Dublin, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The "Global Industrial IoT Market by Offering (Hardware (Processors, Connectivity ICs, Sensors, Memory Devices, Logic Devices), Software (PLM, MES, SCADA, OMS), Platforms), Connectivity Technology, Deployment, Vertical and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The industrial Internet of Things (IoT) market has demonstrated a robust trajectory, with projections indicating an escalation from its current evaluation of USD 194.4 billion in 2024 to an impressive USD 286.3 billion by 2029
This expansion represents a compound annual growth rate (CAGR) of 8.1% over the forecast period. The proliferation of predictive maintenance and the advent of the 5G technology are identified as key drivers in bolstering market opportunities.
Dominating the deployment type segment, cloud-based solutions are predicted to sustain the highest growth rate throughout the forecast period. These platforms are renowned for their scalability, which is essential for managing burgeoning data volumes and device integration. A paradigm shift towards cloud deployment underpins a cost-efficient strategy for businesses, as it circumvents the necessity for substantial on-premise hardware investments. Continuous improvements in cloud security by service providers fortify data privacy and compliance, solidifying the cloud's position as a mainstay in industrial IoT deployment.
Wireless Connectivity Technology: A Growth Vector
Wireless connectivity has seized a pivotal role within the industrial IoT market, outperforming its traditional wired counterparts and is projected to burgeon at the highest growth rate. The intrinsic flexibility and scalability of wireless connectivity are particularly beneficial in multifaceted industrial environments. Furthermore, the reduced complexity and lower costs associated with the installation of wireless networks are catalyzing the swift adoption of IIoT solutions, effectively shortening the duration from project inception to value realization.
Germany at the Forefront of Market Control
Germany's market share supremacy in Europe is anticipated to persist, driven by substantial investment in research and development. With a firm command over IoT solutions, particularly within the manufacturing and automotive sectors, Germany exemplifies a strong industrial base that embraces IoT advancements. Trailblazing companies such as Siemens and Bosch are pioneering the integration of IoT-enhanced processes, with other key players following suit to augment production efficiency.
Competitive Landscape and Market Growth Facilitators
The industrial IoT market is diverse, featuring prominent players from across the globe. The competitive landscape is characterized by a myriad of strategic maneuvers, including product launches, acquisitions, and expansion initiatives. Establishing a strong understanding of the market dynamics, as well as the pivotal factors guiding its progression, is essential for stakeholders seeking to reinforce their market presence or enter new territories. The report underscores an array of primary elements that contribute to the market momentum, including a rising global internet reach, the adoption of cloud platforms, the embrace of IPv6, and a surge in IoT-centric government initiatives and research endeavors.
These are further bolstered by heightened automation across industry verticals. Conversely, challenges such as the susceptibility to cyber threats, maintenance complexities, and a shortage in skilled professionals are also acknowledged as critical considerations for market participants. This latest analysis encapsulates the industry's pulse, providing invaluable insights into market drivers, constraints, and burgeoning opportunities. Stakeholders in the industrial IoT space will find this report instrumental in shaping informed strategic decisions aligned with the evolving market landscape.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 239 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $194.4 Billion |
| Forecasted Market Value (USD) by 2029 | $286.3 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
Companies Featured
- Huawei Technologies Co. Ltd.
- Cisco Systems, Inc.
- ABB
- Siemens
- Intel Corporation
- General Electric
- Emerson Electric Co.
- SAP SE
- Honeywell International Inc.
- Rockwell Automation
- Arm Limited
- PTC
- Dassault Systèmes
- IBM
- Robert Bosch GmbH
- NEC Corporation
- Ansys, Inc.
- Worldsensing
- Arundo
- Software AG
- Texas Instruments Incorporated
- KUKA AG
- Dragos, Inc.
- Google LLC
- Microsoft Corporation
For more information about this report visit https://www.researchandmarkets.com/r/sp0vij
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