Navigating the fast-paced digital world can be a daunting task, especially when it involves understanding emerging technologies like the Industrial Internet of Things (IIoT). Noted for its compelling transformative potential, IIoT is radically redefining the industrial landscape worldwide. This blog post aims to demystify the exponentially growing IIoT market, unraveling its dynamic size, segmentation, and statistical contours. Join us as we delve into the latest data and forecasts, unravelling how IIoT is turning into the industrial sector’s new normal and arguably, its most empowering change agent ever.
The Latest Iiot Market Size Statistics Unveiled
The global IIoT market size was valued at $205.3 billion in 2020, and is projected to reach $910.4 billion by 2028.
Imagine staring at a rapidly rising balloon; that’s akin to observing the global Industrial Internet of Things (IIoT) market’s meteoric rise. Sitting at $205.3 billion as of 2020, it far from stagnates there. Experts predict that by the close of 2028, that balloon will reach a gargantuan size of $910.4 billion. Fashioned as an essential cog in the realm of the internet of things, the IIoT is proving to its doubters that it’s not just a fleeting trend, but rather a seismic shift in how industries function. This approaching financial goliath serves as a testament to not only tech advancements but also the world’s growing reliance on machine-to-machine communication, smart technology, and real-time data. So, in a nutshell, the rocketing value of the IIoT market is a story of global digitization and industrial transformation, painting a bold statement on the canvas of the future.
North America held the largest share in the global IIoT market, accounting for more than 40% in 2020.
Undeniably, North America’s commanding 40% share in the global IIoT market in 2020 presents a major revelation about its pioneering role and dominance in this high-growth sector. This formidable position in the marketplace encapsulates not only the magnitude of North America’s influence on global IIoT trends, but also underlines the region’s advanced technological capabilities, progressive industries and dynamic market environment. Evidently, these insights offer valuable indications about the overall direction of the IIoT market, acting as a roadmap for investors, industry participants, and analysts navigating this fascinating domain.
The combined markets of the Internet of Things (IoT) will grow to about $520 billion in 2021, more than double the $235 billion spent in 2017.
The towering progress of the Internet of Things (IoT) market, forecasted to swell to a phenomenal $520 billion in 2021 from a substantial $235 billion in 2017, paints a vivid future. It is not only a testament to its burgeoning prevalence but offers a measure of its immense impact on the global economy. For those anticipating the shifting tides in the IIoT market, this is more than just a statistic. It is a crystal ball into an era shaped by digital transformation, peppered with opportunities, and laden with potential for exponential growth. Saturated with precision and velocity, such a statistic indeed awakens us to the rampant growth story of the IoT market, making it a must include in a blog post delving into IIoT market size statistics.
Germany leads Europe in IIoT usage, with 23% of its companies having introduced digital solutions.
Highlighting that Germany is Europe’s frontrunner in IIoT usage invigorates the conversation surrounding IIoT market size statistics. It accentuates the progress and potential of this burgeoning sector, underscoring that 23% of German companies have already harnessed the power of digital solutions. Not only does this showcase Germany’s pivotal role in driving IIoT adoption, but it also signifies the escalating integration of IIoT across industries. Therefore, this statistic provides a lens through which the unfolding narrative of the IIoT market landscape can be discerned, serving as a telltale sign of a broader trend towards digitization and automation.
Asia-Pacific market is expected to grow at the highest CAGR of 18% during the forecast period 2021-2028.
In examining the future of the Industrial Internet of Things (IIoT) market, this projection of an 18% Compound Annual Growth Rate (CAGR) for the Asia-Pacific region between 2021 and 2028 presents an enticing panorama. This spiraling growth trajectory underscores the mounting momentum of IIoT adoption across various industries in this area. It draws a picture of a region potentiality ripe with burgeoning opportunities – a frontier market where stakeholders can aspire to capitalize on. In the context of the IIoT market size, it symbolizes, not just a numerical figure, but a testament to the Asia-Pacific region’s increasing relevancy in propelling global IIoT developments forward. The statistic, thus, serves as a beacon for investors, policymakers, and innovators to radically reimagine strategies and channel efforts in an arena that promises significant expansion in the coming years.
Manufacturing is estimated to be the largest industry in the IIoT market and expected to reach $262 billion by 2026.
Delving into the vast expanse of the Industrial Internet of Things (IIoT) market, the projected ascent of the manufacturing industry to a staggering $262 billion by 2026 underscores a phenomenal growth potential. This anticipated surge, depicted by the statistic, positions manufacturing as the runaway trailblazer in the IIoT arena. It portends an immense opportunity for businesses operating in this sphere, inviting them to harness the power of IIoT.
Within the vibrant tableau of a blog post on IIoT market size statistics, this figure acts as a beacon, illuminating the commercial significance and promising future of the IIoT in manufacturing. It unveils not only the compelling current narrative of the IIoT ecosystem but also foreshadows a revolutionary transformation that the industry is set to undergo in the forthcoming years. With such figures in the spotlight, businesses, investors, and even policymakers can strategize and fuel innovation geared towards the realization of this immense market potential.
