London, Dec. 07, 2020 (GLOBE NEWSWIRE) -- The industrial IoT (IIoT) has been rapidly adopted across several industry verticals, including manufacturing, logistics, oil & gas, transportation, energy/utilities, mining and metals, aviation, and other industrial sectors. The technology provides ample opportunities to incorporate automation, optimization, intelligent manufacturing and smart industry, asset performance management, maintenance, and industrial control applications across organizations.
It is also driving organizations towards implementing on-demand service models, focusing on innovative ways of servicing customers, and creating new revenue models to achieve the mature goal of industrial digital transformation. The IIoT market is primarily driven by the increasing usage of cloud computing platforms, consistent technological advancements in semiconductor and electronic devices, and widespread support from various governments for carrying out R&D activities related to IIoT. Moreover, the increasing adoption of industrial IoT for predictive maintenance and the rising number of data centers are expected to provide significant growth opportunities for industrial IoT providers over the forecast period.
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Meticulous Research® in its latest publication, titled “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” states that 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.
The growing trend of industry 4.0 in the industrial sector across the globe has enabled IIoT to become an integral part of the business process, where data is a key asset, and analytics is a necessity in the connected sphere of products. Moreover, the IIoT can help gather new information, offer insights into business-critical processes, and act upon issues in real-time while proving to be extremely valuable for the industrial marketplace. Thus, the IIoT is widely used in automation, optimization, and achievement of tactical or strategic goals in the competitive industrial sector.
The solutions segment accounted for the largest share in the industrial IoT market in 2020 and is also estimated to continue its dominance over the forecast period. Rising investments for IIoT-enabled projects that have led to the extensive adoption of various components, services, and connectivity modules are a key driving factor for the IIoT solutions’ dominance over the market. Also, the solutions segment is expected to witness a high growth rate during the forecast period owing to the 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.
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Based on application, the IIoT market is mainly segmented into smart robotics, predictive maintenance, plant maintenance, remote monitoring, asset & resource optimization/management, logistics & supply chain optimization, inventory management, and production flow management. In 2020, the predictive maintenance segment accounted for the largest share of the overall IIoT market owing to the wide adoption of the IIoT for reducing unplanned downtimes occurring in manufacturing units. Further, growing awareness regarding the use of the IIoT for predictive maintenance is expected to drive the market during the forecast period. However, the smart robotics segment is expected to record the fastest growth rate throughout the forecast period. The rapid growth of the smart robotics segment is attributed to factors such as the lack of skilled labor, organizations’ changing strategies to reduce dependencies, and the demand for high production rates with optimum product quality. Besides, the advent of industry 4.0 is also fuelling the rapid growth of the smart robotics segment.
Based on industry vertical, the IIoT market is segmented into automotive, aerospace & defence, energy & utilities, healthcare, transportation, agriculture, manufacturing, oil & gas, retail, and others. In 2020, the manufacturing segment accounted for the largest share of the overall IIoT market owing to the extensive adoption of the IIoT for manufacturing operations, production asset management, and maintenance and field services. However, the healthcare segment is expected to witness a high CAGR during the forecast period owing to the hospitals’ shifting focus toward patient diagnosis and treatment based on data-driven insights, as this approach showed positive results in COVID-19 cases.
Geographically, the global industrial IoT market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. Asia-Pacific accounted for the largest share of the global industrial IoT market in 2020, followed by North America and Europe. The largest share of Asia-Pacific region is mainly attributed to the rising investments in R&D activities, growing population, and the increasing focus of international and domestic IT companies on big data analytics and cloud-based services. The Asia-Pacific market is also projected to record the highest CAGR during the forecast period. This growth is attributed to the growing government support for enhancing digital transformation in the industrial sector and a rising number of start-ups offering innovative IIoT solutions and services to end-use industries.
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The global industrial IoT market is fragmented in nature and is characterized by the presence of several companies competing for higher market shares. Some of the leading companies in the IIoT market are from the core technology background. These include IBM Corporation (U.S.), Microsoft Corporation (U.S.), PTC, Inc. (U.S.), CISCO Systems Inc. (U.S.), and Intel Corporation (U.S.). These companies lead the market owing to their strong brand recognition, diverse product portfolio, strong distribution & sales networks, and strong organic & inorganic growth strategies.
The key players operating in the global industrial IoT market are General Electric Digital (U.S.), IBM Corporations (U.S.), PTC, Inc. (U.S.), Microsoft Corporations (U.S.), Cisco Systems, Inc. (U.S.), Robert Bosch GmbH (Germany), Dassault Systems (France), ABB Ltd. (Switzerland), Intel Corporation (U.S.), Rockwell Automation (U.S.), KUKA AG (Germany), Schneider Electric SE (France), Siemens AG (Germany), and Huawei Technologies Ltd. (China) among others. These companies lead the market owing to their strong brand recognition, diverse product baskets, wide distribution and sales networks, and effective organic and inorganic growth strategies. In addition to this, a strong geographic presence and several strategic acquisitions and partnerships over the years have also helped them maintain their leadership positions in the market.
The overall market also includes several small and medium-scale IIoT providers. These local companies pose serious competition to the bigger brands in terms of price and local distribution networks. However, such promising small and medium-scale companies and start-up are mostly acquired by the key industry players as part of their inorganic growth strategies. Thus, the dominance of the large international players has remained unchallenged in specific geographic regions. At present, almost every major company is focused on bringing its manufacturing spree back on track after the sudden negative impact of the global COVID-19 pandemic.
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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
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