Industrial IoT Market Size US $751.3 Mn by 2023 at 23.88% CAGR | IIoT Market Forecast by Components, Deployment, Connectivity, End-User

Global Industrial Internet of Things Market, By Component (Hardware, Solution & Service), By Deployment (On-Cloud, On-Premise), By Connectivity (Wired and Wireless), By End-User (IT & Telecom, Manufacturing, Healthcare, Retail, Oil &Gas, Automotive and Others) - Forecast 2023


Pune, India, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Market Research Future’s in-depth market study on The global market for industrial internet of things (IIoT) likely to surpass a valuation of USD 700 Mn toward the end of 2023. Increasing popularity of cloud computing applications in various industrial verticals coupled with growing trends of automation in the manufacturing sector creating a broader market space for Industrial IoT.

Industrial IoT Market Overview

The technological wave of the industrial internet of things (IIoT) has redefined industries such as media, retail, and financial services and has the potential to alter other industrial sectors. The global industrial internet of things market is projected to spur at rapid pace and attain USD 751.3 Million by the end of the forecast period (2017-2023), reveals Market Research Future (MRFR) in its latest report. Rising adoption of cloud computing in the industrial sector and heavy automation and industrialization are factors which are likely to help the market achieve a promising growth rate over the forecast period.

Vastly improved operational efficiency such as improved uptime, smooth production flow, and asset utilization are advantages of IIoT alluring various industrial verticals. As cloud computing gain traction in in industrial verticals, enterprises have been able to transform user experience by making it more user-friendly through superior user access in the e-commerce sector. IIoT is proliferating, as various industries are weaving IIoT in their businesses to modernize manufacturing process and improve visibility and increase productivity. For instance, implementation of IIoT in the transportation and logistics sector can introduce transparency, making it easy for their clients and partners. Services such as inbound and outbound transportation management, supply and demand planning, third-party logistics (TPL) management, order fulfillment, and others can be fulfilled at top speed. It provides access to real-time information and facilitates tracking as materials move through the supply chain and also helps in the prediction of issues.

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IIoT has been pivotal in transforming the conventional factories into smart ones.  The emergence of smart factories has presented lucrative growth opportunities to the global Industrial IoT market. Factory automation enables creation of intelligent decision-making environment of connected devices with autonomous and analytical capabilities. Improved quality control, better inventory tracking, and precise demand prediction is achieved through implementation of IIoT in smart factories which are encouraging manufacturers to adopt IIoT.

Competitive Landscape

The global industrial internet of things market is highly competitive,and the notable players in the market include General Electric Company (U.S.), Rockwell Automation, Inc. (U.S.), Huawei Technologies Co. Ltd (China), Siemens AG (Germany),  Intel Corporation (U.S.), Cisco Systems (U.S.), Accenture Plc (Ireland), Robert Bosch GmbH (Germany), and IBM Corporation (U.S.).

Market Segmentation: Insights

The global Industrial IoT Market has been segmented based on component, deployment, connectivity,and end-user. By component, the market has been segmented into hardware, software, and services. The hardware segment is further sub-segmented into industrial robotics, flow and application control devices, distributed control system, camera systems, sensors & RFID, 3D printing, smart meters, and others. Similarly, the software segment has been further sub-segmented into distribution management system (DMS), supervisory control and data acquisition (SCADA) system, retail management software, product lifecycle management (PLM) system, manufacturing execution system (MES), and others. The service segment has been further segmented into managed and professional. Currently, demand for hardware based IIoT solution is relatively higher. During the assessment period, the hardware segment is set to soar at 23.04% CAGR. The increased installation of hardware systems  supporting Industrial IoT infrastructure is likely to reflect favorably on the IIoT software segment. By deployment, the market has been segmented into on-premise, on-cloud, and hybrid. The on-cloud segment is expected to remain highly profitable and is projected to increase at a strong CAGR during the review period. In the near future a host of opportunities is expected to arise for the hybrid segment, which will characterize the segment’s growth over 2023. By connectivity, the market has been segmented into wired and wireless. Among these, the wired segment is currently valued at over USD 120 Bn and accounts for a relatively larger market share. However, the cutting-edge features of wireless IIoT connectivity is likely to support the growth of the wireless segment in the foreseeable years. The wireless segment is expected to witness a CAGR of 26.12% betwenn 2017 and 2023. By end user, the market has been segmented into oil & gas, energy & power, manufacture, automotive, retail, healthcare, IT & telecommunication, and others. The manufacturing segment is expected maintain its dominance throughout the forecast period. By 2023, the segment is expected to surpass a market valuation of USD 200 Bn.

APAC at the Forefront of the Global Industrial Internet of Things Market

The key regions covered in the global industrial internet of things market include North America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific is dominating the global market owing to rapid digitization and automation. Rapidly developing economies such as China are investing massively in the research & development of automation of industrial operations and has implemented IoT in various industries. Japan is also a key contributorto the Asia Pacific market. North America, led by the U.S is the second largest market for IIoT. The market in the region is exhibiting rapid growth on account of the early adoption of latest technologies and extensive implementation of IIoT in its industries. In 2017, the market in the U.S. alone generated revenue of more than USD 43 Bn.

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Industry News

German engineering giant Siemens has reportedly acquired Mendix, a low-code software platform headquartered in United States. The deal saw a transaction of US$ 730 million from Siemens. The move is in line with Simens’s new company structure known as Vision 2020+, which will also focus on strengthening its IIoT capabilities.

Harting, a technology company based in Germany has reportedly launched three new starter kits that will facilitate a smoother implementation of Industrial Internet of Things (IIoT) solutions.

Related Reports

Global IoT Market, By Software (Data Management, Network Management), By Hardware (Sensors, camera), By Services (Manage Services, Professional Services), By Organization Type (Small & Medium Scale Business, Large Scale Business) - Forecast 2022. The global Internet of Things market is expected to grow with a CAGR of ~ 19.75%, and is expected to grow US ~ 2488 Billion by the end of 2022.

Global IOT Operating Systems Market, Services (Professional, Managed), Organization Size (SMES, Large Enterprise), Verticals (IT, Manufacturing), OS Type (Windows 10 IOT, VxWORKS), Application (Digital Signage, Smart Buildings) - Forecast Till 2023.

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