#IIoT market

[semiconductorsandelectronics]

IIoT and Industry 4.0: How Smart Manufacturing is Revolutionizing the Industrial Sector

The convergence of IIoT and Industry 4.0 is leading to the creation of smart factories that are highly automated, efficient, and responsive to changing market demands. This article examines the impact of IIoT on smart manufacturing, focusing on industry size, share, growth trends, and the future outlook.

Market Size and Growth

The global IIoT market is experiencing robust growth, driven by the adoption of Industry 4.0 principles. The industrial IoT industry is projected to expand from a valuation of USD 194.4 billion in 2024 to USD 286.3 billion by 2029, reflecting a compound annual growth rate of 8.1%. The adoption of IIoT in smart manufacturing is particularly significant in the automotive, electronics, and aerospace industries.

The Role of IIoT in Smart Manufacturing

IIoT plays a critical role in enabling smart manufacturing by connecting machines, sensors, and systems to create a seamless flow of information. This connectivity allows for real-time monitoring, predictive maintenance, and optimization of manufacturing processes, leading to increased productivity and reduced downtime.

Trends in Smart Manufacturing

Digital Twins: The use of digital twins to simulate and optimize manufacturing processes is becoming more prevalent.

Predictive Maintenance: IIoT enables predictive maintenance, allowing manufacturers to anticipate equipment failures and reduce unplanned downtime.

Collaborative Robots (Cobots): The integration of IIoT with cobots is enhancing human-machine collaboration on the factory floor. The integration of IIoT with Industry 4.0 is transforming manufacturing into a more intelligent and efficient process. As the industry continues to evolve, IIoT will play an increasingly important role in driving the future of smart manufacturing.

[chandupalle]

IIoT and Industry 4.0: How Smart Manufacturing is Revolutionizing the Industrial Sector

The convergence of IIoT and Industry 4.0 is leading to the creation of smart factories that are highly automated, efficient, and responsive to changing market demands. This article examines the impact of IIoT on smart manufacturing, focusing on industry size, share, growth trends, and the future outlook.

Market Size and Growth

The global IIoT market is experiencing robust growth, driven by the adoption of Industry 4.0 principles. The industrial IoT industry is projected to expand from a valuation of USD 194.4 billion in 2024 to USD 286.3 billion by 2029, reflecting a compound annual growth rate of 8.1%. The adoption of IIoT in smart manufacturing is particularly significant in the automotive, electronics, and aerospace industries.

The Role of IIoT in Smart Manufacturing

IIoT plays a critical role in enabling smart manufacturing by connecting machines, sensors, and systems to create a seamless flow of information. This connectivity allows for real-time monitoring, predictive maintenance, and optimization of manufacturing processes, leading to increased productivity and reduced downtime.

Trends in Smart Manufacturing

Digital Twins: The use of digital twins to simulate and optimize manufacturing processes is becoming more prevalent.

Predictive Maintenance: IIoT enables predictive maintenance, allowing manufacturers to anticipate equipment failures and reduce unplanned downtime.

Collaborative Robots (Cobots): The integration of IIoT with cobots is enhancing human-machine collaboration on the factory floor.

The integration of IIoT with Industry 4.0 is transforming manufacturing into a more intelligent and efficient process. As the industry continues to evolve, IIoT will play an increasingly important role in driving the future of smart manufacturing.

