Meticulous Research®—The leading global market research company, published a research report titled, ‘Industrial IoT Market by Component (Hardware, Platform, Services, and Connectivity), Industry Verticals (Agriculture, Manufacturing, Energy & Utility, Oil & Gas, Aerospace, Retail, and Others) and Geography—Global Forecasts to 2029’.
According to this latest publication from Meticulous Research®, the global Industrial IoT Market is projected to grow at a CAGR of 16% from 2022–2029 to reach $276.79 billion by 2029. The growth of this market is attributed to the factors such as rising investment towards Industry 4.0, the proliferation of IoT devices, increasing government initiatives and investment to promote industrial automation, high productivity, and efficiency requirement. Additionally, industrial IoT for predictive maintenance and an increase in the number of data centers are expected to offer lucrative opportunities for the growth of this market. However, lack of standardization and high capital & operating expense can obstruct the market growth. The global industrial IoT market is segmented by component, industry verticals, and geography. The study also evaluates industry competitors and analyses the industrial IoT market at the global level.
Based on component, the market is segmented into hardware, platform, services, and connectivity. In 2022, the hardware segment is expected to account for the largest market share of the Industrial IoT market. The growth of this segment is attributed to factors such as consistent engagement of the industrial sector in improving operational efficiency, reducing costs, and increasing Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions. However, the platform segment is expected to grow with the highest CAGR during the forecasted period. The rising adoption of industrial IoT platforms by the various industry verticals to improve operational efficiency and the growing need for superior monitoring technologies are driving the segment growth.
Based on industry vertical, the market is segmented into agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and other industry verticals. In 2022, the manufacturing segment is expected to account for the largest market share of the Industrial IoT market and is expected to grow with the highest CAGR during the forecasted period. The manufacturing industry is adopting automation and robotics systems extensively throughout production lines to enhance product quality, reduce work-in-progress time, and improve equipment reliability. Industrial IoT can transform traditional linear manufacturing supply chains into dynamic, interconnected systems—a digital supply network (DSN)—that can easily incorporate ecosystem partners. Thus, the growing need for centralized monitoring and predictive maintenance of assets, increasing smart factories, the advent of Industry 4.0, and the adoption of autonomous robots for industrial automation are promoting the growth of the industrial IoT market.
Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest market share of the global industrial IoT market. Factors such as favorable government initiatives, technological innovation, growing industrial organizations, and the increasing adoption of IoT devices to optimize operational efficiency are driving the growth of this market. Businesses across the Asia-Pacific (APAC) region have begun to employ artificial intelligence (AI) and the internet of things (IoT) to operate smarter and stay competitive. The region is also a hotbed of industrial robotics innovation, with China, Japan, and South Korea being the largest global markets. Furthermore, half of APAC manufacturers are expected to have smart factories within the next three years.
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The key players operating in the global Industrial IoT market are ABB Ltd. (Switzerland), The General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co. Ltd (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes SE (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.).
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