Asia Pacific Industrial IoT Market

Asia Pacific Industrial IoT Market: Soaring to US$ 46.18 Bn by 2030 with a CAGR of 8.29%

The Asia Pacific Industrial IoT market is poised for significant growth, with projections indicating a leap from US$ 24.97 Bn in 2022 to US$ 46.18 Bn by 2030. This growth, representing a CAGR of 8.29%, underscores the region's increasing integration of IoT technologies in various industrial sectors.

Growth Influencers:

The market's expansion is primarily driven by the rising adoption of cloud platforms in the industrial sector and the increasing utilization of IoT devices to optimize operational efficiency. The integration of IoT in industries such as automotive, manufacturing, and healthcare is revolutionizing traditional processes, leading to enhanced productivity and efficiency. However, the market faces challenges from IoT malware and ransomware, posing significant risks to data security.

Segment Overview:

The market is segmented by component, connectivity, and end-user.

By Component

• Hardware
• Solutions
• Services

By Connectivity

• Wired Technology
• Wireless Technology
• Field Technologies

By End User

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

In components, Solutions is a key segment with a substantial growth opportunity of nearly US$ 19.74 Bn between 2023-2030. Wireless Technology, under connectivity, is experiencing the fastest growth at a CAGR of 8.5%. Among end-users, the Automotive sector commands over 18% market share in 2022, while the Retail sector is expected to exceed US$ 5 Bn by 2026.

Regional Overview:

Regional Asia Pacific market has been divided into following:

• China
• India
• Japan
• South Korea
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific

China dominates the regional market with over 40% market share and a revenue of US$ 10.38 Bn in 2022. India is exhibiting the fastest growth rate at over 9%. Other significant contributors include Japan, South Korea, Australia & New Zealand, and ASEAN countries, each playing a vital role in the market's development.

Company Profile:

The market is characterized by the dominance of major players such as ABB Ability, Aveva Wonderware, Axzon, Cisco Systems, Inc., 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, and Other Prominent Players. Major players accounting for nearly 65% of the market share. These companies are pivotal in driving innovations and market growth through their IoT solutions.

Value Addition:

The report also delves into data breach statistics and theft and fraud complaints, highlighting the importance of cybersecurity in the Industrial IoT sector.

Report Insights:

• The Asia Pacific Industrial IoT market is projected to reach US$ 46.18 Bn by 2030.
• Key growth drivers include the adoption of cloud platforms and IoT devices for operational efficiency.
• Challenges include cybersecurity threats such as malware and ransomware.
• China and India are leading the market growth in the region.

Questions to be Answered:

• What are the main drivers for the Asia Pacific Industrial IoT market?
• Which segments are witnessing the highest growth?
• How are cybersecurity concerns affecting market dynamics?
• What role do leading companies play in shaping the market?