[creativeera]

IoT in Manufacturing Market is Estimated to Witness High Growth Owing to Need for Streamlining Operations

The IoT in manufacturing market involves connecting and integrating physical devices, sensors, and other smart objects into the manufacturing operations through the use of networking and cloud technologies. It enables the collection of information from various manufacturing equipment and assets and utilizes analytics tools to analyze the collected data to optimize operations. IoT allows manufacturers to drive improvements in equipment performance, reduce downtime, improve quality control, and optimize logistics and inventory management. The advantages of IoT in manufacturing include increased productivity, predictive maintenance, asset monitoring, inventory management, and energy management. The need for streamlined operations, improved asset utilization, and reduced maintenance costs through advanced monitoring and predictive analytics is fueling the demand for IoT in manufacturing. The global IoT in manufacturing market size was valued at US$ 198.8 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 18.4% from 2023 to 2030. Key Takeaways Key players operating in the IoT in Manufacturing are EnableX.io (VCLOUDX PTE. LTD), Twilio Inc., Infobip Ltd., Vonage Holdings Corp, M800 Limited, MessageBird BV, Iotum Inc., Plivo Inc., Voxbone SA, Snich AB, Telestax, Voximplant (Zingaya Inc.), Mitel Networks Corporation, 8x8 Inc., AT&T Inc., Voxvalley Technologies, Avaya Inc., Bandwidth Inc. (Bandwidth.com), Wazo Communication Inc., and IntelePeer Cloud Communications. These players are focusing on developing advanced IoT solutions and services for manufacturing applications. The key opportunities in the Iot In Manufacturing Market Forecast include predictive maintenance through condition monitoring of equipment, remote asset management through sensors and connectivity, improving supply chain visibility, and optimizing energy consumption. Adoption of advanced analytics is also opening up new revenue streams through data monetization. North America is expected to continue dominating the global IoT in manufacturing market during the forecast period owing to the presence of many global players and early adoption. However, Asia Pacific is expected to witness the highest growth attributed to increasing investments by governments and manufacturers in smart factory initiatives to drive industry 4.0. Countries like China, India, Japan, and South Korea are emerging as global manufacturing hubs and rapidly adopting IoT technologies. Market drivers The key driver fueling the growth of IoT in manufacturing is the need for streamlining operations through real-time data collection, monitoring, and analytics. IoT allows connecting all manufacturing assets and enables data-driven decision making for predictive maintenance, quality control, inventory management, and production planning. This helps reduce downtime, save costs, improve overall equipment effectiveness, and enhance operational efficiency. IoT also enables remote asset management and driving energy efficiency initiatives through connected smart systems and remote asset performance monitoring.

PEST Analysis Political: IoT in manufacturing market is affected by government regulations around data privacy and security. Stricter privacy laws make it challenging for businesses to collect and use customer data. On the other hand, regulations supporting industry digitization creates opportunities for IoT solutions. Economic: Factors like global economic growth, industrial production levels, and investment in automation impact demand for IoT systems in manufacturing. During recessionary periods, organizations may delay IoT deployments to control costs. Social: Younger workforce is more receptive to new technologies. Skill gaps challenge wider IoT adoption. Awareness programs help promote social acceptance of advanced manufacturing technologies. Technological: Emerging technologies like AI, 5G, edge computing, and blockchain offer new possibilities for optimizing manufacturing processes. However, integrating legacy systems with advanced IoT platforms poses technological challenges. Security also remains a key concern with expanding network connectivity. The geographical regions where the IoT in manufacturing market is concentrated in terms of value are North America and Europe. North America accounts for the largest share mainly due to early adoption of Industry 4.0 technologies by US factories. The Asia Pacific region is projected to be the fastest growing market during the forecast period. This is because key developing economies like China and India are making heavy investments to automate their manufacturing industries using industrial IoT solutions. China's "Made in China 2025" initiative advocates implementation of IoT, robotics, and other innovative technologies across manufacturing sectors.

Get more insights on Iot In Manufacturing Market

About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

[vkalkundrikar006]

https://www.htfmarketintelligence.com/report/global-iiot-and-wireless-network-for-mining-market

[marketwire]

IIoT or Industrial Internet of Things platforms are basically IoT cloud platforms that are used in various industries in order to accumulate the interrelated data.

