Redding, California, June 16, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Industrial IoT Market by Component (Hardware, Platform, Services, and Connectivity), Industry Verticals (Agriculture, Manufacturing, Energy & Utility, Oil & Gas, Aerospace, Retail, and Others) and Geography—Global Forecasts to 2029’, the global Industrial IoT market is expected to grow at a CAGR of 16% from 2022–2029 to reach $276.79 billion by 2029.
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The growth of this market is attributed to factors such as rising investment toward Industry 4.0, the proliferation of IoT devices, government initiatives & investments to promote industrial automation, high productivity, and efficiency requirement. Additionally, an increase in the number of data centers and industrial IoT for predictive maintenance are expected to offer lucrative opportunities for the growth of this market. However, the lack of standardization and high capital & operating expense can obstruct the market growth.
Impact of COVID-19 on the Industrial IoT Market
The impact of the COVID-19 pandemic on the industrial IoT sector has been significant: supply chain disruptions, issues with shipping & distribution, and staffing challenges. According to a recent survey from Gartner, Inc., despite the disruptive impacts of COVID-19, almost 47% of organizations plan to increase their investments in the Internet of Things (IoT). The COVID-19 pandemic has illustrated the significance of IoT, with many industries accelerating their IoT deployments. IoT investment reached a prominent level of maturity across several organizations, with businesses planning to invest the greatest proportion of their IT budgets on IoT projects over the next three years. Such investment would overtake other Industry 4.0 technologies, such as cloud computing, big data analytics, next-generation security, and robotics.
COVID-19 influenced business operations globally, adopting technology to sustain business operations. With the increased need for data analytics & insights, manufacturing is becoming “smarter” through technology and connected devices. Thus, despite an adverse impact on IoT adoption in industries in the short term, the pandemic is expected to result in the accelerated growth of industrial IoT in the long run.
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The global Industrial IoT market is segmented based on component (hardware (network components, sensors & actuators, and others), platform, services (professional & managed), and connectivity), industry verticals (agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and others) and geography. The study also evaluates industry competitors and analyses the market at country levels.
Based on component, the market is segmented into hardware, platform, services, and connectivity. In 2022, the hardware segment is expected to account for the largest market share of the Industrial IoT market. However, the platform segment is expected to grow with the highest CAGR during the forecast period. The rising adoption of industrial IoT platforms by the various industry verticals to improve operational efficiency, along with the growing need for superior monitoring technologies, is driving the growth of the industrial IoT market.
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Based on industry vertical, the market is segmented into agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and other industry verticals. In 2022, the manufacturing segment is expected to account for the largest market share of the Industrial IoT market and is expected to grow with the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the growing need for centralized monitoring and predictive maintenance of assets, increasing smart factories, the advent of Industry 4.0, and the increasing adoption of autonomous robots for industrial automation. With the number of networked sensors increasing across production, supply chain, and products, manufacturers are entering a new generation of systems that enable automatic and real-time interactions among machines, systems, assets, and things. The pervasiveness of connected devices is finding applicability across multiple segments of the manufacturing and supply chain throughout the global value chain.
Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest market share of the global Industrial IoT market. The manufacturing sector in Asia-Pacific contributes significantly to the economy and is also undergoing a rapid transformation. The growing adoption of disruptive technologies such as AI, machine learning, and IoT drives cloud adoption across the region, accelerating the demand for cloud-based smart manufacturing solutions. The growth of the Asia-Pacific market is attributed to the rising demand for automation, the increasing adoption of industrial robots, the advent of Industry 4.0, the growing adoption of cloud-based smart manufacturing solutions, and the presence of prominent key players in the region.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years (2019–2022).
The global Industrial IoT market is consolidated and dominated by a few major players, namely ABB Ltd. (Switzerland), The 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 SE (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:
Industrial IoT Market, by Component
- Hardware
- Network Components
- Sensors & Actuators
- Others
- Platform
- Services
- Professional Services
- Managed Services
- Connectivity
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
Industrial IoT Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Poland
- Netherlands
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
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