The Latest Industrial Iot Industry Statistics Explained
The global industrial Internet of Things (IIoT) market is expected to reach approximately USD 771.72 billion by 2026.
The statistic stating that the global industrial Internet of Things (IIoT) market is projected to grow to around USD 771.72 billion by 2026 suggests a significant and rapid expansion in the adoption of IIoT technologies across industries worldwide. This estimate reflects the increasing integration of smart sensors, connectivity, and data analytics in industrial processes to enhance operational efficiency, optimize resource management, and enable predictive maintenance. The predicted market value indicates a strong demand for IIoT solutions driven by the benefits they offer in terms of cost savings, improved productivity, and decision-making capabilities. This growth projection underscores the transformative impact that IIoT technologies are expected to have on industrial operations in the years to come.
In 2018, Industrial Internet of Things made up about 60 percent of the global IoT market.
The statistic “In 2018, Industrial Internet of Things made up about 60 percent of the global IoT market” indicates that a significant majority of the Internet of Things (IoT) market in 2018 was attributed to the Industrial IoT sector. This suggests that the use of IoT technologies within industrial settings, such as manufacturing, energy, and transportation, was prevalent and driving the overall growth of the IoT market. The significant market share held by Industrial IoT highlights the importance of leveraging connected devices and data analytics to enhance efficiency, productivity, and decision-making processes in industrial operations. Additionally, it signifies the growing adoption and investment in IoT solutions within the industrial sector compared to other IoT application areas such as consumer products, smart home devices, or healthcare.
The compound annual growth rate (CAGR) of the IIoT market from 2020-2025 is forecast to be 16.7%.
The compound annual growth rate (CAGR) is a measure used to provide a smoothed annualized growth rate over a specified period, in this case, from 2020 to 2025 for the Industrial Internet of Things (IIoT) market. A CAGR of 16.7% indicates the average annual growth rate that is forecasted for the IIoT market over this five-year period. This means that, on average, the size of the IIoT market is expected to increase by 16.7% each year from 2020 to 2025. It is a useful metric for understanding the trend of growth, as it accounts for the compounding effect of growth over multiple periods, providing a more accurate representation of the market’s expansion potential.
In Asia Pacific, industrial IoT market is expected to reach USD 415.3 billion by 2025.
The statistic highlights the projected growth of the industrial Internet of Things (IoT) market in the Asia Pacific region, with an estimated value reaching USD 415.3 billion by the year 2025. This figure indicates a significant increase in the adoption of IoT technologies across various industries in the Asia Pacific region, driven by factors such as advancements in connectivity, data analytics, and automation. The industrial IoT market growth is expected to be fueled by the implementation of IoT solutions to enhance operational efficiency, productivity, and decision-making processes in sectors such as manufacturing, logistics, energy, and healthcare. This projection signifies the region’s increasing focus on leveraging IoT technologies to drive digital transformation and achieve competitive advantages in the global marketplace.
67% of manufacturing companies plan to implement smart factory technology by 2022.
The statistic ‘67% of manufacturing companies plan to implement smart factory technology by 2022’ indicates the high level of adoption and intention within the manufacturing industry to incorporate advanced technologies such as automation, artificial intelligence, and internet of things in their operations within the next year. This suggests a significant shift towards digitization and innovation to improve efficiency, productivity, and competitiveness. The increasing trend towards smart factory technology reflects the industry’s recognition of the benefits and opportunities offered by these technologies in streamlining processes, optimizing resources, and enhancing overall performance. Given this projected adoption rate, it is clear that smart factory technology will play a key role in shaping the future of manufacturing operations.
By 2020, 83% of industrial companies were using IoT technology in their manufacturing processes.
The statistic indicating that 83% of industrial companies were utilizing IoT technology in their manufacturing processes by 2020 highlights the widespread adoption of internet of things (IoT) technology within the industrial sector during that time period. This high prevalence suggests that a large majority of industrial companies recognized the benefits and efficiencies that IoT technology can bring to their manufacturing operations, such as improved monitoring, automation, data analytics, and connectivity. The adoption of IoT in manufacturing indicates a shift towards more digitalized and interconnected processes, signaling a trend towards Industry 4.0 and smart manufacturing practices within the industrial sector.