[factana]

Fogwing is an innovative and comprehensive Internet of Things (IoT) platform that offers a wide range of services and solutions for businesses and organizations looking to leverage the power of IoT technology. The website, https://www.fogwing.io/, serves as the online presence for Fogwing, providing detailed information and access to their IoT platform. The platform offers end-to-end solutions for IoT device management, data acquisition, real-time monitoring, analytics, and automation

[uniconvergetech]

The Internet of Things allows millions of devices to be connected, measured and monitored to automate processes and operations and support better decision-making. Low-Power, Wide-Area Networks (LPWAN) enable low-cost information transfer and support the growth of the Internet of Things. IoT uses a variety of technologies and communication protocols for a variety of applications. Providing long-range, power-efficient, and cost-effective sensors and actuators is a key component of industrial IoT. Lora and LoRaWAN are unique in that they optimize LPWAN for battery life, capacity, range, and cost. UniConverge Technologies' LoRaWAN offering, including the End device, gateway, and device-to-cloud platform gets you from planning to deployment fast. 𝟏.𝐒𝐦𝐚𝐫𝐭 𝐂𝐢𝐭𝐲 𝟐.𝐒𝐦𝐚𝐫𝐭 𝐒𝐭𝐫𝐞𝐞𝐭 𝐋𝐢𝐠𝐡𝐭 𝟑.𝐒𝐦𝐚𝐫𝐭 𝐖𝐚𝐫𝐞𝐡𝐨𝐮𝐬𝐞 𝟒.𝐒𝐦𝐚𝐫𝐭 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝟓.𝐒𝐦𝐚𝐫𝐭 𝐀𝐠𝐫𝐢𝐜𝐮𝐥𝐭𝐮𝐫𝐞 𝟔.𝐒𝐦𝐚𝐫𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐦𝐨𝐫𝐞. Learn More - www.uniconvergetech.in #lorawan #solutions #smartagriculture #smartindustry #smartwarehouse #smartcity #smartstreetlight #smartfarming #smarttransportation #iot #internetofthings #communication #growth #madeinindia #makeinindia #startupindia #atmanirbharbharat #UniconvergerTechnologies #UCTRobotics

[ict-marketresearch-reports]

IIoT Platform Market Strategy and Remarkable Growth Rate By 2026

The report "IIoT Platform Market Growth by Platforms (Device Management, Application Enablement, & Connectivity Management), Services, Application (Predictive Maintenance, Process Optimization, & Automation Control), Vertical, and Region - Global Forecast to 2026", size is projected to grow from USD 6.0 billion in 2020 to USD 13.7 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period. The major factors driving the growth of the IIoT platform market include the rising need for centralized monitoring and predictive maintenance of assets, growing demand for automation in industries, proliferation of IoT devices, rise in the number of cost-effective and intelligent connected devices and sensors, increased government initiatives in R&D activities related to IoT, and emergence of IPv6.

Based on offering, the services segment to grow at a higher CAGR during the forecast period

The services segment of the global IIoT platform market comprises consulting services, system integration and deployment services, and support and maintenance services. Several tier-1 vendors offer specialized services that help in keeping regular tabs on the entire ecosystem of an organization and simultaneously driving the productivity and efficiency of business processes. To build a time-efficient and rugged manufacturing system, essential support services are required. These services help in the effective functioning of the entire manufacturing, supply chain, and logistics system, along with specific architectural consulting services for the digital transformation of business processes. The increasing integration of third-party service providers across verticals is expected to be the primary growth driver for the global IIoT platform market. These services are focused on improving business operations and reducing unnecessary expenses and overheads.

Based on platform, the device management platform segment is expected to lead the market during the forecast period

With the deployment of IoT ecosystems, a large number of devices are being connected, which ranges from small sensors and single-purpose microcontrollers to powerful gateways that connect the devices from the server. These ecosystems need a single platform that manages the information and applications across various devices. The device management platform provides capabilities, such as provisioning and authentication, configuration and control, monitoring and diagnostics, and software updates and maintenance. Furthermore, the device management platform is instrumental in offering advanced features, such as activation certification, configuration, device monitoring, troubleshooting, and service and device enablement. Device management platforms assist manufacturing enterprises in effectively managing and tracking, and securing devices used in an organization.