The global IIoT market in the automotive industry was valued at $66.8 billion in 2020.
Shining a spotlight onto the titanic monetary value of the global IIoT market in the automotive industry, which towered at an impressive $66.8 billion in 2020, radiates a powerful message. This valuation is not just a number, it’s a testament to the pivotal role that the industrial internet of things (IIoT) plays in one of the world’s largest sectors – automotive.
Just as a robust engine propels a car, this vast market size propels the narrative of our blog post about IIoT market size statistics. It serves as a robust indicator of the growth, significance, and potential of IIoT applications within the automotive landscape.
Moreover, it adds weight to our discussion, translating abstract technological jargon into concrete monetary terms that resonate with readers from diverse backgrounds. A figure as colossal as $66.8 billion also hints at the uncharted opportunities in this vast ocean of technology waiting to be sailed and explored.
By reflecting on this mammoth figure, readers can gain an appreciation for the astronomical scale of IIoT integration within the automotive industry, generating deeper understanding of the market dynamics and fostering informed conversation.
The energy sector’s share of the industrial IoT market could reach $94 billion by 2025.
Delving into the expansive landscape of IIoT (Industrial Internet of Things), one can’t help but notice the crescendo in the energy sector’s involvement reaching an imposing $94 billion by 2025. This projection isn’t merely a random number inside a fortune cookie, but a pivotal guiding lighthouse. It showcases the energy sector’s march towards adopting advanced technology for optimizing operations, promoting sustainability, and initiating intelligent responses to variables. This acts as an encourager for businesses to innovate and invest in this area. Conversations about the expanding IIoT market size cannot be complete without factoring in this rapidly growing chunk, presenting readers a nuanced understanding of where the market is advancing, which sectors are leading, and the magnitude of opportunity the future potentially holds.
The spending in the IIoT market is projected to grow at 15.12% CAGR from 2020 to 2026.
Emphasizing on this particular statistic creates a persuasive landscape about the future prospects in the IIoT (Industrial Internet of Things) market. It underscores a robust, double-digit Compound Annual Growth Rate (CAGR) of 15.12% between 2020 and 2026. This not only highlights the accelerating pace of expansion within this sector, but also hints towards a lucrative future for investors and stakeholders. Thus, it shapes the narrative, vital for this blog post, that investing in the IIoT market could potentially yield fruitful returns, justifying the argument for growing market size.
The IIoT data analytics & visualization market size is expected to increase from $5.1 billion in 2019 to $16.4 billion in 2025.
Espousing on the remarkable growth trajectory of the IIoT data analytics & visualization market, there’s an undeniable surge from a solid $5.1 billion in 2019 to a whopping $16.4 billion in 2025. This vividly underlines the unprecedented expansion and strengthening of this industry globally. More than simply numbers, this striking upswing validates a burgeoning demand and marks an enticing avenue for increased investments, fostering an environment ripe with innovation and profitability. So, while penning a blog post on IIoT market size, this statistic stands as a testament to the integral role and promising future that IIoT data analytics & visualization holds in shaping the economic horizon.
IoT software spending in 2021 is predicted to reach $154 billion.
Highlighting a forecasted $154 billion investment in IoT software for 2021 offers compelling evidence of the explosive growth and immense scale of the Industrial Internet of Things (IIoT) market. It underscores the increasing reliance of businesses on IoT solutions and the immense potential they provide. This figure, resoundingly astronomic, promises a lucrative future for stakeholders—it also serves to underline the growing traction of IoT technologies in various industries. Ultimately, this data point stands as a beacon, illuminating the trajectory and magnitude of the IIoT market and framing the digital transformation conversation.
The global IIoT market in the healthcare sector is predicted to reach approximately $158 billion by 2022.
Shedding light on this forecast can dramatically underline the ever-increasing gravitas the IIoT plays in the healthcare sector. The predicted ascension to approximately $158 billion by 2022 signifies a deep-seated shift in how healthcare practices are oriented worldwide. Such tangible monetary value encapsulates the potential capacity of the IIoT market, becoming a beacon for investors, technical experts, and healthcare professionals to pursue innovative strategies. Thus, illuminating this prediction provides an invaluable touchstone for understanding the full magnitude of the IIoT’s trajectory within the healthcare sphere, guiding its evolution while underscoring our blog post’s discussion on iiot market size statistics.
The oil and gas segment in the IIoT market is expected to reach $43.48 billion in 2024.
Highlighting this prognostication delivers a vibrant perspective on the percolating prosperity of the IIoT market, specifically within the realm of oil and gas. Envisioning a market soaring to a staggering $43.48 billion in 2024, illustrates the colossal influence and potential of IIoT applications in the energy sector. This forecast is a shiny beacon of the terrific transformation underway in technological adoption in what is conventionally a more traditional industry. Succinctly, this statistic demonstrates the prodigious possibilities, shining a light down the immensely profitable path the IIoT market is boldly trekking in the oil and gas industry.
About 28% of the global manufacturing industry is expected to be part of the IIoT by 2020.
