Redding, California, Aug. 24, 2023 (GLOBE NEWSWIRE) -- According to a new market 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), and Geography - Forecasts to 2030’, the Europe industrial IoT market is projected to reach $86.22 billion by 2030, at a CAGR of 17.5% from 2023 to 2030.
Industrial IoT (IIoT) refers to sensors, instruments, machines, and other devices networked via industrial management and/or business intelligence (BI) applications. IIoT is the connectivity between systems, machines, and people in the manufacturing world that benefits various sectors, including healthcare, public utilities, retail, logistics, and others. IIoT increasingly occupies more space in industrial environments, improving operations, resource utilization, inventory management, and more through sensors and smart machinery.
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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.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (hardware (network components, sensors & actuators, and others), platforms, services (professional & managed), and connectivity), industry verticals (agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and others) and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).
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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. However, the platforms segment is slated to record the highest CAGR during the forecasted period. Industrial IoT platforms are tools for improving connectivity, control, and data analysis in industrial environments. Industrial IoT platforms offer avenues to coordinate connected devices and processes. They assist in developing applications for unique improvements and challenges. The rising adoption of industrial IoT platforms by different industry verticals to improve operational efficiency, along with the increasing need for superior monitoring technologies, is driving the growth of this segment.
In addition, the rising focus of companies on product launches and enhancement is expected to create opportunities for segment growth. For instance, in October 2021, Nokia Corporation (Finland) launched a mission-critical industrial edge solution to accelerate the enterprise journey to Industry 4.0. This solution is designed to meet asset-intensive industries' mission-critical digital transformation needs, such as manufacturing, energy, and transportation.
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.
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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.
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.
Some of 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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Scope of the Report:
Europe Industrial IoT Market, by Component
- Hardware
- Network Components
- Sensors & Actuators
- Others
- Platform
- Services
- Professional Services
- Managed Services
- Connectivity
Europe Industrial IoT Market, by Industry Vertical
- Agriculture
- Precision Farming
- Livestock Monitoring
- Smart Greenhouse
- Fish Farming
- Smart Irrigation
- Manufacturing
- Surveillance & Safety
- Quality Management
- Resource Optimization
- Inventory & Warehouse Management
- Machine Inspection & Maintenance
- Production Planning
- Energy Management
- Smart Robotics
- Retail
- Operations Management
- Asset Management
- Customer Experience Management
- Energy & Utility
- Predictive Maintenance
- Remote Monitoring
- Worker Safety & Security
- Distribution Management
- Asset Management
- Oil & Gas
- Predictive Maintenance
- Remote Monitoring
- Worker Safety & Security
- Distribution Management
- Asset Management
- Aerospace/Airline
- Performance Management
- Energy Management
- Predictive Maintenance
- Passenger Experience Management
- Transportation & Logistics
- Smart Ticketing & Toll
- Parking Management
- Traffic Management
- Passenger Information
- Freight Information
- Telematics
- Others
- Telecom
- Asset Management
- Remote Monitoring
- Others
- Other Industry Verticals
Europe Industrial IoT Market, by Country/Region
- Germany
- U.K.
- France
- Italy
- Spain
- Poland
- Netherlands
- Rest of Europe
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