84% of industrial companies believe that IIoT will be the primary business driver of their digital transformation.
The statistic indicates that a large majority, specifically 84%, of industrial companies view Industrial Internet of Things (IIoT) as the key driving force behind their digital transformation initiatives. This suggests that these companies perceive IIoT technologies and applications as crucial in enhancing their operational efficiency, optimizing processes, and ultimately gaining a competitive edge in the market. The high percentage of industrial companies embracing IIoT as a primary business driver highlights the increasing recognition of the importance of leveraging innovative technologies in the industrial sector to drive growth and adapt to the evolving business landscape.
By 2021, 82% of manufacturers intend to increase their levels of IIoT implementation.
The statistic indicates that by the year 2021, 82% of manufacturers plan to enhance their utilization of Industrial Internet of Things (IIoT) technologies within their operations. This shows a significant trend towards embracing the integration of IoT devices and data analytics to improve efficiency, productivity, and decision-making processes in the manufacturing industry. By increasing their IIoT implementation levels, manufacturers aim to capitalize on the benefits of real-time data monitoring, predictive maintenance, and automation to streamline operations, reduce costs, and stay competitive in an increasingly digital business environment.
The energy sector is expected to invest roughly $1.9 trillion in IIoT by 2020.
The statistic indicates that the energy sector is projected to invest a considerable sum of approximately $1.9 trillion in Industrial Internet of Things (IIoT) technologies by the year 2020. This investment reflects the industry’s commitment to integrating digital technologies to optimize operations, improve efficiency, and drive innovation within their infrastructure. The adoption of IIoT in the energy sector is expected to enable better monitoring, analysis, and control of equipment and processes, ultimately leading to cost savings, enhanced performance, and a more sustainable operation in the coming years.
The IIoT devices in operation worldwide is projected to rise to 37 billion by 2025.
The statistic indicates that the number of Industrial Internet of Things (IIoT) devices in operation globally is expected to significantly increase to 37 billion by the year 2025. This projected rise reflects the growing adoption of IIoT technology across various industries as companies transition towards more interconnected and data-driven processes. With IIoT devices enabling enhanced automation, efficiency, and real-time monitoring of industrial operations, the substantial increase in their deployment highlights the accelerated pace of digital transformation in the industrial sector. The projected rise to 37 billion IIoT devices by 2025 signifies the evolving landscape of smart manufacturing, predictive maintenance, and overall industrial connectivity on a global scale.
In 2018, IIoT platforms generated $66 billion in total global revenue.
The statistic that IIoT platforms generated $66 billion in total global revenue in 2018 signifies the substantial economic impact of Industrial Internet of Things technologies. IIoT platforms facilitate the interconnectedness and communication of industrial devices and systems, enabling enhanced automation, monitoring, and efficiency in various sectors such as manufacturing, energy, transportation, and healthcare. The $66 billion revenue figure underscores the growing adoption of IIoT solutions by businesses seeking to optimize operations, improve decision-making processes, and drive innovation. This statistic highlights the significant market opportunity and economic value that IIoT platforms bring to the global industry landscape.
Manufacturing held largest market share of 35% in global IIoT market in 2020.
The statistic “Manufacturing held the largest market share of 35% in the global IIoT (Industrial Internet of Things) market in 2020” indicates that the manufacturing industry accounted for the highest proportion of adoption and implementation of IIoT technologies among all industries worldwide during that year. This means that manufacturing companies were the most active in leveraging connected devices, sensors, and data analytics to improve their operational efficiency, productivity, and decision-making processes. The significant market share held by manufacturing in the global IIoT market reflects the industry’s recognition of the transformative potential of IoT technologies in driving digital transformation and enhancing competitiveness in the market.
Over 70% of businesses will apply AR/VR for troubleshooting of IIoT solutions by 2025.
The statistic “Over 70% of businesses will apply AR/VR for troubleshooting of IIoT solutions by 2025” suggests that a significant majority of businesses are expected to adopt augmented reality (AR) and virtual reality (VR) technologies for troubleshooting Industrial Internet of Things (IIoT) solutions within the next few years. This trend reflects a growing recognition of the potential benefits of AR and VR in enhancing efficiency and effectiveness in industrial settings by providing advanced visualization capabilities for troubleshooting complex IIoT systems. The statistic implies that these technologies will likely become increasingly integrated into industrial operations to streamline maintenance processes and improve overall reliability and performance of IIoT solutions in the foreseeable future.
