Industrial Internet of Things Market by End-users (Agriculture, Logistics & Transport, Energy & Power, Manufacturing, Oil & Gas, Healthcare, and Others) and Components (Platforms [Application Management, Connectivity Management, and Device Management], Services [Managed and Professional], and Solution [Security Solutions, Data Management, Remote Monitoring, Analytics, and Others]), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global industrial internet of things market size was valued at USD 216.1 billion in 2020 and is projected to reach USD 1,110 billion by 2028, expanding at a CAGR of 22.6 % during the forecast period, 2021–2028. The growth of the market is attributed to the technological advancements and the easing availability of affordable processors and sensors.

The Industrial Internet of Things (IIoT) is a subset of the Internet of Things technology. It is made up of interconnected devices, such as instruments and sensors that are linked with the computer networks to serve the applications. By using cloud computing, the applications comprise of significant trends in the automation industry. A huge amount of data is gathered and then transferred to a central cloud-based service, where it is integrated with other data before being shared with end-users. The impact of COVID-19 has been positive on the IIoT market due to adoption for remote working and automation in processes, which helps businesses to look forward and build resilience to ensure growth in the post COVID era.

Market Trends, Drivers, Restraints, and Opportunities

• Rising awareness and adoption for smart city initiatives is expected to boost the market growth of IIoT technology and its services in the coming years.
• Connected solutions, which offers competitive edge and ability to sustain in the market is one of the key factors driving the market growth.
• Issues concerning to cyber-attacks and data breach presents a major restraining factor, which is anticipated to hamper the market expansion during the projected period.
• Incompatibility of legacy equipment with communication networks is likely to hinder the market growth during the forecast period.
• Rising adoption for technology, such as artificial intelligence and Internet of Things (IoT) in the manufacturing sector is projected to create a significant growth opportunity for the market in the near future.

Scope of the Report

The report on the global industrial internet of things market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Manufacturing segment is expected to grow at a rapid pace

Based on end-users, the global industrial internet of things market is divided into agriculture, logistics & transport, energy & power, manufacturing, oil & gas, healthcare, and others. The manufacturing segment is expected to grow at a rapid pace during the forecast period attributed to aggressive adoption for digital manufacturing technologies where IIoT plays a significant role in such technological advancements. However, the logistics & transport segment is anticipated to hold a key share of the market in the coming years due to the strong emphasis by companies on enhancing asset management and subsequently for the adoption of smart transportation.

Innovative information systems to drive solutions segment growth

On the basis of components, the market is segregated into platforms, services, and solutions. The platforms segment is further segregated into application management, connectivity management, and device management. The services segment is further bifurcated into managed and professional, while the solutions segment consists of security solutions, data management, remote monitoring, analytics, and others. The solutions segment is projected to expand at a considerable CAGR during the forecast period owing to introduction of innovative information systems for various industries and industry verticals. On the other hand, the services segment is anticipated to account for a major market share during the forecast period due to a significant rise in numerous connected devices, which helps in generating large volumes of data.

North America is anticipated to constitute a key market share

In terms of regions, the global industrial internet of things market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the early adoption of IIoT, which gradually emerged as a hub of innovation for the region. However, Asia Pacific market is anticipated to expand at a rapid pace during the forecast period attributed to the strong adoption of advanced factory automation solutions across several regions.

Segments

The global industrial internet of things market has been segmented on the basis of

End-users

• Agriculture
• Logistics & Transport
• Energy & Power
• Manufacturing
• Oil & Gas
• Healthcare
• Others

Components

• Platforms
  • Application Management
  • Connectivity Management
  • Device Management
• Services
  • Managed
  • Professional
• Solutions
  • Security Solutions
  • Data Management
  • Remote Monitoring
  • Analytics
  • Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Siemens AG
• ABB
• General Electric Company (GE)
• Intel Corp.
• Rockwell Automation, Inc.
• IBM Corp.

Competitive Landscape

Key players competing in the global industrial internet of things market are Siemens AG; ABB; General Electric Company (GE); Intel Corp.; Rockwell Automation, Inc.; and IBM Corp. Some of these players are actively engaged in various market development strategies, such as capacity expansion, new product launches, acquisition, partnership, collaboration, and mergers to increase their market share. For instance, in November 2018, General Electric Company (GE) introduced a new offering, Predix Edge, which targets at streamlining edge-to-cloud computing and helping businesses in moving securely and efficiently from trial to production.