Industrial IoT platform market set to reach $30.33B by 2032 with emphasis on AI and automation
From GlobeNewswire: 2025-01-31 10:00:00
The Industrial IoT Platform Market was valued at USD 9.8 Billion in 2023, projected to reach USD 30.33 Billion by 2032 with a CAGR of 13.41%. Business spending on digital transformation is expected to hit 2.5 trillion U.S. dollars, with 65% utilizing IIoT strategies for performance enhancement and cost reduction.
Siemens showcased advancements in industrial AI and digital twin technology at CES, emphasizing the importance of AI, automation, and sustainability in manufacturing. IIoT platforms integrate AI and machine learning technologies to boost growth in industries by enhancing resource efficiency and minimizing environmental impact.
The Process Industry segment led the IIoT platform market in 2023, accounting for 59% of total revenue. IIoT solutions are extensively used in sectors like chemicals, oil and gas, and utilities for monitoring, predictive maintenance, and process optimization. The Discrete Industry segment is projected to grow at a CAGR of 14.72% from 2024 to 2032, driven by IIoT adoption in manufacturing.
Asset Management dominated the IIoT platform market in 2023, accounting for 28% of total revenue. IIoT platforms facilitate predictive maintenance, condition monitoring, and performance optimization, reducing downtime and extending asset lifespan. The Automation Control segment is expected to grow at a CAGR of 15.11% from 2024 to 2032, driven by the demand for automation in industrial operations.
North America led the IIoT platform market in 2023, capturing 39% of total revenue. Sectors like automotive, oil and gas, and aerospace are investing in IIoT for automation, predictive maintenance, and process improvement. Asia Pacific is experiencing the fastest growth in IIoT adoption, showcasing the region’s potential for market expansion. North America leads in IIoT with a focus on digital transformation. Asia Pacific to grow at 14.87% CAGR from 2024-2032, driven by increased digitalization and innovative manufacturing technologies. Recent developments include IBM’s integration of AI, IoT, and automation in manufacturing, and Microsoft’s collaboration for industrial transformation. The Industrial IoT Platform Market report covers key points, market dynamics, and company profiles. SNS Insider offers consulting services for market assessment and competitive benchmarking.
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