Asia Pacific Industrial IoT Market Poised to Reach Valuation of USD 52.7 Billion By 2032 | Astute Analytica

The Asia-Pacific region is rapidly emerging as a powerhouse in the Industrial IoT market, driven by robust economic growth, a burgeoning manufacturing sector, and significant investments in smart technologies. Countries like China, Japan, and South Korea are leading the charge, leveraging IIoT to enhance industrial automation and efficiency. With China’s IIoT market is poised for substantial growth

New Delhi, June 10, 2024 (GLOBE NEWSWIRE) — Astute Analytica’s projections indicate a robust expansion, with the Asia Pacific industrial IoT market expected to burgeon from US$ 26.4 billion in 2023 to US$ 52.7 billion by 2032, showcasing a CAGR of 8.0% during the forecast period 2024–2032.

The Industrial Internet of Things (IIoT) is experiencing a period of significant growth and transformation, reshaping the landscape of industrial operations.  Technological advancements are at the heart of IIoT’s evolution. The integration of Industry 4.0 is propelling the creation of smart factories, while the adoption of smart manufacturing is revolutionizing productivity. Edge computing, utilized by 72% of IT leaders, is enhancing data processing capabilities at the source. Moreover, the rollout of 5G infrastructure is significantly boosting the IIoT market by improving connectivity and reliability. Key industry players like Siemens, General Electric, IBM, Cisco Systems, Intel, and Bosch are pioneering this space, with strategic collaborations and innovations such as Siemens and IBM’s partnership with Red Hat, and Intel’s launch of 12th Gen Intel® Core™ processors for IoT applications. The IIoT market is segmented by components, deployment, organization size, and industry verticals, with sensors emerging as a dominant technology segment.

Download PDF Brochure: https://www.astuteanalytica.com/request-sample/asia-pacific-industrial-iot-market

The benefits of industrial IoT market are substantial, with the potential to increase productivity by 25%, reduce malfunctions by 70%, and cut maintenance costs by 25%. German production companies anticipate a 12% performance boost within five years of implementing intelligent solutions. However, the IIoT landscape is not without challenges. Cybersecurity remains a significant concern, and the complexity of IIoT systems poses integration and interoperability issues. Regulatory hurdles also present obstacles to market growth.

Looking ahead, the convergence of AI, augmented reality, and private 5G networks is expected to further enhance IIoT applications, including digital twins. Sustainability and renewable energy initiatives are increasingly leveraging IIoT edge technology. Additionally, the demand for remote and autonomous operations is driving the adoption of IIoT edge technology. Market analysis reveals a considerable rise in the IIoT market, with companies investing heavily in smart factories to mitigate production costs and supply management risks. Six technologies often deployed alongside IIoT include additive manufacturing, augmented and virtual reality, collaborative robotics, connected machine vision, drones/UAVs, and self-driving vehicles.

Key Findings in Asia Pacific Industrial IoT Market

Market Forecast (2032) US$ 52.7 Billion
CAGR 8.0%
By Component Solution (53.1%)
By Connectivity Wireless Technology (44.5%)
By Industry Verticals Automotive (18.3%)
Top Trends
  • Rapid Adoption of 5G Networks: Enhancing connectivity and enabling real-time data processing.
  • Integration of AI and Machine Learning: Improving predictive maintenance and operational efficiency.
  • Expansion of Smart Manufacturing: Increasing productivity and automation in factories.
Top Drivers
  • Government Initiatives and Policies: Supporting digital transformation and smart infrastructure.
  • Growing Demand for Automation: Reducing operational costs and improving efficiency.
  • Rising Investments in IoT Technologies: Boosting innovation and technological advancements.
Top Challenges
  • Cybersecurity Concerns: Protecting connected systems and sensitive data in industrial IoT market.
  • High Initial Costs: Implementing IIoT infrastructure and technologies.
  • Interoperability Issues: Ensuring seamless integration of diverse IoT devices and platforms.

Industrial IoT Under Siege: Confronting the Cyber Challenges of Industry 4.0

The industrial IoT market landscape is increasingly vulnerable to cyber threats, with device hijacking and data siphoning at the forefront. Malicious actors are exploiting the interconnectedness of devices to gain unauthorized access and extract sensitive data, leading to operational and security breaches. The complexity of IIoT ecosystems, coupled with the vast amounts of data processed, makes them prime targets for sophisticated cyber-attacks. Recent trends show a 400% surge in IoT malware attacks in 2023, indicating a critical need for robust security measures.

