Industrial IoT (IIoT) Market by Component, Application (Robotics, Maintenance, Monitoring, Resource Optimization, Supply Chain, Management), Industry (Aerospace, Automotive, Energy, Healthcare, Manufacturing, Retail), and Geography - Global Forecast to 2027

  • Report ID:MRICT - 104404
  • Pages: 200
  • Jun 2020
  • Formats*: PDF
  • Category: Information & Communications Technology
  • Delivery: 2 to 4 Hours

1. Introduction 
    1.1. Market Definition 
    1.2. Currency and Limitations 
           1.2.1. Currency 
           1.2.2. Limitations 

2. Research Methodology 
    2.1. Research Approach 
    2.2. Data Collection & Validation 
           2.2.1. Secondary Research 
           2.2.2. Primary Research 
    2.3. Market Assessment 
           2.3.1. Market Size Estimation 
                     2.3.1.1. Bottom-Up Approach 
                     2.3.1.2. Top-Down Approach 
                     2.3.1.3. Growth forecast 
    2.4. Assumptions for the Study 

3. Executive Summary 
    3.1. Overview 
    3.2. Market Analysis, by Component 
    3.3. Market Analysis, by Application 
    3.4. Market Analysis, by Industry Vertical 
    3.5. Market Analysis, by Geography 
    3.6. Competitive Analysis 

4. Market Insights 
    4.1. Introduction 
    4.2. Drivers 
           4.2.1. Extensive Government Support 
           4.2.2. Increase in Adoption of Cloud Computing Technology 
           4.2.3. Rising Adoption of Industrial IoT 
    4.3. Restraints 
           4.3.1. Lack of Standardization 
    4.4. Opportunities 
           4.4.1. Industrial IoT for Predictive Maintenance 
           4.4.2. Increase in Number of Data Centers 
    4.5. Challenges 
           4.5.1. Vulnerability Issues with IoT Devices 
           4.5.2. Lack of Skilled Workforce 
    4.6. Trend 
           4.6.1. Emergence of Edge Computing 
    4.7. Impact of Covid-19 Pandemic on Industrial IoT Market 

5. Industrial IoT Market, by Component 
    5.1. Introduction 
    5.2. Solutions 
           5.2.1. Industrial Automation and Control Systems 
           5.2.2. Product Lifecycle Management 
           5.2.3. Network Components 
           5.2.4. Sensors and Actuators 
           5.2.5. Data Management & Analytics 
           5.2.6. Others 
    5.3. Services 
           5.3.1. Professional Services 
           5.3.2. Managed Services 
    5.4. Connectivity 
           5.4.1. Wired Technologies 
           5.4.2. Wireless Technologies 

6. Industrial IoT Market, by Application 
    6.1. Introduction 
    6.2. Smart Robotics
    6.3. Predictive Maintenance 
    6.4. Plant Maintenance 
    6.5. Remote Monitoring
    6.6. Asset & Resource Optimization/ Management 
    6.7. Logistics and Supply Chain Optimization 
    6.8. Inventory Management 
    6.9. Production Flow Management 

7. Industrial IoT Market, by Industry Vertical 
    7.1. Introduction 
    7.2. Aerospace and Defense 
    7.3. Automotive 
    7.4. Agriculture 
    7.5. Energy and Utilities 
    7.6. Healthcare 
    7.7. Manufacturing 
    7.8. Transportation 
    7.9. Oil & Gas 
    7.10. Retail 
    7.11. Others 

8. Industrial IoT Market, by Geography 
    8.1. Introduction 
    8.2. North America 
           8.2.1. U.S. 
           8.2.2. Canada 
    8.3. Europe 
           8.3.1. Germany 
           8.3.2. U.K. 
           8.3.3. France 
           8.3.4. Italy 
           8.3.5. Spain 
           8.3.6. Rest of Europe 
    8.4. Asia Pacific 
           8.4.1. Japan 
           8.4.2. China 
           8.4.3. India 
           8.4.4. South Korea 
           8.4.5. Rest of Asia Pacific 
    8.5. Latin America 
    8.6. Middle East & Africa 

