Meticulous Research®—a leading global market research company, published a research report titled, 'Europe Industrial IoT Market by Component (Hardware, Platform, Services, Connectivity), Industry Vertical (Agriculture, Manufacturing, Energy & Utilities, Oil & Gas, Aerospace, Retail, Transportation & Logistics, Others) Geography - Forecast to 2030.
According to this latest publication from Meticulous Research®, the Europe industrial IoT market is projected to reach $86.22 billion by 2030, at a CAGR of 17.5% from 2023 to 2030. Major factors driving this market's growth are rising investments in Industry 4.0 technologies, government initiatives to promote industrial automation, and the growing need to improve productivity and efficiency. However, the lack of standardization and high capital & OpEx requirements restrain the growth of the IIoT market.
The use of Industrial IoT for predictive maintenance and the proliferation of data centers are expected to create market growth opportunities. However, vulnerability issues with IoT devices and the lack of skilled professionals are major challenges for market growth. Additionally, the rising popularity of IIoT digital twins, the emergence of edge computing, and the rising adoption of smart manufacturing-as-a-service are some of the major trends in this market.
The Europe industrial IoT market is segmented by component and industry vertical. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on component, the Europe industrial IoT market is segmented into hardware, platforms, services, and connectivity. In 2023, the hardware segment is expected to account for the largest share of the Europe industrial IoT market. The large market share of this segment is attributed to factors such as consistent engagement of the industrial sector in improving efficiency, reducing costs, and increasing the Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions.
In addition, rising investment in the digital transformation of industries is expected to boost the demand for IIoT hardware. For instance, in January 2021, Microsoft Switzerland partnered with Swiss Smart Factory to accelerate digital transformation in the manufacturing industry in Switzerland. However, the platforms segment is slated to record the highest CAGR during the forecast period.
Based on industry vertical, the Europe industrial IoT market is segmented into agriculture, manufacturing, retail, energy & utilities, oil & gas, aerospace, transportation & logistics, telecom, and other industry verticals. In 2023, the manufacturing segment is expected to account for the largest share of the Europe industrial IoT market. 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. IIoT can transform traditional, linear manufacturing supply chains into dynamic, interconnected systems—a digital supply network (DSN)—that can more readily incorporate ecosystem partners.
Thus, the growing need for centralized monitoring and predictive maintenance of assets, the increasing number of smart factories, the advent of Industry 4.0, and the increasing adoption of autonomous robots for industrial automation drive the growth of this segment. Moreover, the manufacturing segment is also expected to record the highest CAGR during the forecast period. Some of the recent developments:
Based on geography, the Europe industrial IoT market is segmented into Germany, the U.K., France, Italy, Spain, Poland, the Netherlands, and the Rest of Europe. In 2023, Germany is expected to account for the largest share of the Europe industrial IoT market. The large share of the country is attributed to the factors such as the increasing dominance of the automotive and manufacturing industries in the country's digital economy, extensive usage of innovative technologies such as digital twins, and a high potential for smart city projects. However, Poland is expected to grow with the highest CAGR during the forecasted period. The advent of Industry 4.0, increasing demand for industrial automation, and high productivity & efficiency requirements are creating vast growth opportunities for the industrial IoT market in Poland.
The key players operating in the Europe industrial IoT market are ABB Ltd. (Switzerland), 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 (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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