Increasing adoption of the Industry 4.0 revolution is driving the industrial IoT market
Globally, the Industrial Internet of Things (IoT) market is expected to grow at a CAGR of over 29% during the forecast period from 2019 to 2027, starting from US$ 160.0 Bn in 2018. The market growth is attributed to the increasing adoption of the Industry 4.0 revolution across the manufacturing sector. As the competition among market players is fueling and the customers are becoming more empowered, the manufacturers are shifting towards advanced manufacturing technologies to meet these requirements.
The manufacturers are automating their business processes and focusing more on the development of digital products and services to generate new revenue streams and gain operational efficiency. The companies are planning to invest approximately US$ 900 billion (i.e., around 5% of the total revenue of the global manufacturing sector) per year in industry 4.0 technologies such as sensors, connected devices, automation software, and other advanced technologies. Moreover, the companies are also investing heavily in the skill development of their current employees to get a better ROI.
The automotive sector is dominating the industrial IoT market due to the increasing trend of automation and robotization in the sector
The automotive sector accounts for the majority share of the industrial IoT market due to increasing automation and robotization in the sector. The automaker is leveraging automated machines and tools for shortening the product development cycle, gaining operational efficiency, optimizing the value chain, developing customer-centric products, and responding to individual customization needs. The automakers are collaborating with the technology solution provider for the successful implementation of smart factories. For instance, Daimler collaborated with the KUKA Robot to build Mercedes C-Class cars with human robots. The company has also implemented RFID technology into its logistics to keep track of the components and optimize the supply chain process with real-time monitoring and data analytics capabilities.
Europe is leading the industrial IoT market.
Europe is dominating the regional landscape with more than 35% of the global industrial IoT market. The growth of the market is attributed to the growing adoption of the Industry 4.0 revolution in the region. The industry 4.0 revolution in the region is promoted by the government across the region to accelerate digitalization among the industries.
The governments are investing heavily in driving digitalization among the market players. For instance, in 2017, the European Union announced an investment of about $100 million to fund the IoT pilots. Similarly, the governments in the European Union are constantly working towards spreading awareness about the digitalization of the manufacturing sector. This is propelling growth in the region.
The key vendors in the industrial IoT market are ARM Holding PLC, ABB Ltd., Atmel Corporation, Cisco Systems Inc., Bosch, General Electric Company, Huawei Technologies, Honeywell International, IBM Corporation, Microsoft Corporation, Intel Corporation, NEC Corporation, Siemens AG, Rockwell Automation Inc., and Texas Instruments.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The Industrial IoT Market Report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global industrial IoT market based on components, applications, and geography.
Key questions are answered in this report
What was the market size of industrial IoT in 2018, and what is the forecast up to 2027?
Which is the largest regional market for industrial IoT?
What are the major trends followed in the industrial IoT market across different regions?
Who are the key companies in the industrial IoT market?
What are the key strategies adopted by the leading industrial IoT companies in the market?
Unique data points of this report
Statistics on industrial IoT and spending worldwide
Recent trends across different regions in terms of the adoption of industrial IoT for industries
Notable developments are going on in the semiconductor industry.
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Questions:
The market for Industrial IoT Market is expected to reach US$ 160.0 Bn by 2027.
The Industrial IoT Market is expected to see significant CAGR growth over the coming years, at 29%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
ABB Ltd., Atmel Corporation, Cisco Systems Inc., Bosch, General Electric Company, Huawei Technologies, Honeywell International, IBM Corporation, Microsoft Corporation, Intel Corporation, NEC Corporation, Siemens AG, Rockwell Automation Inc are some of the major players in the global market.
