Industrial Internet Of Things Industry Overview
The global industrial internet of things market size was valued at USD 216.13 billion in 2020 and is expected to reach USD 1.11 trillion by 2028, registering a CAGR of 22.8% from 2021 to 2028.
The aggressive rate of IIoT adoption in line with the advances in technology and the easing availability of affordable sensors and processors, which can facilitate real-time access to information, is expected to drive the growth of the industrial internet of things (IIoT) market over the forecast period. The ever-increasing need to augment operational competence tied with solid cooperation among the key market players to deliver the same is anticipated to drive the market expansion. Also, the strategies being drafted to establish a unified digital-human workforce are expected to open substantial growth opportunities.
Gather more insights about the market drivers, restrains and growth of the Global Industrial Internet Of Things market
Industrial IoT can potentially help companies in ensuring the safety of their workforce, reducing operating expenses, and increasing throughput. Companies are gradually establishing new product and service hybrids to strengthen their position and create fresh income streams by shifting from selling solutions to delivering assessable outcomes. IoT is particularly playing a vital role in ensuring easy access to machines and devices. Favorable initiatives pursued by various governments and aggressive efforts being undertaken by companies, such as General Electric; Cisco Systems Inc.; and Huawei Technologies Co. Ltd. for IIoT deployment are anticipated to fuel industry growth over the forecast period.
The increasing number of connected gadgets is anticipated to create fresh opportunities for new businesses possessing expertise in progressive Artificial Intelligence (AI) algorithms to develop state-of-the-art solutions that can potentially address the issues associated with the technology. IIoT deployment is typically gaining traction in application areas, such as asset management, remote servicing, operational intelligence, predictive maintenance, and remote monitoring. Further, the technology is helping the companies use advanced analytics and techniques like AI and Machine Learning (ML), to support predictive and prescriptive analytical solutions, thereby paving opportunistic ways for the industry.
Remote working policies being adopted in the wake of the outbreak of the COVID-19 pandemic have triggered the demand for transparency in operations. At this juncture, smart connected solutions are expected to play a crucial role in gaining operational visibility at an organizational level. Along with businesses are adapting to remote working and automating their processes accordingly, the businesses are also looking forward to building resilience to ensure growth in the post-COVID era. Hence, they are focusing on IIoT adoption to entice customers, enhance customer experience, and strengthen brand awareness. All such initiatives bode well for the growth of the industrial IoT market over the forecast period.
Industrial Internet Of Things Market Segmentation
Based on the Component Insights, the market is segmented into Solution, Services and Platform.
- The solution segment dominated the market in 2020 and accounted for over 50% of the total revenue share. The segment is expected to continue leading over the forecast period.
- The services segment is expected to exhibit the highest CAGR of more than 23.0% from 2021 to 2028.
Based on the End-use Insights, the market is segmented into Manufacturing, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Agriculture and Others.
- The manufacturing segment is expected to dominate the market over the forecast period, and account for nearly 30% of the revenue share by 2028.
- The logistics and transport segment is projected to register the highest CAGR of more than 26% from 2021 to 2028. The growth can primarily be attributed to the strong emphasis logistics and transportation companies are putting on enhancing asset management and subsequently on the adoption of smart transportation.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global IIoT market in 2020 with a revenue share of more than 30%. North America is home to several established market players.
- Asia Pacific is anticipated to emerge as the fastest-growing regional market and register a CAGR of more than 26% from 2021 to 2028.
Market Share Insights:
- June 2019: SwitchOn, an AI-powered IIoT platform developed by The Abee Research Labs Pvt. Ltd. of India, secured USD 1 million from venture capitalist pi Ventures.
- November 2018: General Electric Company (GE) launched a new offering, Predix Edge, which is aimed at streamlining edge-to-cloud computing and helping businesses in moving efficiently and securely from trial to production.
Key Companies Profile:
The key market participants are expected to focus on cost reduction, thereby making it challenging for new entrants to make a foray into the market.
Some prominent players in the global Industrial Internet Of Things market include
- ABB
- General Electric Company (GE)
- IBM Corporation
- Intel Corporation
- Rockwell Automation, Inc.
- Siemens AG
- Microsoft Corporation
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