#industrial iot market

[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]

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.

[aishavass]

The inclination of businesses towards predictive maintenance drives the demand for global industrial IoT market. On the geographical front, North America...

[research-reports-blogs]

The industrial IoT market is expected to grow significantly, with a notable 12.1% annual growth rate. By the year 2033, it is projected to reach a substantial value of US$ 1,392,133.7 million. This indicates a promising future for IIoT technologies in various industries.

Technological developments in semiconductor and electronic devices, growing usage of cloud computing platforms, standardization of IPv6, and backing from governments of various nations for IIoT R&D efforts are all driving the industrial IoT market forward.

[sarena1995]

Industrial IoT Market Size, Growth - Rising Trends and Research Outlook 2019-2027 | Credence Research

The latest market report published by Credence Research, Inc. Globally, the Industrial Internet of Things (IoT) market is expected to grow at a CAGR of over 29% during the forecast period from 2019 to 2027, starting from US$ 160.0 Bn in 2018. 

In recent years, the fusion of the industrial sector with the Internet of Things (IoT) has given birth to the Industrial Internet of Things (IIoT), a dynamic market poised for substantial growth. The IIoT is the amalgamation of connected devices, advanced analytics, and innovative technologies, designed specifically for the industrial environment. As the manufacturing and industrial sectors undergo a paradigm shift in their operations and infrastructure, the IIoT market has become a linchpin for industrial transformation.

Market Dynamics and Potential

Driven by the increasing need for efficiency, precision, and cost-reduction, industries globally are integrating IIoT solutions into their operations. The predictive maintenance capability offered by IIoT reduces unplanned downtime, saving millions for large enterprises. Moreover, IIoT systems optimize energy consumption, streamline supply chain processes, and enhance worker safety, thereby reinforcing the market's potential.

A report by the McKinsey Global Institute suggests that the potential economic impact of the IIoT could reach up to $11 trillion annually by 2025. This bullish prediction underscores the transformative power of IIoT technologies, such as smart sensors, edge computing, and artificial intelligence, which are critical for data-driven decision-making in real-time.

Browse the Full report at https://www.credenceresearch.com/report/industrial-iot-market

[maryharrisk5]

concerns over technology integration, asset-level visibility, and security, are some of the restraints that are likely to hinder the market growth

[evonnebaker]

The inclination of businesses towards predictive maintenance drives the demand for global industrial IoT market. On the geographical front, North America dominated the global Industrial IoT market in 2019 and is expected to do so over the forecast period 2019 – 2025

[strangemusictriumph]

IoT Insurance Market - Forecast (2022 - 2027)

The Global market for Iot Insurance is forecast to reach $3,123.3 million by 2026, growing at a CAGR of 18.7% from 2021 to 2026. IoT-Connected insurance uses the data from internet-connected devices and telematics to improve the understanding of risks. It is a new approach that is based on use of sensors and digital technologies to monitor the state of an insured risk transforming rough data in usable and actionable information. Advances in IoT insurance can improve the productivity, overall profitability of the business and the risk profile of the portfolio. Through IoT, insurers can better connect with customers adding important touch points in particularly sensitive phases like acquisitions and claims. It is observed that automation can cut the cost of the claims process by as much as 30% and IoT connected devices have helped some life insurance and health insurance companies lower their premiums by as much as 25%.

Report Coverage

The report: “Iot Insurance Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Iot Insurance market. By Type – Health Insurance, Life Insurance, Property and Casualty Insurance and Others. By Application – Life and Health Insurance, Home and Commercial Buildings, Automotive and Transportation, Business and Enterprise, Consumer Electronics and Industrial Machines, Travel, Agriculture and Others. By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa)

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Key Takeaways

Advances in IoT insurance can improve the productivity, overall profitability of the business and the risk profile of the portfolio.

IoT technology presents opportunities for insurers to reduce and mitigate losses, improve underwriting and enhance personalization of products and services.

Automation in insurance can cut the cost of claims process by as much as 30%

North-America is expected to hold a significant share in the IoT Insurance market due to growing awareness and faster adoption of IoT technology.

IoT Insurance Market Segment Analysis - By Type

The most important type of insurances are life insurance and health insurance which accounted for 44% share combined in 2020. Life insurance is something that pays out a sum of money either on the death of the insured person or after a set period. On the other hand health insurance covers the cost of hospitalization, visits to the doctor’s office and prescription medicines. The rising usage of digital technologies in this sector will drive market growth.

