Industrial IoT Market by Component (solution, services, platform); by End-Use Vertical (Logistics & Transportation, Manufacturing, Energy & Power, Healthcare, Agriculture, Retail, Oil and Gas and Other End-user Verticals; by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Forecast 2021-2027

Date : Aug 2021

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Report ID : 226

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Category : Digitalization and Internet of Things (IoT)

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Report Format:  PDF EXCEL PPT WORD

Industrial IoT Market Overview:

The global industrial IoT (IIoT) market was estimated at USD 77.3 billion in 2020, and it is projected to reach USD 107.2 billion by 2027, growing at a CAGR of 7.30% during the forecast period 2021 - 2027.

The Industrial Internet of Things (IIoT) systems are majorly incorporated by industries to improve their operational efficiency in manufacturing and industrial processes. The rapid adoption of advanced technologies, such as big data, cloud computing and machine learning is majorly driving the demand of global industrial IoT market. These advanced technologies emphasize machine-to-machine (M2M) communication and help in streamlining the workflow. As, these technologies heavily depend on IoT to function, they are rapidly increasing the demand of global IIoT market.  Also, the declining sensor and manufacturing costs involved in the production of IoTs are further driving the industrial IoT market demand.

Industrial IoT Market

Industrial IoT deployment is gaining traction in application areas, such as remote servicing, asset management, operational intelligence, remote monitoring and predictive maintenance. In addition, industrial IoT is enabling organizations to increase the profit margins by improved power efficiency. Therefore, several industries such as manufacturing, healthcare, retail, and many more are aggressively investing in the global industrial IoT industry.  According to IoT Signal, a new annual report published by Microsoft in June 2019, states that IoT adoption is on the rise to open profit doors for business transformation in several industries. The study incorporated in the report showed that 85% of the decision-makers surveyed by Microsoft are in IoT adoption and 88% of decision-makers see IoT as critical to business success.

Further, with the advent of Industry 4.0, industrial IoT is gaining traction in both process manufacturing and discrete manufacturing. The industrial IoT is offering several means to optimize operations, increase efficiency, help to make data-driven decisions and to reduce the downtime. This is thereby, increasing the profit margin and reducing the cost by providing short ROIs on the IoT adoption. In addition, growing support from countries around the world in the adoption of Industry 4.0 is also majorly impacting the demand of the global IIoT market. For instance, in India, NASSCOM Centre of Excellence IoT & AI, successfully organized a Manufacturing Innovation Challenge 2020 (MIC2020) to build an ecosystem for manufacturing organizations to work with innovative start-ups and technology enterprises. This initiative is enabling in increasing the adoption of Industry 4.0 solutions by manufacturing enterprises. Therefore, the rising adoption of industry 4.0 to improve the automation of traditional manufacturing and industrial processes using Industrial IoT technologies is prominently driving the demand of global IIoT market.

Impact of COVID-19 in the Global Industrial IoT Market

The outbreak of the Covid-19 pandemic has impacted the economies on a global level. Many industries such as manufacturing, retail, oil & gas and many more have faced a major hit due to the lockdown in major economies. Therefore, enterprises are now reassessing their business models to improve their efficiency in the post covid period. Many industries are on the verge to improve business continuity and ensuring the safety of its employees. Moreover, the leading organizations have adopted a remote working culture.  This is thereby, positively impacting the demand of global industrial IoT across the globe. In addition, due to the COVID-19 pandemic, there has been an effective increase in the demand of industrial IoT in healthcare segment. The healthcare industry has shown a rapid adoption of industrial IoT due to the increasing need to manage patient data and provide remote monitoring to the patients.

The Global Industrial IoT Market Segmentation:

  • By Component:
    • Solution
      • Remote Monitoring
      • Data Management
      • Analytics
      • Security Solutions
      • Others
    • Services
      • Professional
      • Managed
    • Platform
      • Connectivity Management
      • Application Management
      • Device Management
  • By End-Use Vertical:
    • Logistics & Transportation
    • Manufacturing
    • Energy & Power
    • Healthcare
    • Agriculture
    • Retail
    • Oil and Gas
    • Other End-user Verticals
  • By Region
    • North America 
    • Europe 
    • Asia Pacific 
    • Latin America 
    • Middle East & Africa 

Industrial IoT (IIoT) Market Company Profiles and Competitive Intelligence:

The key players operating in the IIoT market are:

  • General Electric (GE)
  • Cisco Systems, Inc.
  • Intel Corporation
  • Rockwell Automation, Inc.
  • Texas Instruments Inc.
  • Dassault Systèmes
  • ABB Group
  • Honeywell International Inc.
  • Huawei Technology Co., Ltd.
  • IBM Corporation
  • Siemens AG
  • Microsoft Corporation
  • Bosch
  • Kuka
  • PTC
  • ARM
  • NEC
  • SAP

Based on components, the solution segment held the dominant share in the global industrial IoT market and is expected to hold the same position during the forecast period.

