Introduction

The Internet of Things (IoT) is reshaping the chemical industry by unlocking real-time monitoring, predictive insights, and improved safety measures. Valued at USD 72.44 billion in 2023, the market is projected to reach USD 178.67 billion by 2032, growing at a CAGR of 10.67%. With rising demand for digitalization and process optimization, IoT enables energy savings, reduced downtime, and better asset management.

Wouldn’t you agree that in an industry as complex as chemicals, having smarter, data-driven operations is no longer optional but essential?

Key Players

Global leaders are spearheading this transformation. Siemens, Honeywell, ABB, Rockwell Automation, and IBM are driving adoption with solutions ranging from smart sensors to AI-powered predictive platforms. For instance, Honeywell’s Connected Plant enhances operational visibility, while Siemens’ MindSphere supports real-time analytics for sustainability.

Which player do you think is best positioned to dominate this growing market—those focusing on automation or those prioritizing AI-driven insights?

Segmentation

IoT in the chemical industry can be segmented by technology type and chemical verticals. The enabling technology segment—covering sensors, cloud platforms, and analytics—led the market with over 59% share in 2023. Meanwhile, operational technology is expected to grow fastest, thanks to rising demand for real-time automation. Among verticals, pharmaceuticals held the largest share (32.16%), while paper & pulp is projected to expand at the highest CAGR.

Imagine how much efficiency gains a paper mill could achieve by predicting machine failures before they occur!

About Us

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