Market research provider Future Market Insights (FMI) projected the industrial IoT market to reach US$ 1.3 trillion by 2032. Specifically, this translates a CAGR of 12.2 percent throughout the forecast period.
Particularly, it stated the U.S. industrial IoT market size will reach US$302.4 billion by 2032.
FMI further said in its Industrial IoT Market Outlook (2022-2032) report this makes the North American region to hold the largest share in the global industrial IoT market. Hence, allowing them to invest much in research and development.
United Kingdom of Great Britain has the second-largest market size of US$ 142.7 billion in the industrial IoT market. Owing to the rapid developments of IOTs in these regions, the European and Asia Pacific regions can see significant growth.
Furthermore, the manufacturing segment of the industrial IoT market is expected to rise at a CAGR of 11.1 percent throughout the forecast period.
Meanwhile, from 2021 to 2028, the logistics and transportation segment expects growth at a CAGR of more than 26 percent. The considerable emphasis that logistics and transportation businesses are placing on improving asset management results to rise of smart transportation.
In 2021, networking technology held the biggest industrial IoT market share. The backbone of the IIoT is networking technology, particularly wireless technology.
In terms of value, Asia Pacific will have the greatest share of the market in 2021. The region has become a global focus point for large investments and corporate growth, and it is a major hub for industrial manufacturing.
The internet of things market is predicted to rise due to the region’s growing population, rising R&D investments, and international and domestic IT businesses’ increased focus on the expansion of big data analytics and cloud-based services in the region.
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.
FMI said the industrial internet of things market is predicted to grow at a rapid pace over the forecast period, thanks to advances in technology and the increasing availability of affordable sensors and processors that can provide real-time access to information.
Furthermore, the industrial IoT market will grow further due to the growing requirement to improve operational competence and excellent collaboration among major market participants to achieve the same. In addition, FMI said the techniques being developed to create a united digital-human workforce will provide significant prospects for industrial IoT market share growth.