9. Competitive Landscape 
    9.1. Introduction 
    9.2. Key Growth Strategies 
    9.3. Competitive Benchmarking 
    9.4. Market Share Analysis, by Key Players 

10. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
      10.1. General Electric Company (GE Digital) 
      10.2. IBM Corporation 
      10.3. PTC, Inc. 
      10.4. Microsoft Corporations
      10.5. Cisco Systems, Inc. 
      10.6. Robert Bosch Gmbh 
      10.7. Dassault Systemes 
      10.8. ABB Ltd.  
      10.9. Huawei Technologies Co., Ltd. 
      10.10. KUKA AG 
      10.11. Rockwell Automation, Inc. 
      10.12. Schneider Electric SE 
      10.13. Siemens AG (Siemens Digital Industries Software) 
      10.14. Intel Corporation 

11. Appendix 
      11.1. Questionnaire 
      11.2. Available Customization

List of Tables

Table 1  Currency Conversion Rate, 2016-2019
Table 2  Impact Assessment of Covid-19 On IoT Market ($Billion)
Table 3  Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 4  IoT Component Market Size, by Country/Region, 2018-2027 ($Million)
Table 5  Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 6  IoT Solutions Market Size, by Country/Region, 2018-2027 ($Million)
Table 7 Industrial Component and Control System Market Size, by Country/Region, 2018-2027 ($Million)
Table 8 Product Lifecycle Management Market Size, by Country/Region, 2018-2027 ($Million)
Table 9 Network Components Market Size, by Country/Region, 2018-2027 ($Million)
Table 10 Sensors and Actuators Market Size, by Country/Region, 2018-2027 ($Million)
Table 11 Data Management & Analytics Market Size, by Country/Region, 2018-2027 ($Million)
Table 12 Other Industrial IoT Solutions, by Country/Region, 2018-2027 ($Million)
Table 13 Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 14 Industrial IoT Professional Services Market Size, by Country/Region, 2018-2027 ($Million)
Table 15 Industrial IoT Managed Services Market, by Country/Region, 2018-2027 ($Million)
Table 16 Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 17 Industrial IoT Market Size for Wired Technologies, by Country/Region, 2018-2027 ($Million)
Table 18 Industrial IoT Market Size for Wireless Technologies, by Country/Region, 2018-2027 ($Million)
Table 19 Industrial IoT Market Size, by Application, 2017-2027 ($Million)
Table 20 Industrial IoT Market Size for Smart Robotics, by Country/Region, 2018-2027 ($Million)
Table 21 Industrial IoT Market Size for Predictive Maintenance, by Country/Region, 2018-2027 ($Million)
Table 22 Industrial IoT Market Size for Plant Maintenance, by Country/Region, 2018-2027 ($Million)
Table 23 Industrial IoT Market Size for Remote Monitoring, by Country/Region, 2018-2027 ($Million)
Table 24 Industrial IoT Market Size for Asset & Resource Optimization/Management, by Country/Region, 2018-2027 ($Million)
Table 25 Industrial IoT Market Size for Logistics & Supply Chain Optimization, by Country/Region, 2018-2027 ($Million)
Table 26 Industrial IoT Market Size for Inventory Management, by Country/Region, 2018-2027 ($Million)
Table 27 Industrial IoT Market Size for Production Flow Management, by Country/Region, 2018-2027 ($Million)
Table 28 Industrial IoT Market Size, by Industry Verticals, 2018-2027 ($Million)
Table 29 Industrial IoT Market Size for Aerospace & Defense Vertical, by Country/Region, 2018-2027 ($Million)
Table 30 Industrial IoT Market Size for Automotive Vertical, by Country/Region, 2018-2027 ($Million)
Table 31 Industrial IoT Market Size for Agriculture Vertical, by Country/Region, 2018-2027 ($Million)
Table 32 Industrial IoT Market Size for Energy & Utilities Vertical, by Country/Region, 2018-2027 ($Million)
Table 33 Industrial IoT Market Size for Healthcare Vertical, by Country/Region, 2018-2027 ($Million)
Table 34 Industrial IoT Market Size for Manufacturing Vertical, by Country/Region, 2018-2027 ($Million)
Table 35 Industrial IoT Market Size for Transportation Vertical, by Country/Region, 2018-2027 ($Million)
Table 36 Industrial IoT Market Size for Oil & Gas Vertical, by Country/Region, 2018-2027 ($Million)
Table 37 Industrial IoT Market Size for Retail Vertical, by Country/Region, 2018-2027 ($Million)
Table 38 Industrial IoT Market Size for Other Verticals, by Country/Region, 2018-2027 ($Million)
Table 39 Industrial IoT Market Size, by Country/Region. 2018-2027 ($ Million)
Table 40 North America: Industrial IoT Market Size, by Country, 2018-2027 ($Million)
Table 41 North America: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 42 North America: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 43 North America: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 44 North America: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 45 North America: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 46 North America: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 47 U.S.: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 48 U.S.: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 49 U.S.: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 50 U.S.: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 51 U.S.: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 52 U.S.: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 53 Canada: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 54 Canada: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 55 Canada: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 56 Canada: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 57 Canada: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 58 Canada: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 59 Europe: Industrial IoT Market Size, by Country, 2018-2027 ($Million)