Based on services, the support and maintenance segment is expected to grow at a higher CAGR during the forecast period

Support and maintenance services assist the installed software within the entire IIoT infrastructure. These services include 24x7 troubleshooting assistance; upgradation of the existing software; problem-solving, repairing, replacing failure components; field maintenance; proactive services; technical support by the technicians; and test scenario management. As organizations are using several connected devices these days, the support and maintenance service providers help them uncover potential issues earlier and offer solutions to address issues before they can turn into bigger problems. These services are widely adopted by organizations to avoid business threats and safeguard their devices.

Based on application area, the supply chain management segment is expected to grow at a higher CAGR during the forecast period

Supply chain management is one of the vital processes in any manufacturing industry, as it involves coordinating and integrating the flow of raw materials and finished goods both within and outside the enterprise. Supply chain management activities cover everything—from sourcing, production, and logistics to the coordination of these activities. IIoT platforms play a vital role in supply chain management, as they offer reliable data management and visualization capabilities for manufacturing industries. IIoT platforms-enabled supply chain provides an intelligent, interconnected network that binds together multiple tiers of suppliers, manufacturers, service providers, distributors, and customers physically across the globe.

Based on vertical, the process industry segment is expected to lead the market during the forecast period

The process industry uses formulas or recipes to produce goods by combining raw materials. The process industry is concerned with the processing of bulk resources into other products. The industry focuses on converting raw materials into other products, such as beverages or chemicals. The process industry comprises a variety of verticals, such as energy and utilities, chemicals and materials, food and beverage, water and waste management, and others (pharmaceutical, mining and metals, and pulp and paper).

North America to hold the highest market size during the forecast period

IIoT platform is a steady-growing market in North America, which includes the US and Canada. These countries are the early adopters of advanced technologies across various verticals, such as healthcare, manufacturing, and smart cities. These countries have sustainable and well-established economies, which empower them to invest in R&D activities, thereby contributing to the development of new technologies strongly. Due to the early adoption of trending technologies, such as IoT, cloud, AI, big data, and mobility, North American organizations are keen to integrate IoT technologies into their processes. Moreover, the increasing adoption of smart, secure, and connected technologies for asset-centric applications is expected to increase the market growth. The advent of SMEs and the adoption of digitization in manufacturing, along with high-speed networks, are expected to drive IIoT platform market growth in North America. 5G promises to be the backbone for IoT connectivity due to its high speed and low latency. The improved IoT connectivity through 5G is expected to improve manufacturing processes across the region.

Major vendors operating in the IIoT platform market include Software AG (Germany), PTC Inc. (US), Hitachi, Ltd. (Japan), IBM Corporation (US), Microsoft Corporation (US), Cisco Systems, Inc. (US), Intel Corporation (US), SAP SE (Germany), Siemens AG (Germany), Accenture PLC (US), Atos SE (France), Amazon Web Services (US), Oracle Corporation (US), Bosch.IO (US), Schneider Electric SE (France), Davra Networks Ltd. (US), Eurotech (Italy), Altizon (US), QiO Technologies (UK), Litmus Automation (US), ROOTCLOUD (China), Flutura (US), Augury (US), FogHorn (US), and Samsara (US).

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[azizul07-me]

Types and 5 Most Popular for 2023

Types of IoT

Networking, communication, and connectivity systems depend on the specific IoT application being deployed. Just as there are many different IoT devices, there are many types of IoT applications depending on their use. Here are some of the more common ones:

• IoT client – ​​intended for everyday use. Examples: home appliances, voice assistants and lighting.

• Business IoT – commonly used in the healthcare and travel industries. Examples: smart pacemakers and monitoring systems.

• Military Matters (IoMT) - Commonly used for the application of IoT technology in the military sector. Examples: surveillance robots and attack-capable objects.

