Feature: IIoT
advancements in semiconductors and sensors, improvements in cellular connectivity and data transfer rates and the development of cloud infrastructures. IoT is already being implemented in the consumer market for applications such as smart appliances, smart homes and connected cars. Tis study has been undertaken to understand the dynamics of
the industrial IoT market. It also helps identify key technologies and industries in this market and the geographic areas that are expected to provide various growth opportunities for the market. According to Markets and Markets, the industrial IoT market
Growing demand from manufacturing sector to drive growth of industrial IoT market during forecast period
By Vivek Ravichandran, Senior Manager, ICT Business Practice
I
ndustrial Internet of Tings (IoT) is a concept that involves the integration of diverse technologies into a single ecosystem. It uses real-time data analytics for performance monitoring and improved decision-making. Industrial lot has evolved from the Internet of Tings (IoT), an integrated network of physical objects or
things that can exchange data without any external intervention. It enables remote monitoring and controlling of machines, consumer appliances and utilities. Te concept of lot has been in development since the 1990s. However, it has gained popularity only in the past few years with
20 March 2025
www.electronicsworld.co.uk
was valued at USD 178.33 billion in 2023 and is projected to reach USD 286.34 billion by 2029, it is expected to record a CAGR of 8.1 per cent during the forecast period. Te major factors driving the growth of the industrial IoT market include the global rise in internet penetration, growing adoption of cloud platforms, increasing adoption of IPv6, increased IoT-related government initiatives and R&D activities worldwide and a rise in demand for automation of industries. Te key restraints for this market include the lack of
standardisation in communication protocols and incompatibility of legacy equipment with communication networks. Te emergence of 5G technology, the rise in demand for IoT- enabled digital transformation in businesses across verticals, and the predictive maintenance of machinery act as opportunities for the growth of the industrial IoT market. Te key challenges for this market include the susceptibility of IoT technologies to cyber-attacks, maintenance and updates of IIOT systems and lack of skilled professionals.
Key findings • Te US held the largest share of the industrial IoT market in North America in 2023, the industrial IoT market in the country is projected to grow at a CAGR of 7.0 per cent from 2024 to 2029.
• A large number of leading technology and industrial companies are based in the US. Tese companies have contributed immensely to developing Industrial lot through increased R&D activities in sensors, communication technologies, storage solutions, artificial intelligence and data analytics.
• Te industrial lot market in Asia Pacific is projected to grow at the highest CAGR of 9.4 per cent during the forecast period.
• China accounted for the largest share of 43 per cent of the industrial lot market in Asia Pacific in 2023.
• Increasing penetration of the internet, smart and connected devices, ongoing economic growth in emerging economies and improving regulations are driving the growth of the industrial IoT market in Asia Pacific.
Industrial IoT market by vertical • Te manufacturing segment held the largest share of 36.9 per cent of the industrial lot market in 2023.
• Te market for manufacturing was valued at USD 65.74 billion in 2023 and is projected to reach USD 109.67 billion by 2029, it is anticipated to grow at a CAGR of 8.7 per cent between 2024 and 2029.
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