Table 60 Europe: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 61 Europe: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 62 Europe: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 63 Europe: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 64 Europe: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 65 Europe: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 66 Germany: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 67 Germany: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 68 Germany: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 69 Germany: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 70 Germany: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 71 Germany: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 72 U.K.: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 73 U.K.: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 74 U.K.: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 75 U.K.: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 76 U.K.: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 77 U.K.: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 78 France: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 79 France: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 80 France: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 81 France: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 82 France: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 83 France: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 84 Italy: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 85 Italy: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 86 Italy: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 87 Italy: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 88 Italy: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 89 Italy: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 90 Spain: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 91 Spain: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 92 Spain: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 93 Spain: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 94 Spain: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 95 Spain: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 96 Rest of Europe: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 97 Rest of Europe: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 98 Rest of Europe: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 99 Rest of Europe: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 100 Rest of Europe: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 101 Rest of Europe: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 102 Asia Pacific: Industrial IoT Market Size, by Country, 2018-2027 ($Million)
Table 103 Asia Pacific: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 104 Asia Pacific: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 105 Asia Pacific: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 106 Asia Pacific: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 107 Asia Pacific: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 108 Asia Pacific: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 109 Japan: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 110 Japan: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 111 Japan: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 112 Japan: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 113 Japan: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 114 Japan: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 115 China: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 116 China: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 117 China: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 118 China: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 119 China: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 120 China: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 121 India: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 122 India: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 123 India: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 124 India: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 125 India: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 126 India: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 127 South Korea: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 128 South Korea: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 129 South Korea: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 130 South Korea: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 131 South Korea: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 132 South Korea: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 133 Rest of Asia Pacific: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 134 Rest of Asia Pacific: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 135 Rest of Asia Pacific: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 136 Rest of Asia Pacific: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 137 Rest of Asia Pacific: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 138 Rest of Asia Pacific: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 139 Latin America: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 140 Latin America: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 141 Latin America: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 142 Latin America: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 143 Latin America: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 144 Latin America: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 145 Middle East & Africa: Industrial IoT Market Size, by Component, 2018-2027 ($Million)
Table 146 Middle East & Africa: Industrial IoT Solutions Market Size, by Type, 2018-2027 ($Million)
Table 147 Middle East & Africa: Industrial IoT Services Market Size, by Type, 2018-2027 ($Million)
Table 148 Middle East & Africa: Industrial IoT Market Size, by Connectivity, 2018-2027 ($Million)
Table 149 Middle East & Africa: Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Table 150 Middle East & Africa: Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Table 151 Recent Developments, by Company, 2016-2019 