• Industrial Internet of Things (IIoT) - commonly used in industrial applications, such as in manufacturing and the energy sector. Ex: Digital control systems, smart agriculture and big data industries.

• IoT Infrastructure – It is widely used for connectivity in smart cities. Example: equipment sensors and control systems.

Why is IoT important? IoT has enabled the physical world to meet the digital world in collaboration. It provides benefits to organizations by allowing them to work and simplify their work. As IoT grows exponentially year on year, businesses are taking advantage of the incredible business benefits it can deliver. Here are some of the most important benefits of IoT:

• Create new business models and revenue streams

• Improve business decisions and insights based on IoT data.

• To increase productivity and efficiency of business operations

• To improve customer experience

Although global IoT spending has been affected by the economic impact of the COVID-19 pandemic, IDC's analysis shows that it will reach a CAGR of 11.3% over the forecast period 2020-2024.

What are IoT devices?

IoT devices are hardware devices, such as sensors, appliances, devices and other machines that collect and exchange data over the Internet. They are designed for certain applications that can be connected to other IoT devices. For example, an IoT device in your car can detect oncoming traffic and send an instant message to the person you're about to see about an upcoming delay.click amazon market place.

How do IoT devices work?

Different IoT devices have different functions, but they all have similarities in terms of how they work. First, IoT devices are physical objects that see what is happening in the physical world. They have integrated processors, network cards, and hardware, and are often connected to Dynamic Host Configuration Protocol servers. It also requires an IP address to work on the network.

Many IoT devices are programmed and controlled through software. For example, an app on your smartphone to control the lights in your home. Some tools are also built into the web server, eliminating the need for external applications. For example, the light turns on immediately when you enter the room.

[semiconductorsandelectronics]

Industrial IoT (IIoT) Market Size & Share

[238 Pages Report] The global industrial IoT market size is valued at USD 194.4 billion in 2024 and is projected to reach USD 286.3 billion by 2029; it is expected to grow at a CAGR of 8.1% from 2024 to 2029.

[chandupalle]

The global Industrial IoT (IIoT) Market size is projected to USD 106.1 billion by 2026 from USD 88.2 billion in 2023 at a compound annual growth rate (CAGR) of 6.7% during the forecast period.

[prajwal-agale001]

The Global Industrial Automation Software Market: Key Drivers, Trends, and Future Projections

The global industrial automation software market is projected to witness substantial growth, driven by increasing demand for automation technologies in manufacturing, the need for mass production with reduced operational costs, and the advent of Industry 4.0 technologies. According to industry reports, the market is expected to grow at a compound annual growth rate (CAGR) of 7.4% from 2022, reaching a valuation of $59.5 billion by 2029. Emerging economies, particularly in developing regions, are poised to provide significant growth opportunities for market players, further accelerating the market's momentum.

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Market Dynamics: Key Growth Drivers

The industrial automation software market is influenced by several key drivers that are shaping its future. First, there is a growing emphasis on automation to enhance the quality and reliability of manufacturing processes. With increasing competition across industries, companies are focusing on optimizing their production lines while ensuring cost efficiency. Automation technologies provide an avenue for seamless production, ensuring higher product quality with minimal human intervention.

Additionally, the rise of Industry 4.0 technologies, including the Industrial Internet of Things (IIoT), artificial intelligence (AI), and machine learning, is revolutionizing the industrial landscape. These technologies enable businesses to achieve real-time monitoring and data-driven decision-making, which boosts efficiency and minimizes errors. The ongoing digital transformation, supported by government initiatives promoting smart manufacturing, is expected to fuel the demand for industrial automation software globally.

Segmentation Analysis: Product, Deployment, and End-User Insights

The global industrial automation software market is segmented based on product, deployment type, and end-user industry. These segments provide a detailed understanding of market trends, key growth areas, and future opportunities.