Based on components, the industrial IoT market is divided into solutions, services and platform. Among these, the solution segment held the dominant share in the global industrial IoT market and is expected to hold consistent growth during the forecast period. This is due to the increasing need of remote monitoring, data management, analytics and security solutions by various industry verticals. Organizations have realized the importance of these solution and shifting their focus on integrating sensors and other systems into the crucial equipment to track real-time information and improve operational efficiency. The deployment of these solutions is expected to help manufacturing industries in automating their complex manufacturing processes and ensuring efficient monitoring. This is thereby, driving the demand of the industrial IoT market across the globe.

Based on the End-Use Vertical, the manufacturing segment has dominated the global industrial IOT Market and is expected to hold a large share during the forecast period.

Based on the end-use vertical, the global industrial IOT market is segmented as logistics & transportation, manufacturing, energy & power, healthcare, agriculture, retail, oil and gas and other end-use verticals. Among these, the manufacturing segment has shown the most lucrative growth in the industrial IOT industry in 2020, and is expected to exhibit similar trends during the forecast period. This is mainly due to the adoption of new technologies and approaches, such as cyber-physical systems, intelligent robotics and smart factories. These approaches highly rely on IoT technology to increase productivity and efficiency in the manufacturing industries. Moreover, IoT technology has enabled the manufactures to perform several functions such as track several work-in-progress tools; ensure quality creation, shipping and storage for temperature-sensitive goods. In addition, with the help IoT, manufacturing industries have increased productivity which is leading to simplified and reliable management processes. Owing to these advantages, manufacturing industries are rapidly adopting IoT technology to perform their day-to-day operations which is leading to global IIOT market growth.

Based on region, Asia-Pacific dominated the Global Industrial IOT Market in 2020 and is expected to show similar trends in forecast period.

Based on the region, the global industrial IoT market is segmented as North America, Asia Pacific, Latin America, Europe and Middle East & Africa. Among these, the Asia-Pacific region is expected to hold the largest share in the global IIOT market during the forecast period. This is because, APAC region is the largest manufacturing hub across the globe. Industrial and infrastructural developments in emerging economies such as China, India, Taiwan and many others are contributing to the growth of the industrial IoT market in this region. Moreover, several government initiatives are driving the growth of industrial IoT market in the region. For instance, IoT has majorly benefited Make in India campaign for providing effective and innovative ways to achieve sustainable development in manufacturing industries.

Additionally, the SAMARTH Udyog Bharat 4.0 initiative, IoT is helping in improving awareness regarding manufacturing 4.0 within the Indian manufacturing industry. Furthermore, increasing IoT patent filing in the region is also driving the IIOT market. According to NASSCOM, approximately 6,000 IoT patents were filed in India during 2009-2019, out of which more than 5,000 IoT patents were registered in the last five years. Among these patents, more than 80% were filed related to applications pertaining to Industry 4.0. All these factors are majorly driving the growth of IIOT market in this region. 

The report also provides an in-depth analysis of the Global Industrial IoT Market dynamics such as drivers, restraints opportunities and challenges

Drivers

  • Rapid adoption of advanced technologies, such as big data, cloud computing and machine learning
  • Increasing demand of robotics across all industries
  • Increasing trend of remote working

Restraints

  • Rising cybersecurity threats
  • High initial investment cost

*(The complete DROC's will be covered in the final report)

The report also provides an in-depth analysis of key market trends:

  • The rapid adoption of advanced technology such has Artificial Intelligence and Big data has positively driven the market. Big data analytics has enabled organizations to access both customers as well as employee insights and use this information to address issues related to employee performance or customer experience. This is, therefore, increasing the demand of these technologies in day-to-day operations. As these technologies rely heavily on the use of IoT to function, the demand for the global industrial IoT market is bound to increase. 
  • The rapid adoption of 5G technology is expected to boost the demand of global Industrial IoT market. 5G network provides high security, higher speed and low latency which enables the industries to take full advantage of IoT and sensors for automation and asset monitoring.

The report also provides an in-depth analysis of recent News Developments and Investments:

  • In July 2020, Cypress, a semiconductor manufacturing company made an announcement regarding the production capability of its PSoC 64 Standard Secure Amazon Web Services microcontroller (MCU). The new MCU possesses pre-validated security firmware which helps the designers to reduce R&D cost along with reducing design risks and helps in accelerating time-to-market.
  • In Jan 2019, Kroger announced its partnership with Microsoft to improve its grocery shopping experience. This initiative was taken with an aim to bring new and innovative IoT technologies in the physical test store. The Microsoft Azure cloud platform has helped Kroger by providing a data-centric approach for grocery shopping that keeps customer preferences in mind, by using technologies such as artificial intelligence (AI).