List of Figures

Figure 1 Market Ecosystem
Figure 2 Key Stakeholders
Figure 3 Research Process
Figure 4 Primary Research Techniques
Figure 5 Key Executives Interviewed
Figure 6 Breakdowns of Primary Interviews (Supply Side & Demand Side)
Figure 7 Market Sizing and Growth forecast Approach
Figure 8 Key Insights
Figure 9 Industrial IoT Market Size, by Components (2020 VS 2027)
Figure 10 Industrial IoT Market by Application and Growth Rate (CAGR)
Figure 11 Industrial IoT Market by Industry Verticals and Growth Rate (CAGR)
Figure 12 Industrial IoT Market, by Region
Figure 13 Market Dynamics
Figure 14 Impact Assessment of Covid-19 on Industrial IoT Market (Market Size)
Figure 15 Global Industrial IoT Market Size, by Component, 2020-2027 ($Million)
Figure 16 Some of the Companies with their IoT Enabled PLM Solutions
Figure 17 Global Industrial IoT Market Size, by Application, 2018-2027 ($Million)
Figure 18 Global Industrial IoT Market Size, by Industry Vertical, 2018-2027 ($Million)
Figure 19 Ways by Which the Manufacturers Tend to Incorporate IoT
Figure 20 Application Description of IoT In Healthcare:
Figure 21 Global Industrial IoT Market Size, by Geography, 2019-2027 ($Million)
Figure 22 North America: Industrial IoT Market: Snapshot
Figure 23 Europe: Industrial IoT Market: Snapshot
Figure 24 Key Growth Strategies Adopted by Leading Players, 2016-2019
Figure 25 Industrial IoT: Competitive Benchmarking
Figure 26 Market Share Analysis: Industrial IoT Market, 2019
Figure 27 General Electric: Financial Overview (2017-2019)
Figure 28 IBM Corporation: Financial Overview (2017-2019)
Figure 29 PTC, Inc.: Financial Overview (2017-2019)
Figure 30 Microsoft Corporation: Financial Overview (2017-2019)
Figure 31 Cisco Systems Inc.: Financial Overview (2017-2019)
Figure 32 Robert Bosch: Financial Overview (2017-2019)
Figure 33 Dassault Systems: Financial Overview (2017-2019)
Figure 34 ABB Ltd.: Financial Overview (2017-2019)
Figure 35 Huawei Technologies Co. Ltd: Financial Overview (2017-2019)
Figure 36 KUKA AG: Financial Overview (2017-2019)
Figure 37 Rockwell Automation: Financial Overview (2017-2019)
Figure 38 Schneider Electric SE: Financial Overview (2017-2019)
Figure 39 Siemens AG: Financial Overview (2017-2019)
Figure 40 Intel Corporation: Financial Overview (2017-2019)

COVID-19

This report provides pre & post COVID-19 market estimates

Download sample here

The Industrial IoT (IIoT) market is expected to reach $263.4 billion by 2027, at a CAGR of 16.7% during the forecast period of 2020 to 2027. Extensive government support in encouraging digitalization across the industrial sector, rise in adoption of smart devices, and cloud computing platforms are some of the key factors attributing to the growth of the industrial IoT market. Also, factors such as use of IoT technology for predictive maintenance of industrial equipment and rising number of data centers assisting speedy management of data generated by the IoT enabled devices are anticipated to drive the growth of the market during forecast period.

Impact of COVID-19 on the Industrial IoT market

The COVID-19 pandemic has adversely hit many economies around the globe. The market for Internet of Things (IoT) technology in industrial sector has moderately been affected and as a result, Industrial IoT market is projected to witness slow recovery post COVID-19 pandemic. The combat measures including lockdowns and quarantine to fight COVID-19 has stopped various production processes across the industrial sector which led to decline in the adoption of IIoT to some extent. In addition, due to this pandemic, many manufacturers also faced supply chain issues that hampered the adoption of IIoT technology. Thus, less productivity, decline in adoption rate, and hampered production due to irregularity in delivery of resources had affected the market growth to some extent.