Product Segmentation: Dominance of SCADA Solutions

The product segment of the market encompasses various automation technologies, including Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Manufacturing Execution Systems (MES), Human-Machine Interface (HMI), Programmable Logic Controller (PLC), and more. Among these, SCADA is expected to hold the largest market share in 2022. SCADA plays a pivotal role in controlling and monitoring automation processes, providing critical data for analysis and process optimization. The increasing demand for real-time monitoring and control systems across industries is driving the adoption of SCADA solutions.

On the other hand, the HMI segment is anticipated to experience the fastest growth during the forecast period. HMI solutions allow operators to interact with machinery and automation systems in real-time, enhancing operational efficiency. As companies strive to streamline operations and improve machine interfaces, the demand for HMI technologies is expected to surge.

Deployment Type: On-Premise vs. Cloud-Based Solutions

In terms of deployment, industrial automation software is categorized into on-premise and cloud-based solutions. Historically, on-premise solutions have dominated the market, with companies preferring to maintain full control over security and operations by hosting servers internally. In 2022, the on-premise segment is projected to account for the largest share of the market, driven by industries with stringent security requirements, such as oil & gas, pharmaceuticals, and defense.

However, cloud-based solutions are gaining momentum and are expected to witness the highest CAGR over the forecast period. Cloud-based automation software offers flexibility, scalability, and cost savings, making it an attractive option for industries looking to modernize their operations. As businesses increasingly adopt cloud-based infrastructure for data storage and analytics, the demand for cloud-based automation solutions is expected to rise significantly.

End-User Segmentation: Growth Opportunities Across Multiple Sectors

The end-user landscape of the industrial automation software market is highly diversified, with various industries such as oil & gas, chemicals & materials, pharmaceuticals, automotive, food & beverage, and semiconductors driving demand. Among these, the oil & gas sector is expected to lead the market in 2022, accounting for the largest share. The sector is heavily reliant on automation technologies for critical operations such as drilling, diagnostics, pipeline monitoring, and pressure systems. The high costs and safety risks associated with oil drilling make automation a necessity, and the trend is likely to continue in the foreseeable future.

Meanwhile, the chemicals & materials sector is expected to register the highest CAGR during the forecast period. The industry faces intense competition and must navigate fluctuating raw material prices and energy costs. Automation technologies, including IIoT solutions, allow chemical manufacturers to optimize production, improve cost efficiency, and enhance product innovation. This focus on innovation, coupled with the need for cost control, is driving automation adoption in the chemicals sector.

Geographical Analysis: Asia-Pacific Leads the Market

Geographically, the global industrial automation software market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to dominate the market, driven by rapid industrialization and digitization initiatives in countries such as China, Japan, and India. Government policies promoting smart manufacturing and investments in IIoT technologies are contributing to the region's growth. Asia-Pacific is home to a thriving manufacturing sector, which is increasingly adopting automation solutions to enhance productivity and competitiveness.

Europe and North America are also key markets, with companies in these regions leveraging automation technologies to maintain their global competitiveness. In particular, North America is witnessing significant investments in advanced automation systems, supported by a strong emphasis on innovation and technological advancements.

Competitive Landscape: Leading Market Players

The global industrial automation software market is highly competitive, with several major players driving innovation and market expansion. Leading companies include:

Emerson Electric Co. (U.S.)

ABB Ltd (Sweden)

Siemens AG (Germany)

General Electric Company (U.S.)

Schneider Electric SE (France)

Honeywell International Inc. (U.S.)

Rockwell Automation Inc. (U.S.)

HCL Technologies Ltd. (India)

Parsec Automation Corporation (U.S.)

SAP SE (Germany)

Tata Consultancy Services Limited (India)

Hitachi, Ltd. (Japan)

OMRON Corporation (Japan)

Aegis Industrial Software Corporation (U.S.)

IBM Corporation (U.S.)

These companies are actively pursuing strategic initiatives such as mergers & acquisitions, product launches, and collaborations to enhance their market presence. Additionally, they are focusing on developing advanced automation solutions that cater to the specific needs of industries, further driving market growth.