Denial of Service (DoS) attacks and ransomware are particularly disruptive to IIoT systems, causing significant downtime and financial losses. The manufacturing sector has been disproportionately affected, highlighting the need for industry-specific security solutions. Additionally, the integration of legacy systems, which often lack modern security features, further exacerbates the risk landscape. The emergence of 5G networks, while beneficial for connectivity and speed, introduces new attack surfaces, necessitating advanced security protocols to mitigate potential threats.

To counter these escalating risks, a multi-faceted approach is essential in the industrial IoT market. This includes the implementation of encryption, authentication, and Zero-Trust Architecture to ensure continuous verification of devices and users. Regular security audits and employee training are critical in identifying vulnerabilities and promoting best practices. Moreover, the development of international cybersecurity standards can provide a unified framework to address the global nature of IIoT threats. As the IIoT domain continues to expand, proactive and informed security measures will be paramount in safeguarding industrial systems against the evolving cyber threat landscape.

Wireless Connectivity Become the Backbone of Industrial IoT Transformation, Rake in 44.5% Market Share

Wireless connectivity has become indispensable for the Industrial Internet of Things (IIoT), revolutionizing various sectors through its flexibility, scalability, and cost-efficiency. By 2024, over 50 billion connected IoT devices will be deployed, significantly impacting industrial operations. Key examples include smart manufacturing, where wireless sensors monitor equipment health and optimize production processes, as seen with General Electric’s predictive maintenance for jet engines. In supply chain management, companies like Amazon use wireless RFID tags to streamline logistics and inventory management. The adoption of Wi-Fi 6, projected to reach 80% of industrial IoT applications by 2025, and the integration of 5G networks, supporting over 1 billion IoT devices by 2025, are pivotal in enhancing industrial automation and remote monitoring.

Wireless IoT solutions offer substantial benefits to the industrial IoT market, including up to 30% reduction in operational costs through improved efficiency and predictive maintenance, and up to 20% reduction in energy consumption via real-time monitoring. Wi-Fi 7, expected in 2024, will provide four times faster data rates and double the bandwidth of Wi-Fi 6, further bolstering industrial IoT applications. Advances in wireless security have reduced cyber-attack risks by 40%, while network reliability has improved by 50%.

The ultra-low latency of 5G technology, under one millisecond, is crucial for real-time applications, and its scalability supports up to one million devices per square kilometer in the industrial IoT market. Global spending on industrial IoT solutions is projected to reach $500 billion by 2025, with over 70% of new deployments using wireless sensors. These solutions enable remote monitoring, reducing the need for on-site inspections by 60%, and companies report a 25% increase in operational efficiency and a 50% reduction in unplanned downtime.

Inquire Before Buying This Research Report: https://www.astuteanalytica.com/inquire-before-purchase/asia-pacific-industrial-iot-market

Autonomous Advancements in Automotive industry Across Asia Pacific Region Driving the Next Generation Deployment of Industrial IoT, Industry Generates Over 18.3% Revenue

The automotive industry is at the forefront of adopting Industrial Internet of Things (IIoT) technologies, driven by the need to optimize complex manufacturing processes, enhance vehicle performance, and improve customer experiences through data-driven insights and automation. IIoT enables automotive manufacturers to implement predictive maintenance, supply chain optimization, connected vehicle technologies, quality control, and energy management.

By 2024, the number of connected IoT devices Asia pacific industrial IoT market is expected to reach approximately 9.08 billion. The integration of artificial intelligence (AI) is significantly enhancing the capabilities of IIoT systems, while the growth of 5G networks is anticipated to drive further adoption by providing faster and more reliable connectivity. Predictive maintenance, enabled by IIoT sensors, can reduce maintenance costs by 20-30% and eliminate automotive breakdowns by 70-75%. Real-time tracking and analytics improve supply chain efficiency by 15-20%, while automated quality control systems can reduce defect rates by up to 90%. Additionally, IIoT-enabled energy management systems can reduce energy consumption by 10-20%, and predictive maintenance and real-time monitoring can cut vehicle production downtime by up to 50%.

