Industrial IoT Market Enabling Continued Digitalization of Manufacturing is Estimated to Witness High Growth Owing to Ri

The industrial internet of things (IIoT) refers to the use of internet-connected sensors and devices to collect and share data from industrial machinery and physical infrastructure in various industry verticals like manufacturing, oil and gas, healthcare, and more. IIoT provides opportunities for manufacturers to improve industrial operations through increased transparency into production processes, optimization of resource usage, remote monitoring of assets, predictive maintenance, and enhanced customer service. With growing need for streamlined operations, improved efficiencies, and data-driven decision making, IIoT solutions are gaining prominence.

Market Dynamics
Rising adoption of connected technologies by manufacturers to enhance productivity and optimize costs is a major factor driving growth of the industrial IoT market. Implementation of IIoT enables predictive maintenance of machines through wireless sensors that collect operational data and alert of maintenance needs before breakdown. This significantly reduces downtime and associated losses. Use of IIoT also provides greater visibility into production processes through real-time monitoring that aids in identifying bottlenecks, areas needing improvement, and optimize quality inspection. Moreover, IIoT-enabled remote asset monitoring helps reduce the risk of unplanned downtime and safety issues. Connected assets also facilitate remote troubleshooting and control, reducing need for on-site technicians. Such advantages are boosting adoption rate of IIoT solutions globally. However, concerns around data security with increasing connectivity and integration of OT systems with IT pose challenges to the market.

SWOT Analysis

Strength: Industrial IoT enables connectivity for industrial devices and applications bringing endless possibilities for monitoring, optimization and automation. It allows real-time data insights helping maximize productivity and reduce costs. The infrastructure helps improve process efficiency and quality by identifying failures, errors or inefficiencies in real-time.

Weakness: Implementing Industrial IoT requires substantial investment in networking hardware, sensors, connectivity platforms and security systems. Legacy industrial infrastructure was not designed to support complex networking and data collection efforts required for IIoT. Upgrading existing systems involves high replacement and training costs.

Opportunity: Industrial IoT opens up opportunities in predictive maintenance by monitoring equipment performance and identifying replacement needs in advance. This helps schedule repairs proactively avoiding unexpected downtimes. Remote monitoring of assets helps improve efficiency and flexibility of operations. Data insights help drive new revenue streams through innovative services and business models.

Threats: Security issues pose significant threats with sophisticated cyberattacks targeting critical infrastructure. Lack of standards for interoperability makes integration challenging across diverse systems. Dependence on connectivity exposes vulnerabilities from network outages or failures. Vulnerable devices can also become entry points for hackers to infiltrate larger networks.

Key Takeaways
Global Industrial Iot Market Size is expected to witness high growth over the forecast period of 2023 to 2030. It is projected to surpass market value of US$ 122.25 billion by 2023 growing at approximately 10% CAGR through 2030.

Regional analysis: North America dominates currently holding over 35% share of the global Industrial IoT market owing to rapid technological adoption. Asia Pacific is expected to be the fastest growing region on back of government initiatives and increasing investments in smart manufacturing across countries like China, India and Japan.

Key players: Key players operating in the Industrial IoT market are Honeywell International Inc., Aker Solutions, Dakota Gasification Company, Exxon Mobil Corporation, Baker Hughes, Fluor Corporation, General Electric and Halliburton. They are focusing on developing comprehensive Industrial IoT platforms and solutions to gain competitive edge.