According to a recent survey of the National Association of Manufacturers (NAM), 80% of the manufacturers in the U.S., expect their businesses to get affected by the pandemic situation in 2020. This led to a slow growth to around 2% of the U.S. and global tech market in 2020. These figures briefly describe the impact of COVID on markets in developed countries. However, this global pandemic situation has been testing organizations with their ability to sustain in the long race. Furthermore, investments, funding, partnerships, altruistic engagements, and collaborations in this market are expected to generate better growth opportunities for the market with high growth rate in coming years.

Extensive government support to fuel the growth of the IIoT market

Several governments worldwide are focusing on strengthening companies’ capacity for change and competitiveness to cope up with the ‘industry 4.0’ revolution. Moreover, governments’ interest in enhancing resource efficiency for sustainable production is benefiting the industrial IoT solution providers as enterprises tend to adopt smart technology for enhancing their productivity. Thus, the IoT has vast implications for government bodies as billions of physical devices are expected to join the global network till 2025.

The U.S. federal government’s “Manufacturing USA” initiative has created a network of several manufacturing innovation institutes around the country, namely America Makes, ARM (Advanced Robotics Manufacturing), and CESMII (Clean Energy Smart Manufacturing Innovation Institute), among others. This initiative is focused on a collaboration of several academic institutes, manufacturing industry, and government to stimulate, contribute, and share rewards, by enhancing research and development in the manufacturing industry. This encouraged the stakeholders from the U.S. manufacturing industry to adopt industrial IoT based solutions extensively, proving to be one of the driving factors of the market.

Moreover, the government project of the Badious Navigation Satellite System (BDS), the Gaofen faraway sensing satellites, and 5G networks enabled China to undertake precision agriculture technologies. In addition, the Japanese Central Government has made policy modifications to facilitate research and product development. Thus, the support provided by the government to enhance industrial output is influencing the growth of the market to a considerable extent.

Key Findings in the Global IIoT Market Study:

IIoT solutions segment is estimated to dominate the overall industrial IoT market in 2020

Based on component, the solutions segment is estimated to command the largest share of the overall industrial IoT market in 2020. The growing need for improving efficiency, reducing costs, and increasing Overall Equipment Effectiveness (OEE) as well as growing focus on digital transformation of industries are raising the adoption of industrial IoT solutions. Also, the incorporation of IoT based solutions for reducing the need for human intervention resulting in a more automated control performance has become inevitable for majority of organizations wanting to achieve better productivity and management of processes and assets. As the industries are witnessing optimized results with the incorporation of industrial IoT solutions, this segment is also expected to dominate the market in coming years with the highest CAGR.

Predictive maintenance to witness the largest demand through 2027

Based on application, the predictive maintenance segment is estimated to command the largest share of the overall industrial IoT market in 2020. This is primarily attributed to the extensive incorporation of IoT solutions for managing the industrial breakdowns and unplanned downtimes that prove expensive for businesses. Moreover, IoT solutions adopted for predictive maintenance present advanced analytical capability with newer technologies such as big data analytics and machine learning that allows professionals to analyze equipment performance in varied work conditions and predict scenarios of failure. The segment is also projected to witness high growth rate in coming years, owing to the shift of organizations to digitally-driven asset management approaches.

Manufacturing industry to command the largest share of the overall industrial IoT market in 2020

Based on industry vertical, the manufacturing industry is estimated to command the largest share of the overall industrial IoT market in 2020. This is primarily attributed to the support gained from government to digitalize the industrial operations and seek sustainable production. Moreover, the provision of customized solutions for managing distinct processes in the manufacturing industry by the solution providers is further triggering the adoption rate of IIoT solutions in the industry. However, the healthcare segment is expected to grow with the fastest CAGR during forecast period.

