“Asia Pacific Industrial Internet of Things (IoT) Market” research report covering the span of 2024-2032 delves into both qualitative and quantitative aspects shaping the market’s trajectory. Offering insights into key drivers, constraints, opportunities, and challenges, it furnishes comprehensive statistical data on market leaders and revenue forecasts. Additionally, the report highlights revenue growth across regional and country-specific markets, supplemented by a thorough competitive analysis and detailed company profiles for the forecasted duration.
The Asia Pacific region has witnessed significant growth in the adoption of Industrial Internet of Things (IIoT) solutions across various industries. IIoT refers to the integration of internet-connected sensors, devices, and machines in industrial settings to enable data collection, analysis, and optimization of operations. It offers numerous benefits, including increased efficiency, predictive maintenance, and enhanced decision-making capabilities.
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Industrial Internet of Things (IIoT) deals with the use of smart sensors and actuators for enhancing the industrial and manufacturing processes. The market is expected to be driven by the rising adoption for cloud platforms in industrial sector coupled with the increasing adoption of IoT devices to optimize operational efficiency. Despite the driving factors, IoT malware and ransomware are expected to act as a barrier for the market growth.
Market Overview:
According to recent market research, the Asia Pacific Industrial Internet of Things (IIoT) market was valued at USD 23,678.9 Million in 2021. The market is projected to experience robust growth, reaching a value of USD 46,188.1 Million by the year 2030. The compound annual growth rate (CAGR) for the period from 2022 to 2030 is estimated to be 8%.
Growth Influencers:
Rising adoption of IoT devices to optimize operational efficiency
Various manufacturers use IoT devices for optimizing their operational efficiency. IoT devices help to improve production quality and reduce machine downtime, among others. Also, they help to implement cost-effective measures. According to the IIoT World, as of June 2019, manufacturers who shift to digital processes and adopt Industrial IoT products experience a 82% increase in efficiency along with 49% less defects. IIoT also ensure maximum accountability and transparency. Various benefits offered by IIoT, helped in the rising adoption of IoT devices for optimizing operational efficiency, which is expected to boost the market growth.
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Market Drivers:
Several factors are driving the growth of the Asia Pacific IIoT market:
- Industry 4.0 Adoption: The ongoing Industry 4.0 revolution, characterized by the digitization and automation of industrial processes, has led to increased investments in IIoT solutions. Industries across sectors such as manufacturing, energy, transportation, and healthcare are leveraging IIoT technologies to optimize operations, improve productivity, and drive innovation.
- Focus on Operational Efficiency: With growing competition and pressure to reduce costs, organizations are turning to IIoT solutions to enhance operational efficiency and resource utilization. IIoT enables real-time monitoring of equipment performance, predictive maintenance, and optimization of supply chain processes, leading to cost savings and improved profitability.
- Advancements in Connectivity and Sensor Technologies: Advancements in connectivity technologies such as 5G, as well as the proliferation of low-cost sensors, have made it easier and more affordable to deploy IIoT solutions. This has facilitated the widespread adoption of IIoT across industries, enabling seamless communication and data exchange between devices and systems.
Competitive Landscape:
The Asia Pacific IIoT market is characterized by the presence of both multinational corporations and local players offering a wide range of IIoT solutions and services. Key players in the market include Siemens AG, General Electric Company, Cisco Systems Inc., IBM Corporation, and Huawei Technologies Co., Ltd. These companies are actively engaged in product development, partnerships, and acquisitions to strengthen their market presence and address the evolving needs of customers in the region.
Major Players
- ABB Ability
- Aveva Wonderware
- Axzon
- Cisco IoT
- Fanuc Field System
- GE Digital
- HCL Technologies Limited
- Hitachi Vantara Corporation
- IBM
- Intel Corporation
- KUKA AG
- Linx Asia Pacific Manufacturing
- Rockwell Automation, Inc
- ORANGE
- Plataine
- PTC Inc.
- Robert Bosch GmbH
- Other prominent players
Market Share
The cumulative market share of the top five players in China, India, and Japan exceeds significant thresholds:
- China: Over 25%
- India: Over 55%
- Japan: Over 85%
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Strategic Initiatives
These market players continuously explore strategic initiatives to solidify their positions. For example:
- In January 2022, IBM expanded its Quantum Network by incorporating LG Electronics, aiming to develop offerings for the AI and IoT markets, thereby enhancing its product portfolio.
Market Segmentation:
The Asia Pacific IIoT market can be segmented based on several parameters, including technology, component, industry vertical, and geography. Common IIoT technologies include sensors, connectivity solutions, cloud platforms, and analytics software. Components of IIoT systems may include hardware devices, software applications, and services such as consulting, integration, and support. Industry verticals adopting IIoT solutions range from manufacturing and energy to healthcare, transportation, and agriculture.
