Industrial IoT Market by Component (Hardware, Platform, Services, and Connectivity), Industry Verticals (Agriculture, Manufacturing, Healthcare, Energy & Utility, Oil & Gas, Aerospace, Retail, and Others) and Geography - Global Forecasts to 2029Industrial IoT (IIoT) Market Worth $276.79 Billion by 2029
The research report titled, ‘Industrial IoT Market by Component (Hardware, Platform, Services, and Connectivity), Industry Verticals (Agriculture, Manufacturing, Healthcare, Energy & Utility, Oil & Gas, Aerospace, Retail, and Others) and Geography - Global Forecasts to 2029’, provides in-depth analysis of Industrial IoT market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029.
The global Industrial IoT market is expected to reach $276.79 billion by 2029, growing at a CAGR of 16.0% during the forecast period of 2022-2029.
Rising investment towards Industry 4.0, government encouragement to promote industrial automation, and high productivity & efficiency requirement are the major factors driving the growth of this market. Additionally, industrial IoT for predictive maintenance and an increase in the number of data centers are expected to offer significant opportunities for market growth. However, the lack of standardization and high capital & operating expense can restrain the growth of this market up to a certain extent.
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. Factors such as consistent engagement of the industrial sector in improving efficiency, reducing costs, and increasing Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions attribute to the growth of this segment. 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 this segment.
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 overall Industrial IoT market and is expected to grow with the highest CAGR during the forecast period. The growth of this segment is attributed to 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 increasing number of networked sensors across production and supply chains, 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 value chain.
Geographic Review:
Based on geography, the market is 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 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.
Some of the key players operating in the global Industrial IoT market are 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.).
Key questions answered in the report:
- Which are the high-growth market segments in terms of component, industry vertical, and countries?
- What is the historical market for Industrial IoT across the globe?
- What are the market forecasts and estimates from 2022-2029?
- What are the major drivers, restraints, and opportunities in the global Industrial IoT market?
- Who are the major players in the global Industrial IoT market, and what market shares do they hold?
- Who are the major players in various countries, and what market shares do they hold?
- How is the competitive landscape?
- What are the recent developments in the global Industrial IoT market?
- What are the different strategies adopted by the major players in the global Industrial IoT market?
- What are the geographical trends in high-growth countries?
- Who are the local emerging players in the global Industrial IoT market, and how do they compete with the other players?
Scope of the Report:
Global Industrial IoT Market, by Component
- Hardware
- Network Components
- Sensors & Actuators
- Others
- Platform
- Services
- Professional Services
- Managed Services
- Connectivity
Global 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
Global Industrial IoT Market, by region
- 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
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Insights
6. Global Industrial IoT Market, by Component
7. Global Industrial IoT Market, by Industry Vertical
8. Industrial IoT Market, by Geography
9. Competitive Landscape
10. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
11. Appendix
Companies Mentioned
- ABB Ltd.
- The General Electric Company
- Emerson Electric Co.
- Intel Corporation
- Cisco Systems Inc.
- SAP SE
- IBM Corporation
- Honeywell International Inc.
- Amazon Web Services Inc.
- Siemens AG
- Huawei Technologies Co. Ltd
- Rockwell Automation Inc.
- PTC Inc.
- Dassault Systemes SE
- Robert Bosch GmbH
- KUKA AG
- Microsoft Corporation
- Schneider Electric SE
- Advantech Co. Ltd.
- C3.ai Inc.
