Global Industrial Internet Of Things Market by End Use (Manufacturing, Logistics & Transport), by Component (Platform, Solution, Services) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global industrial internet of stuff market was worth USD 216.13 million in 2020. It is expected to grow at a compound annual rate (CAGR of 22.8%) between 2021 and 2028. The market growth for industrial internet of things (IIoT), which is driven by the rapid adoption of IIoT, in line with technological advances and the ease of accessing affordable sensors and processors that can provide real-time information access, will be driven by the forecast period. Market expansion is expected to be driven by the ever-increasing demand to improve operational competence and solid cooperation between key market players. The strategies being developed to create a digital-human unified workforce will open up significant growth opportunities.

The Industrial IoT could be a tool that companies can use to increase their throughput, reduce operating costs, and ensure safety for their employees. To strengthen their position, and to create new income streams, companies are creating new product and service combinations. They shift from selling solutions to delivering tangible outcomes. IoT plays a crucial role in providing easy access to devices and machines. Industry growth is expected to be fueled by favorable initiatives taken by different governments and aggressive efforts being made by companies like General Electric, Cisco Systems Inc., and Huawei Technologies Co. Ltd. in IIoT deployment.

New businesses will have new opportunities due to the increasing number of connected gadgets. These businesses must be skilled in progressive Artificial intelligence (AI), to develop state-of the-art solutions to address any issues that may arise from the technology. The IIoT is gaining popularity in areas such as asset management and remote servicing. The technology allows companies to use advanced analytics such as AI and HTML3_ Machine Learning HTML3_ (ML) to provide prescriptive and predictive solutions. This is opening up new opportunities for the industry.

The adoption of remote working policies in the aftermath of the COVID-19 pandemic has prompted the need for transparency in operations. Smart connected solutions will play an important role in increasing operational visibility at the organizational level. Businesses are looking to build resilience and ensure continued growth in the post-COVID age. They are therefore focusing on IIoT adoption in order to attract customers, improve customer experience and increase brand awareness. These initiatives are positive for the future growth of the industrial IoT industry.

Component Insights

In 2020, the solution segment was the dominant market and accounted to over half of all revenue share. This segment is expected to remain the leader over the forecast period. In order to grow their market share, solution providers have placed a strong emphasis upon the development of innovative information systems that can be used in different industries. In order to improve operational efficiency and track real-time data, they are also looking at integrating sensors and other systems in their critical equipment. These solutions will allow manufacturers to automate complex manufacturing processes and ensure efficient monitoring.

From 2021 to 2028, the services segment will experience the highest CAGR at more than 23.0%. This growth is due to an increase in connected devices that are generating large amounts of data. The current IIoT applications use centralized cloud systems to manage the information flow and control the overall process. Edge computing will also transform the industry with real-time analytical tools and solutions that decentralize transactions across the network.

End-use Insights

The report offers an in-depth analysis on the industrial internet-of-things market. It further segments the market based upon end-use, including manufacturing, energy, power, transport, agriculture, and logistics. Over the forecast period, the manufacturing segment will dominate the market and will account for almost 30% of the revenue share in 2028. The IIoT is a key component in digital manufacturing technologies. Manufacturing companies are aggressively adopting digital manufacturing technology. Market growth is expected to be substantial in the near future due to the growing number of strategic alliances and partnerships. There is also the increasing need for connected supply chains to ensure operational efficiency, flexibility, regulatory compliance, and regulatory compliance.

From 2021 to 2028, the logistics and transport sector is expected to experience the highest CAGR at more than 26%. This growth is primarily due to the emphasis that logistics and transport companies place on asset management, and then on the adoption smart transport. The logistics industry used RFID tags in the past. These are being replaced by internet connected trackers that can support a wide variety of functions. Modern solutions such as Bluetooth tags or beacons are also being adopted more frequently. These solutions not only allow data tracking in small and restricted areas, but also contribute to operational management.

Regional Insights

With a more than 30% revenue share, North America was the dominant market for IIoT in 2020. There are many established market players in North America. It has been an early adopter IIoT, and is slowly becoming a center of innovation. Canada has seen significant growth due to initiatives taken by the government to promote the adoption of IIoT solutions.

Asia Pacific will be the fastest growing region market, with a CAGR exceeding 26% between 2021 and 2028. Advanced factory automation solutions are being adopted in the region, mainly in Japan, China and Taiwan. The benefits of robot arm technology are slowly being recognized by manufacturing organizations in the region. China is set to become the world's precision manufacturing center by 2027 thanks to policies such as "Made in China 2030", which were drafted by the government to encourage the adoption of advanced automation technology in the region. Many venture capitalists in the region support IIoT-based companies to promote technological advancements in industrial IoT. SwitchOn, an AI-powered IIoT platform, was launched by The Abee Research Labs Pvt. in June 2019. Ltd. of India was awarded USD 1 Million by pi Ventures, a venture capitalist.

Market Share Insights & Key Companies

Market leaders are likely to concentrate on cost reduction which will make it difficult for new entrants in the market. Venture capital funding will be a key factor in IIoT startups making it into the market. As they realize the importance of IIoT for providing integrated and sustainable products, both private and public sectors companies will need to focus on innovation, productivity and value. Market leaders are placing a strong emphasis upon making industrial IoT easier and more secure. General Electric Company (GE), for example, launched Predix Edge in November 2018. This new offering is aimed to streamline edge-to-cloud computing, and help businesses move efficiently and securely from production to trial. The following are some of the most prominent players in the global industrial Internet of Things market:

• ABB

• General Electric Company (GE).

• IBM Corporation

• Intel Corporation

• Rockwell Automation, Inc.

• Siemens AG

• Microsoft Corporation

Up Market Research published a new report titled “Industrial Internet Of Things Market research report which is segmented by End Use (Manufacturing, Logistics & Transport), by Component (Platform, Solution, Services), By Players/Companies Inc; Microsoft Corporation; Atmel Corporation; ABB; and ARM Holding plc, Inc Other players include Rockwell Automation, International Business Machines Corporation (IBM); General Electric Company (GE); Intel Corporation; Siemens AG; and Cisco Systems”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Industrial Internet Of Things Market Report Segments:

The market is segmented by End Use (Manufacturing, Logistics & Transport), by Component (Platform, Solution, Services).

Industrial Internet Of Things Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Industrial Internet Of Things Market

Overview of the regional outlook of the Industrial Internet Of Things Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Industrial Internet Of Things Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Industrial Internet Of Things Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Manufacturing

                2. Logistics & Transport

                1. Platform

                2. Solution

                3. Services

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Industrial Internet Of Things Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Industrial Internet Of Things Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.