Conclusion: The Future of Industrial Automation Software

The global industrial automation software market is on a strong growth trajectory, fueled by advancements in automation technologies, the adoption of Industry 4.0, and the growing need for efficient, cost-effective production processes. As industries continue to evolve and embrace digital transformation, the demand for automation software will remain robust. Emerging markets in developing countries, coupled with the increasing integration of IIoT, AI, and cloud-based solutions, are expected to unlock new growth opportunities, ensuring the long-term sustainability of the market.

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[tamanna31]

Industry 4.0 Market Share, Supply, Sales, Manufacturers, Competitor and Consumption 2023 to 2030

Industry 4.0 Industry Overview

The global Industry 4.0 market size was estimated at USD 146.14 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 19.9% from 2023 to 2030. 

The factors driving the market growth include increasing adoption of automated equipment & tools on factory floors, warehouses, and manufacturing; rising investment toward addictive manufacturing units; and growing digitalization trends globally. Moreover, the emergence of cutting-edge digital technologies like Machine Learning (ML), Artificial Intelligence (AI), Internet of Things (IoT), 5G connectivity, and cloud-based services, among others contribute to the thriving landscape of the market. These converging factors are projected to create lucrative growth opportunities for the market.

Gather more insights about the market drivers, restrains and growth of the Industry 4.0 Market

Industries are increasingly subject to stringent regulations related to product safety, quality standards, environmental impact, and data privacy. These technologies enable end-users to effectively comply with these regulations by providing real-time monitoring, traceability, and quality control mechanisms. The end-use compliance issues are categorized into process and product compliance. Industry 4.0 practices are ideal for companies aiming to achieve time and quality metrics at reduced costs. Digitization of production aids in numerous tasks, such as engineering changes, risk assessment, process improvement, improving process visibility, and providing data on demand. Therefore, the need for compliance to gain a competitive edge is expected to act as a significant growth driver for the market.

The adoption of IIoT technologies is a significant opportunity in the market. By connecting industrial equipment, sensors, and devices, companies can gather real-time data and enable machine-to-machine communication. This data can be used to optimize production processes, reduce downtime, and improve overall operational efficiency. As the systems become more connected, ensuring the security of industrial networks and data becomes crucial. The increasing complexity of the industrial ecosystem creates opportunities for cybersecurity solutions and services. Companies can develop robust cybersecurity frameworks, implement secure communication protocols, and offer solutions to protect against cyber threats, thereby addressing the growing demand for secure systems.

The combination of robotics & automation with the IoT results in IoT-enabled robotics, enabling remote monitoring and predictive maintenance, driving efficiency through data-driven insights. Innovations in fleet management and robot swarms are shaping industries, such as logistics and warehousing, by orchestrating coordinated robot actions. Simultaneous localization and mapping (SLAM) technology empowers robots to navigate complex environments autonomously, underpinning applications like autonomous vehicles and drones. Wearable robotics boost human capabilities, particularly in sectors where physical assistance is pivotal, like healthcare and manufacturing. Leveraging digital twins for robot design and optimization expedites development while refining performance.

Enhanced human-robot interaction and user interfaces underscore the seamless integration of robots into various industries. These concepts work together to illustrate the development of industrial robots and automation, revolutionizing manufacturing efficiency, enhancing human skills, and spurring innovation across industries. The market landscape is significantly influenced by AI and ML technology trends. Within this trend, several key developments stand out. Predictive analytics and maintenance leverage AI and ML to foresee and prevent equipment breakdowns, optimizing maintenance schedules. Anomaly detection and quality control utilize these technologies to identify irregularities in manufacturing, ensuring product excellence swiftly. In addition, supply chain and inventory optimization benefit from AI-driven algorithms that enhance efficiency by refining inventory management and logistics.

