According to a new report by Univdatos Market Insights, MENA Industrial IoT Market in India, is expected to reach USD 54,866.9 Million in 2030 by growing at a CAGR of 15.5%. Industrial IoT refers to the integration of Internet of Things (IoT) technologies in industrial settings. Industrial IoT consist devices such as sensors, applications, and associated networking equipment that work together to collect, monitor, and analyze data from industrial operations. It can also increase efficiencies, reduce costs, and improve safety and security. Industrial IoT connects machines and devices in industries such as manufacturing, transportation, oil and gas, power generation and transmission, mines, and ports while commercial, enterprise, or consumer IoT are the connected devices within homes and office spaces, such as cameras, badge readers, and HVAC control systems. Industrial IoT uses the power of smart machines and real-time analytics and produce better results. The driving philosophy behind Industrial IoT is that smart machines aren’t only better than humans at capturing and analyzing data in real time, but they’re also better at communicating important information that can be used to drive business decisions faster and more accurately.
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The report suggests that the “Rise in demand for automation industries” is one of the major factors driving the Industrial IoT Market during the forthcoming years. Industrial Automation is the use of control systems, including machines, actuators, sensors, processors, and networks to perform tasks, with the goal of automating production. It may include various type of automation such as Manufacturing Automation, Building Automation, Logistics and Supply Chain Automation, Financial Automation, Healthcare Automation etc. Today, the focus of automation has shifted to increasing quality and flexibility in the manufacturing process. In the automobile industry, the installation of pistons into the engine used to be performed manually with an error rate of 1-1.5%. Presently, this task is performed using automated machinery with an error rate of 0.00001%. 50% of work today is automatable. Industrial automation are of types such as Fixed automation, Programmed automation, flexible automation, and Integrated automation.
Apart from this, data analytics and AI, cost reduction, improved safety and compliance, supply chain optimization also optimistically impact the market’s growth. A wide range of investments have adopted strategic alliances in this area, thus suggesting huge potential in this area. Some of the recent strategic alliances are:
· July, 2024: VIA Technologies is partnering with Rutronik to bring advanced IoT, edge AI, and computer vision technologies to a broader customer base, particularly in the industrial, retail, and commercial sectors.
· May, 2024: Qualcomm and state-owned petroleum and natural gas company Aramco have announced a new partnership to develop AI and advanced computing tools for industrial use cases in Saudi Arabia
· May, 2024: Magic Leap has announced a “multi-faceted, strategic technology partnership” with Google to “bring a wider range of immersive experiences to market.
· April, 2024: Qt Group and Qualcomm have collaborated to streamline the development of advanced graphical user interfaces (GUIs) and software quality assurance for industrial IoT devices.
· February, 2024: IFS partnered with Artificial Intelligence Global Company (AIGC) a leading digital services consulting company in Saudi Arabia.
Hardware Sector Gaining Maximum Traction in Market
Hardware of the IoT industrial market plays a centrifugal role in enabling connectivity, data collection, and automation within various industrial applications. This consists a wide range of devices and components designed to facilitate the integration of IoT technologies into industrial processes. Its components include Sensors, Actuators, Gateways, Connectivity Modules, Embedded Systems, Industrial IoT Platforms, Edge Computing Devices, Industrial PCs and Servers, Power Supply Units. The hardware segment of the IoT industrial market is foundational for driving innovation and efficiency across industries. With the technological advancements there will be surge in demand in hardware capabilities, connectivity options, and solutions that address the unique challenges faced in industrial environments. United Arab Emirates (UAE) to increase investment in IoT from USD 574.89m to USD 672.75m (a 17% increase) over the next year. UAE’s Telecommunications Regulatory Authority (TRA) has recently published a new IoT regulatory policy (the IoT Policy) also. Several companies are also taking increased participation to create a suitable environment, thus driving the growth of the segment in the forthcoming years. For instance,
· May 2024: Honeywell partners with Volts UAE to build first gigafactory for battery cells in Abu Dhabi.
· April, 2024: Siemens, a global leader in industrial automation and digitalization, and Madkour are pleased to announce a strategic partnership aimed at fostering innovation and collaboration in the industrial sector.
· June, 2023: Siemens and Petrojet Strike a Strategic Partnership to Drive Technological Advancements in the Middle East.
· April, 2021: Rockwell Automation the world’s largest company dedicated to industrial automation and digital transformation, announced to partner with Precast FZCO.
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Conclusion
The Industrial Internet of Things (IIoT) market is valiant for tremendous growth as industries increasingly leverage interconnected devices and advanced data analytics to enhance operational efficiency, reduce costs, and enable smarter decision-making. With 14 billion connected IoT devices around the globe caused by factor 5G and other technologies, 400 active IoT platforms in existence. The aptness of IoT to provide sensor information as well as enable device-to-device communication is driving a broad set of its applications in various sectors. In conclusion, the Industrial IoT market is psyched up to transform traditional industrial practices, stimulating innovation and sustainability. Stakeholders must stay agile and informed to capitalize on the opportunities that arise in this dynamic landscape, ensuring they are well-positioned for future advancements in technology and infrastructure.
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