Segments Overview:
By Component:
- Hardware
- Sensors
- Camera
- Distributed Control Systems
- Industrial Robotics
- Solutions
- Equipment Utilization Monitoring
- Predictive Maintenance
- Production Quality Control
- Inventory Management
- Connected Logistics
- Real-time Industrial Asset Tracking and Management
- Services
- Professional Services
- Managed Services
The solutions segment is expected to account for the highest market share of over 5% in 2021 owing to the rising use of IIoT solutions in predictive maintenance and inventory management, among others. The hardware segment is estimated to surpass a mark of USD 10,000 million by 2025 owing to various technological advancements in sub-segments such as industrial robotics, which holds the largest market share. Within the services segment, the managed services segment is estimated to generate revenue of around USD 15,000 million by 2027 owing to the rising adoption of services in SMEs.
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By Connectivity:
- Wired Technology
- Wireless Technology
- Field Technology
The wireless technology segment is anticipated to witness the highest CAGR of around 8.5% over the forecast period owing to their increasing demand in the consumer-oriented sectors.
By End User:
- Healthcare
- Education Institutes
- BFSI
- Consumer Goods
- Manufacturing
- Construction
- Real Estate
- Automotive
- Transportation and Logistics
- Retail
- Smart cities
- IT & Telecommunication
- Agriculture
The automotive segment is estimated to hold the largest market share of approximately 18% in 2021 owing to the tremendously growing automotive industry in the Asia Pacific region. The retail segment holds an opportunity of over USD 3,500 million during 2022 to 2030 owing to the rising demand for automation in the sector.
Country Overview:
By country, the Asia Pacific Industrial Internet of Things (IoT) market is divided into China, India, Japan, South Korea, Australia & New Zealand, Indonesia, ASEAN, and the Rest of Asia Pacific. ASEAN is further classified into Malaysia, Cambodia, Thailand, Philippines, Vietnam, Singapore, Indonesia, and Rest of ASEAN.
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China segment is estimated to hold the largest market share of around 40% in 2021 owing to the low production costs in the country. On the other hand, India is expected to witness the fastest growth rate of 9.4% during the forecast period owing to the presence of major players in the country. Within the ASEAN region, Thailand is estimated to account for the largest market share owing to the rising adoption of technologically advanced products in the country.
Regional Analysis:
Geographically, the Asia Pacific IIoT market covers countries such as China, Japan, India, South Korea, Australia, and Southeast Asian nations. China currently dominates the market due to its large manufacturing base and government initiatives to promote digital transformation and innovation. However, countries like India and South Korea are also witnessing significant growth in IIoT adoption, driven by supportive regulatory frameworks, investment incentives, and a burgeoning startup ecosystem.
Table of Content:
- Introduction
- Study Assumptions
- Scope of the Study
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Industry Attractiveness – Porter’s Five Forces Analysis
- Market Segmentation
- Competitive Landscape
- Vendor Market Share
- Company Profiles
- Market Opportunities and Future Trends
- Industrial Chain, Downstream Buyers, and Sourcing Strategy
- Marketing Strategy Analysis
………Continued…!
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The Asia Pacific Industrial Internet of Things (IoT) market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the Asia Pacific Industrial Internet of Things (IoT) market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The Asia Pacific Industrial Internet of Things (IoT) market report answers questions such as:
- What is the market size and forecast of the Asia Pacific Industrial Internet of Things (IoT) Market?
- What are the inhibiting factors and impact of COVID-19 on the Asia Pacific Industrial Internet of Things (IoT) Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Asia Pacific Industrial Internet of Things (IoT) Market?
- What is the competitive strategic window for opportunities in the Asia Pacific Industrial Internet of Things (IoT) Market?
- What are the technology trends and regulatory frameworks in the Asia Pacific Industrial Internet of Things (IoT) Market?
- What is the market share of the leading players in the Asia Pacific Industrial Internet of Things (IoT) Market?
- What modes and strategic moves are considered favorable for entering the Asia Pacific Industrial Internet of Things (IoT) Market?
The Main Goals of the Report Are:
- To examine and project the size of the market sector.
- To research the major players globally, including their SWOT analysis, market value, and market share.
- To identify, describe, and project market based on type, end use, and geography.
- To analyze the market advantages, challenges, risks, and constraints in the world’s major regions.
- To identify key trends and factors that are promoting or inhibiting market growth.
- To determine the high-growth segments to assess the market prospects for stakeholders.
- To evaluate each submarket carefully in terms of its own growth pattern and market contribution.
- To understand market dynamics, agreements, growth, and the introduction of new products as competitive advances.
- To strategically identify the major players and thoroughly examine their expansion plans.
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