In the vast canvas of IIoT (Industrial Internet of Things) market size statistics, the projection that roughly 28% of the global manufacturing industry is poised to embrace IIoT by 2020 paints a compelling picture. It reveals the accelerating adoption of IIoT, underscoring the transformative potential of this technology across the manufacturing landscape. This prediction signals the pivot of one-fourth of the world’s manufacturing sector towards a digital future- a testament to the growing influence of IIoT. The recognition of these potential transformations prompts key stakeholders to grasp the extent of the investment, strategizing and innovation required to stay competitive in this evolving industrial narrative. Thus, this particular forecast serves as a crucial touchstone within the discourse on IIoT market size statistics.
Consumer electronics accounted for above 30% share of the IIoT market in 2019.
Highlighting the prominence of consumer electronics in the Industrial Internet of Things (IIoT) market landscape denotes an intriguing shift in technological consumption patterns. The hefty 30% chunk claimed by this sector in 2019 underscores not only the growing merge between industrial operations and consumer-driven technology, but also illuminates potential future trends. Given the compelling nature of such an intersection, any analysis or commentary on the IIoT market size would naturally need to embrace the vital role played by consumer electronics in shaping and driving this burgeoning field. Their substantial market share serves as an instructive beacon for industries embarking on the IIoT journey and a forward indicator of the technological arc.
In 2019, the logistics and transport sector held a 12.2% share in the global IIoT market.
Highlighting the 12.2% share of the logistics and transport sector in the global IIoT market in 2019 paints a picture of the vast potential within that particular segment. With this benchmark in hand, readers can immediately grasp the sizeable role the logistics and transport industry plays in the IIoT universe. Furthermore, it establishes a foundation for understanding the potential growth and lucrative investment opportunities within this sector, since an expanding IIoT market could insinuate an expanding slice of the pie for logistics and transport.
The China IIoT market was valued at around $113.7 billion in 2019.
The captivating narrative of China’s IIoT market scaling up to an imposing $113.7 billion valuation in 2019 formulates a compelling backdrop for the discussion on IIoT market size statistics. It not only underscores the magnitude of financial investment pouring into the sector but also signifies China’s weighty positioning within the global IIoT landscape. Weaving this remarkable number into our story offers a tangible measurement of the dramatic market expansion, thereby putting into perspective the dynamism and potential awaiting stakeholders in this transformative era of Industrial Internet of Things.
By 2025, around 75.4 billion devices are predicted to be connected through IIoT.
Highlighting the projection of 75.4 billion devices connected through the Industrial Internet of Things (IIoT) by 2025 implicitly underscores the explosive growth anticipated in the IIoT sector. More than a trend, this number communicates a brewing revolution where businesses worldwide would aggressively harness technology’s power. It forecasts the inevitable integration of these devices into almost every industry, translating to a potentially gargantuan market size for IIoT. The greater number of devices linked via IIoT also implies more data exchange, ushering in improved automation, efficiency, and productivity in the industry and beyond. Thus, this piece of statistic is a key informant whispering the magnitude of potential opportunities for players waiting to leverage the IIoT wave.
IoT spending is expected to reach $1.1 trillion by 2023, and a significant part of that expenditure will be on industrial IoT technologies.
Highlighting the projection of IoT spending ascending to a towering $1.1 trillion by 2023 provides a compelling glimpse into the surging relevance of industrial IoT technologies within the global market. This astronomical figure not only underscores the exponential growth and acceleration of the broader IoT industry, but also foregrounds the escalating investment in industrial IoT solutions. These insights become the pulsating heartbeat in our tale of IIoT market size statistics, chronicling a dynamic landscape where vast financial resources are being funneled towards optimizing operational efficiency and productivity.
On average, companies implementing IoT have seen a 34% increase in their operational efficiency.
In the constellation of Industrial Internet of Things (IIoT) market size statistics, the beam of data that illuminates a 34% average increase in operational efficiency in companies implementing IoT shines exceedingly bright. It drives home the fact that IoT is not merely an extravagant niche technology, but rather a potent mechanism that significantly fuel productivity. This finding underpins the transformative impact of IoT, offering strong evidence of its ability to revolutionize industries. Therefore, businesses having IoT on their decision-making radars could envision tremendous opportunities in not just survival but excelling in the digital evolution. At the intersection of technology and market trends, this figure marks a beacon of potential and profitability.
Conclusion
As we navigate through the complex yet intriguing landscapes of the Industrial Internet of Things (IIoT) domain, the emerging numbers and statistics are nothing short of motivating. The exponential growth projected for the IIoT market size lays testament to the integration of digital connectedness in our industry structures. The voluminous data gathered promises to unlock unprecedented opportunities for businesses globally. This digital transformation which was once perceived as a futuristic concept, has today become a business imperative. Simply put, the prominence of IIoT is increasing by leaps and bounds, affirming its vitality in the contemporary technological era. Consequently, businesses that adapt and align their strategies to these evolving trends will not only drive profitability and efficiency but also champion the dawn of a smarter future.
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