Global Industrial IoT Market Size will Reach $159.63 Billion in 2023

Global Industrial IoT Market Overview

According to Global Market Monitor, the global Industrial IoT market size will reach $159.63 billion in 2023 with a CAGR of 15.89% from 2023 to 2028.

Industrial IoT can be explained as the use of the Internet of Things and its technologies in the manufacturing industries to achieve a higher level of efficiency,maximize the quality of products, and minimize the wastage of resources. Growth in Cloud Computing and IoT are contributing to the growth of Industrial IoT deployments and creating opportunities for new business models of the companies.

Technological Advancements in Semiconductor and Electronics Devices Drive the Growth of Industrial IoT.

The Industrial Internet of Things needs to deeply integrate industrial systems and IT systems. The Industrial Internet of Things cloud platform is based on industrial systems and uses information technology and products such as sensors, the Internet, and cloud computing to enable information collection, transmission, analysis, and processing to achieve resource informatization and efficient data flow. Therefore, the technological progress of semiconductors and electronic devices has played an important role in promoting the development of the Industrial Internet of Things industry.

The use and demand for edge computing in the Industrial Internet of Things is increasing rapidly. Market incumbents such as Google, Amazon Web Services, and Microsoft have to form more partnerships with edge computing companies to provide one-stop solutions for industry users.

Source: www.globalmarketmonitor.com

North America Dominates the Market.

North America dominated the Industrial IoT market in 2022 with a market share of 34.39%. This is attributed to the early adoption and implementation of Industrial IoT technology across the region. Moreover, strong government support for promoting digitalization across the industrial sector, an increase in the usage of Industrial IoT devices, and increasing adoption of cutting-edge technologies like cloud computing and AI are expected to drive market growth during the forecast period.

The Manufacturing Industry Occupies the Biggest Market Share.

By application, the manufacturing industry led the market with a share of 28.66% in 2022. With the introduction of Industry 4.0, Industrial IoT is gaining popularity in discrete manufacturing as well as process manufacturing as it offers several possibilities to optimize operations, decrease downtime, increase efficiency, and aid in making data-driven decisions, which increase profit margins and lower costs quickly. Additionally, manufacturing industries are leveraging digital manufacturing technologies quickly and the implementation of IoT plays a significant role in these advanced technologies, which is expected to boost the market growth.

By type	Hardware
	Software
	Services
By application	IT & Telecommunication
	Manufacturing
	Healthcare
	Retail
	Oil & Gas
	Energy & Power
	Automotive
	Others
	The manufacturing industry occupied the main market with a market share of 28.66% in 2022.
By region	North America
	Europe
	Asia-Pacific
	Latin-America
	Middle East & Africa
	North America dominated the Industrial IOT market with a market share of 34.39% in 2022.

Source: www.globalmarketmonitor.com