatible hardware, like actuators and sensors combined with software, helping to fuel the expansion of the industrial IoT market.

Market Development & Trends for Industrial Internet Of Things

According to the report, Machine-to-machine (M2M) connectivity has caused a paradigm shift in managing many industrial processes. Industrial IoT market growth is anticipated to be fueled by the expanding use of M2M communication for applications like smart grids and other industry verticals, including healthcare, security, and automotive.

For instance, SAP and Apple Inc. teamed in May 2022 to modernize the digital supply chain and equip employees with cutting-edge capabilities. This solution is anticipated to reduce the requirement for training, increase general productivity, and ease onboarding.

The COVID-19 outbreak has negatively impacted the industrial internet of things industry. For many organizations worldwide, the epidemic has complicated supply chain management. Vendors are putting in a lot of orders, but the companies can’t fill them, which eventually causes financial problems.

However, firms can track products with cognitive industrial IoT to increase total yield while in transit and precisely assess given orders. To reform their operations and plans, companies are expected to embrace cognitive industrial IoT solutions, which are expected to drive the growth of the industrial IoT market over the forecast period.

Key Players in the Industrial Internet of Things Market

ABB
ARM Holding Plc
Atmel Corporation
Cisco Systems, Inc.
General Electric Company (GE)
International Business Machines Corporation (IBM)
Intel Corporation
Rockwell Automation, Inc.
Siemens AG
Microsoft Corporation

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Team Eela

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