Oil and Gas industry holds 28% of global IIoT market.
The statistic that the oil and gas industry holds 28% of the global Industrial Internet of Things (IIoT) market indicates that this particular sector has a significant presence and influence in the adoption and implementation of IIoT technologies. IIoT refers to the use of internet-connected devices and sensors in industrial settings to collect and analyze data for improved operational efficiency and decision-making. The oil and gas industry’s high market share suggests a strong interest and investment in leveraging IIoT solutions to optimize their operations, enhance productivity, streamline processes, and ultimately drive better business outcomes. This statistic highlights the importance of IIoT technologies in the oil and gas sector and demonstrates its potential for transformative impact in this industry.
The healthcare industry will spend approximately $52 billion on IIoT by 2020.
The statistic indicating that the healthcare industry is projected to invest around $52 billion in Industrial Internet of Things (IIoT) technology by the year 2020 signifies a substantial commitment to leveraging innovative digital solutions in order to enhance operational efficiency, patient care, and overall industry performance. IIoT applications in healthcare involve the use of interconnected devices and sensors to collect and transmit data, enabling improved monitoring, diagnosis, treatment, and healthcare management. This significant financial investment underscores the industry’s recognition of the transformative potential that IIoT technologies hold, with the aim of driving advancements in patient outcomes, cost-effectiveness, and overall healthcare quality.
By 2023, around 30% of all factories worldwide are expected to implement IIoT in their operations.
The statistic stating that by 2023, around 30% of all factories worldwide are expected to implement Industrial Internet of Things (IIoT) in their operations indicates a growing trend towards the adoption of advanced automation and data analytics technologies in the manufacturing sector. IIoT refers to the integration of sensors, software, and connectivity technologies to enable machines and devices to collect and exchange data to optimize efficiency and productivity in industrial settings. The projected implementation of IIoT in a significant portion of factories signifies a shift towards Industry 4.0, where the digital transformation of manufacturing processes is essential for staying competitive in a rapidly evolving global market. This statistic suggests that many companies are recognizing the potential benefits of IIoT in terms of improved operational visibility, predictive maintenance, and overall performance enhancement, driving the anticipated widespread adoption in the coming years.
In 2020, nearly 70 percent of the surveyed industrial enterprises in the United States stated that they had already implemented IIoT technologies.
The statistic indicates that in 2020, a significant majority, around 70 percent, of industrial enterprises surveyed in the United States reported that they had adopted Industrial Internet of Things (IIoT) technologies. This suggests a notable trend towards the integration of IIoT within the industrial sector, reflecting a growing recognition of the potential benefits and efficiencies that these technologies can offer. The high adoption rate signifies a shift towards a more interconnected and data-driven approach to industrial operations, potentially leading to improved efficiency, productivity, and competitiveness for these enterprises. Additionally, it highlights the increasing importance of leveraging technology to drive innovation and modernization within the industrial landscape in the United States.
In 2015, the global IIoT market was valued at $93.9 billion which increased to $115.3 billion by 2020.
The statistic illustrates the growth of the global Industrial Internet of Things (IIoT) market over a five-year period from 2015 to 2020. In 2015, the market was valued at $93.9 billion, and by 2020, it had increased to $115.3 billion, indicating a significant growth trajectory during this time frame. This 22.9% increase reflects the expanding adoption of IIoT technologies in various industries worldwide, driven by factors such as advancements in sensors, connectivity, and data analytics. The growth of the IIoT market suggests a growing recognition of the potential benefits of leveraging interconnected devices and data to improve operational efficiency, productivity, and decision-making processes across industrial sectors.
Conclusion
The statistics presented above clearly demonstrate the significant growth and impact of the Industrial IoT industry. With the increasing adoption of IoT technologies in various industrial sectors, we can expect to see even more impressive growth and innovation in the coming years. Stay tuned for more updates and insights on the ever-evolving landscape of Industrial IoT.
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