Industrial IoT Market to Reach $276.79 Billion by 2029

According to a new market research report the Industrial IoT market is expected to grow at a CAGR of 16% from 2022 to 2029 to reach $276.79 billion by 2029.

Industrial IoT (IIoT) brings machines, cloud computing, analytics, and people together to improve the performance & productivity of industrial processes. With industrial IoT, companies can digitize processes, transform business models, and improve performance & productivity, while decreasing waste. The asset-intensive companies operating in manufacturing, energy, agriculture, transportation, and utility industries are working on IoT projects that connect billions of devices and deliver value to predictive quality and maintenance analytics, asset condition monitoring, and process optimization.

Growing investments in Industry 4.0, government encouragement to promote industrial automation, and high productivity & efficiency requirements are the major factors driving the growth of this market. Furthermore, industrial IoT for predictive maintenance and an increase in the number of data centers are expected to offer significant opportunities for the growth of the industrial IoT market. However, the lack of standardization and high capital & operating expense can restrain the growth of this market up to a certain extent.

In March 2022, the World Economic Forum announced 13 new sites to its Global Lighthouse Network, a community of 103 world-leading manufacturing facilities and value chains using Fourth Industrial Revolution technologies to increase operational performance and environmental sustainability. Among the companies in the global network, 66% of lighthouse companies, including Janssen (Italy), Sanofi (France), BOE Technology Group (China), Schneider Electric (India), and Unilever (India), among others, improved sustainability by reducing energy consumption, resource waste and carbon emissions, and increased productivity by 82%.