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IoT Insurance Market Segment Analysis - By Application

IoT insurance is applicable to almost all industries like automobile, manufacturing, agriculture, healthcare, hospitality, retail, finance, transportation and smart homes and buildings. Automotive industry is one of the industries most benefited after introduction of IoT. IoT devices such as in-car sensors, smartphones, and smart appliances can send insurers data on product usage and driving habits among other behaviours. In turn, this data will be fed into AI algorithms that allow insurers to offer risk based pricing and other popular services.

IoT Insurance Market Segment Analysis – By Geography

North America held the largest market share at 35% in 2020 among regional markets due to increasing awareness and rapid implementation of IoT in various industries in countries in this region. In addition, rising use of smart devices which deliver real-time insights to allow insurance companies in this region develop advanced insurance solutions. And also presence of international players in this region such as Google LLC, Microsoft Corporation, IBM and other drives the market in this region.

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Iot Insurance Market Drivers

Mitigation of risk

In traditional method, insurers have used proxy data to identify the risk of loss for an asset. Internet of things (IoT) gives insurers access to real-time, individual, observable data on an asset’s risk of loss. This data is directly actionable for risk pricing and mitigation. IoT sensors monitor the behavior and actions which are causative of risk so that insurers can create algorithms based on observed behavior directly to pricing models. In this way insurers can similarly leverage this data for risk mitigation by providing timely and specific feedback to customers.

Rising demand for cloud services

The insurance industries dealing with huge volumes of sensitive data and documents are ready to integrate cloud technology in to their digital eco system. It enables insurers to use their IT resources more efficiently, reducing the cost of acquiring and maintaining infrastructure. Cloud based applications change the way of creating and delivering their products and services, managing risks and claims, collaborating with channel members and partners and communicating with customers, agents and brokers. Thus, cloud services in the insurance industry helps drive the market growth.

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Iot Insurance Market Challenges

Data privacy and security

Data privacy and security is utmost important when it comes to technology. IoT comes along with cyber-risks, in fact, much more than any other technology. Meaningful customer engagement would require the insurer to collect and process data at each point, facilitated by IoT. Without establishing the trust it would be difficult to obtain personal data from customers. A significant amount of data is generated from the application of connected devices from wearable devices to connected homes and telematics devices in smart vehicles. Most of the customers are skeptical about their personal data remains secured and how it is utilized by insurers.

Iot Insurance Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Iot Insurance market. The Iot Insurance market is dominated by major companies such IBM Corporation, SAP SE, Oracle Corporation, Google Inc., Microsoft Corporation, Cisco Systems Inc., Accenture PLC, Verisk Analytics Inc., Concirrus, LexisNexis.

Acquisitions/Technology Launches/Partnerships

In Oct 2020, LexisNexis and Yonomi Smart Home have joined forces to develop an innovative turnkey home insurance internet of things (IoT) solution. It includes a smartphone app that participating policy holders can download the app which uses smartphone and device sensors to find common IoT devices in the home, which creates a data feed to LexisNexis risk sloutions.

In May 2019, Concirrus and willis Re, has entered in to strategic partnership to transform speciality re-insurance products by leveraging data from internet of things (IoT).

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[letsvishu]

IoT Professional Services Market Trends, Global Industry Size Forecast

Report determine and forecast the global IoT Professional services Market, By Service type (IoT consulting, IoT Infrastructure, System Designing and Integration, Support and Maintenance, Education and Training), By Organization Size, By Deployment Type, By Application and By Region from 2022 to 2027, and analyze the various macroeconomic and microeconomic factors that affect market growth.

[semiconductorsandelectronics]

Industrial IoT Market Size & Growth

[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]

https://www.benzinga.com/pressreleases/21/07/n21846413/industrial-iot-market-worth-106-1-billion-by-2026-exclusive-report-by-marketsandmarkets

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

[aishavass]

The inclination of businesses towards predictive maintenance drives the demand for global industrial IoT market. On the geographical front, North America...

[research-reports-blogs]

The industrial IoT market is expected to grow significantly, with a notable 12.1% annual growth rate. By the year 2033, it is projected to reach a substantial value of US$ 1,392,133.7 million. This indicates a promising future for IIoT technologies in various industries.

[ashimbisresearch]

Global IoT in Agriculture Market Estimated to Touch $71,929.6 Million by 2033 | BIS Research

As per the BIS Research report, the global IoT in agriculture market is expected to grow at a CAGR of 13.57% during the forecast period (2023-2033) and is expected to reach $71,929.6 Million by 2033. Market size in 2023 was $20,148.9 Million.

[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.

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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)