In August 2023, Telefonaktiebolaget LM Ericsson and RMIT University collaborated to establish the RMIT & Ericsson AI Lab at RMIT's Hanoi campus in Vietnam. This initiative builds upon their existing 5G education partnership, to educate Vietnamese students about 5G and emerging technologies including AI, machine learning, and blockchain. The use of artificial intelligence in Industry 4.0 projects is becoming increasingly prevalent in Vietnam. The deployment of 5G, Ericsson, and RMIT are now able to assist business, academic, and neighborhood partners in developing and implementing AI solutions that will help drive the adoption of Industry 4.0 across a range of sectors. This will benefit industries, such as energy, manufacturing, agriculture, transport, and logistics.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

The global AI in aerospace and defense market size was valued at USD 22.45 billion in 2023 and is projected to grow at a CAGR of 9.8% from 2024 to 2030.

The global aviation software market size was estimated at USD 10.68 billion in 2023 and is expected to grow at a CAGR of 7.2% from 2024 to 2030.  

Key Companies & Market Share Insights

The key players in the market often include technology innovators, solution providers, and research institutions. These players contribute to the development of advanced manufacturing, automation, IoT, AI, and data analytics solutions. Their efforts drive the transformation of industries through digitization and smart technologies, impacting supply chains, production processes, and customer experiences. They also encompass software developers, hardware manufacturers, etc. as these entities collaborate to create integrated solutions that optimize production efficiency, enhance predictive maintenance capabilities, enable real-time monitoring, etc.

In addition, regulatory bodies and standardization organizations play a crucial role in shaping the framework and guidelines for the ecosystem. For instance, In August 2023, Denso Corporation acquired a full stake in Certhon Group, a horticultural facility operator. The aim of this acquisition is to further accelerate their efforts to solve global food challenges by leveraging the strengths of both companies and the results of their past collaboration. Some prominent players in the global Industry 4.0 market include:

ABB LTD.

Cisco Systems Inc.

Cognex Corporation

Denso Corporation

Emerson Electric

Fanuc Corporation

General Electric Company

Honeywell International Inc.

Intel Corporation

Johnson Controls International

Kuka Group

Robert Bosch GmbH

Rockwell Automation Inc.

Schneider Electric SE

Siemens AG

Order a free sample PDF of the Industry 4.0 Market Intelligence Study, published by Grand View Research.

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Industrial Internet of Things (IIoT) Market Growth and Business Opportunities in Coming Years | Allied Market Research

Allied Market Research, titled, Global Industrial Internet of Things (IIoT) Market by Component and Application: Opportunity Analysis and Industry Forecast, 2017-2023, the IIoT market size was valued at $115 billion in 2016, and is projected to reach at $197 billion by 2023, growing at a CAGR of 7.5% from 2017 to 2023.

IIoT is a network of multiple devices connected through communications technologies. The sub-systems are able to collect, monitor, analyze, and deliver insights for driving business decisions for the industrial companies. IIoT is an integration of advanced technologies such as Machine-to-Machine (M2M) communication In 2016, the hardware components dominated the IIoT market in terms of revenue. Further, based on application, the manufacturing application led the market with 35% share in 2016.

Key Findings of the Industrial Internet of Things (IIoT) Market:

Hardware components are projected to continue to maintain their leading position during the forecast period.

Manufacturing application is projected to continue to maintain its leading position till 2023.

Asia-Pacific is expected to exhibit promising growth rate during the forecast period.

IIoT industry participants is anticipated to focus on introducing new products with innovations and partnerships to improve their market share.

The key players profiled in the report include Cisco Systems, Inc., General Electric, Intel Corporation, Rockwell Automation, Inc., ABB, Texas Instruments Inc., Dassault Systmes, Honeywell International Inc., Huawei Technology Co., Ltd., and International Business Machines Corporation (IBM). These market players focus on the development of new technology, launch of novel products with innovative variations, and adoption of partnership and collaboration as key strategies to establish their position in the market.