Industrial IoT market to reach $1.3 trillion by 2032

The Industrial Internet of Things (IIoT) market will reach a valuation of $1.3 trillion by 2032, reports the research firm Future Market Insights (FMI). That puts compound annual growth (CAGR) at 12.2%.

The industrial internet of things market is predicted to grow at such 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.

The IIoT market is expected to grow due to the growing requirement to improve operational competence and excellent collaboration among major market participants to achieve the same. Furthermore, the techniques being developed to create a united digital-human workforce are projected to provide significant prospects for IIoT market share growth.

Key growth numbers are:

• The US IIoT market size is projected to reach $302.4 billion by 2032.
• From 2021 to 2028, the logistics and transportation segment is expected to grow at a CAGR of more than 26%. The considerable emphasis that logistics and transportation businesses are placing on improving asset management and, as a result, on the implementation of smart transportation can be linked to the rise.
• The manufacturing segment of the IIoT market is expected to rise at a CAGR of 11.1% throughout the forecast period.

In 2021, networking technology held the biggest industrial IoT market share. The backbone of the IIoT is networking technology, particularly wireless technology.

Artificial intelligence (AI) and the IoT are gaining traction in the industrial industry, helping to propel the market ahead. The breakout of the COVID-19 pandemic in 2020 put the industrial sector to the test. As a result, the usage of AI and IoT in the production industry has accelerated. In the absence of a regular crew in manufacturing plants, activities such as condition monitoring and repair and maintenance were carried out with the help of AI and machine learning (ML) algorithms.

As the number of things linked to the Internet grows dramatically around the world, the advent of Internet Protocol version 6 (IPv6) has aided the expansion of the IIoT market.

The adoption of remote working practices in the aftermath of the COVID-19 pandemic has sparked a desire for operational openness. At this point, smart linked solutions are expected to play a critical role in acquiring organizational, operational visibility.

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