Manufacturing held the greatest market share and is expected to lead the market over the forecast period. With the introduction of Industry 4.0, IIoT is gaining popularity in both discrete and process manufacturing because it provides numerous opportunities to optimize operations, decrease downtime, increase efficiency, and aid in making data-driven decisions, which increases profit margins and lowers costs with quick returns on IoT adoption. Furthermore, industrial industries are rapidly implementing digital manufacturing technologies, and IoT adoption plays a key role in these advanced technologies, which is likely to drive market growth.
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Data Bridge Market Research analyses that the Industrial IoT Market was valued at USD 2.50 billion in 2021 and is expected to reach USD 5.40 billion by 2029, registering a CAGR of 10.10% during the forecast period of 2022 to 2029. The rising availability of low-cost processors and sensors that may enable real-time access to information, as well as technological developments, are projected to drive growth. Furthermore, the growing requirement to improve operational competence, as well as significant collaboration among major competitors, is supporting market expansion.
Growing adoption of advanced technologies is expected to drive the market's growth rate
Technology is enabling organizations to leverage advanced analytics and methodologies such as machine learning (ML) and artificial intelligence (AI) to create prescriptive and predictive analytical solutions, allowing the sector to capitalize on new opportunities. The continuous learning process associated with ML and AI, which is free of interruptions and outages, makes it a more sought-after technology in the IIoT market, propelling market expansion over the projection period.
Given its next-generation features, such as the capacity to provide IoT device independence for analysis and data management, the industrial IoT is increasingly adopting edge computing.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014- 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Technology (Sensors, Industrial Robotics, Cameras, Distributed Control System, GPS/GNSS, Networking Technology, RFID, Interface Board, Condition Monitoring, Yield Monitoring, Smart Meters, Smart Beacon, Flow & Application, Control Device, Guidance & Steering, and Electronic Shelf Label), Application (SCADA, MES, PLM, Distribution Management System, Transit Management System, Outage Management System, Visualization Software, Remote Patient Monitoring, Retail Management Software, Farm Management System And Others), Connectivity (Wired, Wireless And Hybrid), End Use (Manufacturing, Transportation & Logistics, Energy, Oil & Gas, Metal & Mining, Healthcare, Retail, Agriculture, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Cisco Systems, Inc. (U.S.), Siemens. (Germany), General Electric (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), PTC (U.S.), Honeywell International Inc. (U.S.), NEC Corporation (Japan), Rockwell Automation Inc. (U.S.), ABB (Switzerland), SAP SE (Germany), Texas Instruments Incorporated (U.S.), Robert Bosch GmbH (Japan), Emerson Electric Co. (U.S.), Microsoft (U.S.), KUKA AG (Germany), Sigfox Network Limited (France), Wipro (India), Arm Limited (U.K.) and Huawei Technologies Co., Ltd. (China)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand
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Segment Analysis:
The global industrial internet of things (IoT) market is segmented into four notable segments: technology, application, connectivity, and end-use.
- Based on technology, the market is segmented into sensors, industrial robotics, cameras, distributed control system, GPS/GNSS, networking technology, RFID, interface board, condition monitoring, yield monitoring, smart meters, smart beacon, flow and application control device, guidance and steering and electronic shelf label. Sensor segment is expected to dominate the global industrial internet of things (IoT) market and is expected to reach USD 130,788.05 million by 2030 as they provide primary data from the machinery components.
- Based on application, the market is segmented into SCADA, M.E.S., P.L.M., distribution management system, transit management system, outage management system, visualization software, remote patient monitoring, retail management software, farm management system, and others. SCADA segment is expected to dominate the global industrial internet of things (IoT) market and is expected to reach USD 151,659.30 million by 2030 due to the increased need for automated equipment to analyze the critical design and machining-based processes.
- Based on connectivity, the market is segmented into wired, wireless, and hybrid. Wired segment is expected to dominate the global industrial internet of things (IoT) market and is expected to reach USD 273,111.03 million by 2030 due to reliability and better connectivity options.
The wired segment will dominate the connectivity segment of the industrial IoT market
The wired segment will emerge as the dominating segment under connectivity. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the semiconductors and electronics industry all around the globe will further bolster the growth of this segment.
- On the basis of end-use, the market is segmented into manufacturing, transportation and logistics, energy, oil and gas, metal and mining, healthcare, retail, agriculture, and others. Manufacturing segment is expected to dominate the global industrial internet of things (IoT) market and is expected to reach USD 188,550.02 million by 2030 because of the growing demand for automation, data analytics and actionable knowledge in the manufacturing industry.
The manufacturing segment will dominate the end-use segment of the industrial IoT market
The manufacturing segment will emerge as the dominating segment end-use segment. This is because of the growing number of manufacturing industries in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.
Major Players
Data Bridge Market Research recognizes the folowing companies as the major market players: Cisco Systems, Inc. (U.S.), Siemens. (Germany), General Electric (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), PTC (U.S.), Honeywell International Inc. (U.S.), NEC Corporation (Japan), Rockwell Automation Inc. (U.S.), ABB (Switzerland), SAP SE (Germany), Texas Instruments Incorporated (U.S.), Robert Bosch GmbH (Japan), Emerson Electric Co. (U.S.), Microsoft (U.S.), KUKA AG (Germany), Sigfox Network Limited (France), Wipro (India), Arm Limited (U.K.) and Huawei Technologies Co., Ltd. (China).
Market Development
- In 2021, Cisco Systems, Inc., a networking solutions provider, collaborated with Newark, an Avnet Company, in February to utilize their industrial internet of things network solutions across a comprehensive infrastructure, including industrial assets and devices. The competition in this sector is fierce, but technological improvements are enabling businesses to save time and money while enhancing efficiency and effectiveness.
- In 2022, Ericsson AB, a multinational networking and telecommunications firm, launched IoT Accelerator Connect in February to provide easier IoT connectivity with plug-and-play access to cellular IoT connectivity. It will aid in rapid onboarding and connecting devices to simplify and increase efficiency.
Regional Analysis
Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in the industrial IoT market during the forecast period 2022-2029
The industrial IoT market is dominated by Asia-Pacific. Asia-Pacific is expected to be the world's fastest-growing industrial IoT market. The Asia-Pacific industrial IoT industry is predicted to be the world's fastest expanding. The growing number of manufacturing enterprises in the country, as well as the growing demand for automation, will drive demand for industrial IoT market items in the Asia-Pacific region.
North America is estimated to be the fastest growing region in the industrial IoT market in the forecast period 2022-2029
North America is predicted to be the fastest developing region over the forecast period. This is due to the region's early adoption and implementation of industrial IoT technologies. Furthermore, strong government support for fostering digitalization across the industrial sector, increased use of industrial IoT devices, and increased acceptance of cutting-edge technologies such as cloud computing and AI are likely to fuel market expansion during the forecast period.
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