Connected vehicle technology is rapidly advancing, with projections indicating that 75% of all vehicles will be connected to the internet by 2024. The autonomous vehicle market, heavily reliant on IIoT, is expected to reach $60 billion by 2030. Connected vehicles are anticipated to generate 25 gigabytes of data per hour by 2025, further emphasizing the need for robust industrial IoT market.

The adoption of smart factory technologies, including IIoT, is expected to increase manufacturing productivity by 20-30%. Worldwide spending on IoT is forecasted to achieve a CAGR of 11.3% over the 2020-2024 period. Industrial IoT platforms such as AWS IoT Core and Oracle IoT Cloud are leading the market, while the integration of machine learning enhances predictive maintenance and fault detection capabilities. IIoT-driven automation can boost manufacturing efficiency by up to 30%, and real-time analytics can improve decision-making processes by 25%.

China to Stay at Top of Asia Pacific’s Industrial IoT Market in the Years to Come

China’s dominance in the Industrial Internet of Things (IIoT) across the Asia-Pacific region is undeniable, supported by a plethora of compelling statistics and trends. China’s government initiatives, such as the “Smart Cities Mission” and others, are significantly boosting the adoption of IoT technologies to enhance operational efficiency. Chinese actors have proposed 10 out of 18 IoT-related standards adopted by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) by late 2020, showcasing China’s influence in global IoT standardization. The country has also installed more than 2.04 million cell towers in total, vastly outpacing the US, which installed less than 142,100 as of 2023, further solidifying its infrastructure dominance.

The digitalization of production processes and supply chains across various sectors is fueling the growth of the industrial IoT market in China. The popularity of AI and machine learning (ML) in industries such as manufacturing, healthcare, and energy is rising year over year. The advent of low-cost connected devices has enabled manufacturers to adopt IoT technologies, thereby lowering resource consumption and increasing overall productivity. This has led to the potential capture of productivity gains worth $216 billion to $627 billion in the manufacturing sector alone.

China’s strategic focus on 5G adoption and smart manufacturing is crucial. The region, including South Korea, is witnessing exponential growth in the industrial IoT market due to technological advancements like 5G and Industry 4.0, trends that are also prevalent in China. Furthermore, smart and connected products are becoming critical components in the connected supply chain and smart manufacturing processes, driving the country’s competitive advantage.

Government incentives and tax relaxations are also creating opportunities for market growth. China has listed 76 national standards, 30 industrial standards, and 62 local, province-level standards for IoT, underscoring its commitment to standardization. The country’s manufacturing sector benefits immensely from IoT adoption, leading to improved operational efficiency and greater production capacity. This competitive edge in the Asia Pacific industrial IoT market is further bolstered by increased cybersecurity measures to protect business growth. China’s focus on smart cities and the digitalization of agriculture further highlights its comprehensive approach to IoT adoption. The Asia-Pacific region, with China at the forefront, is expected to see a CAGR of over 26% from 2024 to 2030, driven by technological adoption and the increasing awareness of IoT solutions. Despite challenges posed by legacy systems and processes, China’s broad usage of IoT across various verticals continues to drive significant market growth.

Asia Pacific Industrial IoT Market Key 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

Key Segmentation:

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

By Connectivity

  • Wired Technology
  • Wireless Technology
  • Field Technologies

By Industry Vertical

  • Healthcare
  • Education Institutes
  • BFSI
  • Consumer Goods
  • Manufacturing
  • Construction
  • Real Estate
  • Automotive
  • Transportation and Logistics
  • Retail
  • Smart cities
  • IT & Telecommunication
  • Agriculture

By Region

  • China
  • India
  • Japan
  • South Korea
  • Australia & New Zealand
  • ASEAN
    • Malaysia
    • Cambodia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Indonesia
    • Rest of ASEAN
  • Rest of Asia Pacific

Request for a Discount on this Report Before Purchase: https://www.astuteanalytica.com/ask-for-discount/asia-pacific-industrial-iot-market

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Contact Us:
Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/
LinkedIn Twitter YouTube

CONTACT: Contact Us: Astute Analytica Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) For Sales Enquiries: sales@astuteanalytica.com Website: https://www.astuteanalytica.com/

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy