Internet of Things (IoT) in the Chemical Global Market Opportunities and Strategies to 2033

This report describes and explains the internet of things (IoT) in the chemical market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global internet of things (IoT) in the chemical market reached a value of nearly $66.16 billion in 2023, having grown at a compound annual growth rate (CAGR) of 11.2% since 2018. The market is expected to grow from $66.16 billion in 2023 to $178.59 billion in 2028 at a rate of 22%. The market is then expected to grow at a CAGR of 21.2% from 2028 and reach $466.62 billion in 2033.

Growth in the historic period resulted from the expansion of the chemicals industry, strong economic growth in emerging markets, increasing industrialization and increasing adoption of 5G networks. Factors that negatively affected growth in the historic period include rise in cyber security concerns.

Going forward, the rise in adoption of industrial robots, rise of industrial automation, growth in the number of IoT devices, rapid urbanization and increasing government initiatives on artificial intelligence (AI) will drive the market. Factors that could hinder the growth of the internet of things (IoT) in the chemical market in the future include privacy and security challenges.

The internet of things (IoT) in the chemical market is segmented by technology into enabling technology and operational technology. The enabling technology market was the largest segment of the internet of things (IoT) in the chemical market segmented by technology, accounting for 60.6% or $40.08 billion of the total in 2023. Going forward, the enabling technology segment is expected to be the fastest growing segment in the internet of things (IoT) in the chemical market segmented by technology, at a CAGR of 22.9% during 2023-2028.

The internet of things (IoT) in the chemical market is segmented by industry into large enterprises and small and medium-sized enterprises. The large enterprises market was the largest segment of the internet of things (IoT) in the chemical market segmented by industry, accounting for 67.4% or $44.6 billion of the total in 2023. Going forward, the small and medium-sized enterprises segment is expected to be the fastest growing segment in the internet of things (IoT) in the chemical market segmented by industry, at a CAGR of 23.9% during 2023-2028.

The internet of things (IoT) in the chemical market is segmented by chemical end-use areas into metals and mining, food and beverages, chemical, pharmaceutical, pulp and paper and other chemical end-use areas. The chemical market was the largest segment of the internet of things (IoT) in the chemical market segmented by chemical end-use areas, accounting for 31% or $20.53 billion of the total in 2023. Going forward, the metals and mining segment is expected to be the fastest growing segment in the internet of things (IoT) in the chemical market segmented by chemical end-use areas, at a CAGR of 26.7% during 2023-2028.

Asia-Pacific was the largest region in the internet of things (IoT) in the chemical market, accounting for 35.4% or $23.42 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the internet of things (IoT) in the chemical market will be Asia-Pacific and Africa, where growth will be at CAGRs of 25.2% and 24.2% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 23.1% and 22.1% respectively.

The global internet of things (IoT) in the chemical market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 18.69% of the total market in 2023. SAP SE was the largest competitor with a 2.27% share of the market, followed by Emerson Electric Co with 2.10%, Honeywell International Inc with 2.09%, International Business Machines Corporation with 1.99%, Wipro Limited with 1.85%, Rockwell Automation Inc with 1.78%, Mitsubishi Electric Corporation with 1.69%, Dassault Systèmes SE with 1.66%, Schneider Electric SE with 1.64% and Johnson Controls International plc with 1.62%.

The top opportunities in the internet of things (IoT) in the chemical market segmented by technology will arise in the enabling technology segment, which will gain $72.17 billion of global annual sales by 2028. The top opportunities in the internet of things (IoT) in the chemical market segmented by industry will arise in the large enterprises segment, which will gain $71.09 billion of global annual sales by 2028. The top opportunities in the internet of things (IoT) in the chemical market segmented by chemical end-use areas will arise in the chemical segment, which will gain $37.09 billion of global annual sales by 2028. The internet of things (IoT) in the chemical market size will gain the most in China at $24.54 billion.

Market-trend-based strategies for the internet of things (IoT) in the chemical market include focus on technological advancements driving innovation in IoT in the chemicals industry, launch of digital twin for chemical plants, enhancing real-time operational insights and decision-making, strategic partnerships and collaborations among major players and focus on integration of AI with 3D vision technology for enhanced industrial automation and chemical industry applications.

Player-adopted strategies in the internet of things (IoT) in the chemical market include focus on strengthening business operations through new product solutions and focus on strategic partnerships to strengthen market position.

To take advantage of the opportunities, the analyst recommends the internet of things (IoT) in the chemical companies to focus on adopting IoT technologies to enhance competitive edge, focus on implementing digital twins to drive operational excellence, focus on integrating AI with 3d vision technology for enhanced industrial applications, focus on enabling technology to accelerate growth, focus on small and medium-sized enterprises for rapid growth, expand in emerging markets, focus on leveraging strategic partnerships for industry 4 advancements, focus on strategic expansion of distribution channels, provide competitively priced offerings, focus on strategically pricing IoT solutions to enhance competitiveness, continue to use B2B promotions, focus on thought leadership content to educate and engage, utilize case studies and testimonials to showcase success stories and focus on targeting key end-user segments.