The unique insights provided by this report also includes the following:

  • In-depth Value Chain Analysis
  • Opportunity Mapping
  • Sector Snapshot
  • Key Players Positioning Matrix
  • Regulatory Scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market Trends
  • Covid-19 Impact Analysis
  • Product Comparison
  • Pre & Post COVID 19 Impacts on Global Industrial IOT Market
  • Competitive Landscape

Frequently Asked Questions (FAQs)

How big is the Global Industrial IoT Market?

The Global Industrial IOT Market was estimated at USD 77.3 billion in 2020, and it is projected to reach a value of USD 107.2 billion by 2027

What is the estimated market growth rate of Industrial IoT Market industry?

The Industrial IOT Market is estimated to grow at a compound annual growth rate (CAGR) of 7.30% during 2021-2027.

What are the key factors driving the Industrial IoT Market growth?

The major factors propelling the growth of the market includes increasing demand for a connected supply chain, mergers and acquisitions, advances in technology among others.

Which is the fastest growing region in the Global Industrial IoT Market?

In the base year 2020, Asia-Pacific region accounted for the largest share in the Industrial IoT Market.

Who are the key players in the Global Industrial IoT industry?

A few key players in the Industrial IoT Market industry includes General Electric (GE), Cisco Systems, Inc., Rockwell Automation, Inc., Intel Corporation, Texas Instruments Inc., Dassault Systèmes, ABB Group, Huawei Technology Co., Ltd., Honeywell International Inc., and IBM Corporation among many others.

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Table of Contents Industrial IoT Market:

  • Section 1: Introduction
    • Engagement Objective
    • Scope of the Study: Segmentation 
    • Timeframe, Currency and Limitations
  • Section 2: Research Methodology
    • 3P Research Approach
    • Market Sizing Approach
    • Data Sources
    • Primary Research Coverage
  • Section 3: Executive Summary
    • Global Industrial IoT Market Summary
    • Market Snapshot
    • Country Snapshot
  • Section 4: Premium Insights
    • Key Trend Analysis
    • Major Investment Scenario
    • New Revenue Pockets
    • Pain Point Analysis
    • Price Trend Analysis
    • Strategies Adopted-Benchmarking Heat Map
    • Business Recommendations
      • Opportunity Mapping
    • PESTEL Analysis
    • Market Positioning Matrix
  • Section 5: Market Overview & Competitive Landscape
    • Competitive Landscape
    • Investment Scenario by Key Players
    • Key Player Overview
    • Product Comparison
    • Competitive Benchmarking
    • Player Wise Geographic Presence
    • Player Wise Target Customer Segment
    • Recent News
      • Product Launches & upgrades
      • R&D / Innovation
      • Merger & Acquisition
      • JV & Partnership
      • Recognition and others
  • Section 6: Market Size and Share Analysis
    • Market Size & Historic Growth
    • Market Size by Player Category
    • Market Size by Component
      • Solution
          • Remote Monitoring
          • Data Management
          • Analytics
          • Security Solutions
          • Others
      • Services
          • Professional
          • Managed
      • Platform
          • Connectivity Management
          • Application Management
          • Device Management
    • Market Size by End-Use Vertical
      • Logistics & Transportation
      • Manufacturing
      • Energy & Power
      • Healthcare
      • Agriculture
      • Retail
      • Oil and Gas
      • Other End-user Verticals
    • Section 7: Market Dynamics
    • DROC Impact Analysis
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Section 8: Future Forecast & Impact of COVID-19
    • Key Drivers & Anticipated Revival Period
    • Key Trends Analysis
    • Impact on End user Industry
    • Opportunity Analysis
    • Pre & Post COVID-19 impact
    • End-Use Specific COVID-19 Impact
    • Key Factor Analysis
  • Section 9: Regional Market Size and Share Analysis
    • North America
      • Market Overview and Analysis
      • Key Country Analysis
        • US
        • Canada
    • Europe
      • Market Overview and Analysis
      • Key Country Analysis
        • Germany
        • UK
        • France
        • Italy
        • Spain
        • Rest of Europe
    • Asia Pacific
      • Market Overview and Analysis
      • Key Country Analysis
        • China
        • India
        • Japan
        • South Korea
        • Rest Of APAC
    • Latin America
      • Market Overview and Analysis
      • Key Country Analysis
        • Brazil
        • Argentina
        • Rest of LATAM
    • Middle East & Africa
      • Market Overview and Analysis
      • Key Country Analysis
        • GCC
        • Rest of MEA
  • Section 10: Company Profile
    1. General Electric (GE)
    2. Cisco Systems, Inc.
    3. Intel Corporation
    4. Rockwell Automation, Inc.
    5. Texas Instruments Inc.
    6. Dassault Systèmes
    7. ABB Group
    8. Honeywell International Inc.
    9. Huawei Technology Co., Ltd.
    10. IBM Corporation

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