Asia-Pacific: The fastest-growing regional market

The Asia Pacific region is estimated to command the largest share of the global industrial IoT market in 2020, followed by North America, Europe, Latin America, and the Middle East and Africa. Moreover, Asia-Pacific region is also expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly driven by the increasing adoption of automation and advanced technologies across a wide range of industries in countries such as China and Japan to counter the rising labor costs. In addition, the rising government initiatives for adoption of connected devices across the region and investments by major IIoT companies are supporting the growth of the IIoT market in the region.

Key Players

The report includes competitive landscape based on the extensive assessment of the key strategic developments adopted by the leading market participants in the industrial IoT industry over last four years (2017-2020). The key players profiled in the global industrial IoT market are General Electric Digital (U.S.), IBM Corporation (U.S.), PTC, Inc. (U.S.), Microsoft Corporation (U.S.), Cisco Systems, Inc. (U.S.), Robert Bosch GmbH (Germany), Dassault Systemes (France), ABB Ltd. (Switzerland), Huawei Technologies Co. Ltd (China), Kuka AG (Germany), Rockwell Automation Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), and Intel Corporation (U.S.), among others.

Scope of the report:

Industrial IoT Market, by Component                              

  • Solutions
    • Industrial Automation and Control Systems
    • Product Lifecycle Management
    • Network Components
    • Sensors and Actuators
    • Data Management and Analytics
    • Others          
  • Services
    • Professional Services
    • Managed Services
  • Connectivity
    • Wired Technologies
    • Wireless Technologies

Industrial IoT Market, by Application                    

  • Smart Robotics
  • Predictive Maintenance
  • Plant Maintenance
  • Remote Monitoring
  • Asset and Resource Optimization
  • Logistics and Supply chain Optimization
  • Inventory Management
  • Production Flow Management

Industrial IoT Market, by Industry Vertical              

  • Aerospace & Defense
  • Automotive
  • Agriculture
  • Energy & Utilities
  • Healthcare
  • Manufacturing
  • Transportation
  • Oil & Gas
  • Retail
  • Others          

Industrial IoT Market, by Geography

  • North America
    • U. S.
    • Canada
  • Europe
    • Germany
    • U. K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Latin America
  • Middle East and Africa

Key questions answered in the report:

The size for industrial IoT market in 2019 was $79.21 billion and is projected to reach a size of $263.4 billion by 2027, growing with a growth rate of 16.7% during the period from 2020-2027.
At present, the solution segment is estimated to emerge as the largest segment in the overall IoT market in 2020. IoT solution segment is also expected to grow with the fastest growth over the coming years owing to the significant investment done by industries to incorporate IoT in existing set-ups.
Manufacturing segment is estimated to emerge as the most dominating end-use vertical in industrial IIoT market in 2020, due to the considerable penetration of IoT for manufacturing process. However, real-time data generation and monitoring has helped healthcare segment to grow with the fastest growth rate over the coming years.
Government encouragement for industrial automation, rise in adoption of industrial IoT devices by SMEs, and rapid incorporation of cloud computing platforms are some of the key drivers of the industrial IIoT market. Besides, the growing use of industrial IoT for predictive maintenance and rising number of data centers are offering considerable growth opportunities for industrial IoT market players.
General Electric Digital (U.S.), IBM Corporation (U.S.), PTC, Inc. (U.S.), Microsoft Corporation (U.S.), Cisco Systems, Inc. (U.S.), Robert Bosch GmbH (Germany), Dassault Systemes (France), ABB Ltd. (Switzerland), Huawei Technologies Co. Ltd (China), Kuka AG (Germany), Rockwell Automation Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), and Intel Corporation (U.S.) are some of the several major players operating in the global industrial IoT market.
The overall industrial IIoT market is dominated by Asia Pacific region and the region is also expected to grow with the fastest growth rate over the coming years, owing to infrastructure development and rapid incorporation of disruptive technologies in countries such as China and India.
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Tags: Internet of Things
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