"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 with 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 advance manufacturing technologies to meet these requirements. The manufacturers are automating their business processes and focusing more on the development of digital product and services to generate new revenue streams and gain operational efficiency. The companies are planning to invest approximately US$ 900 Bn (i.e. around 5% of the total revenue of the global manufacturing sector) per year to industry 4.0 in technologies such as sensors, connected devices, automation software and other advance technologies. Moreover, the companies are also investing heavily in the skill development of the current employees to get better ROI.
Market Synopsis
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"Automotive sector is dominating the Industrial IoT market due to increasing trend of automation & robotization in the sector"
The automotive sector accounts for majority share in the industrial IoT market due to increasing automation and robotization in the sector. The automaker are leveraging on the automated machineries and tools for shortening the product development cycle, gain operational efficiency, optimize the value chain, develop customer centric product and respond to the individual customization needs. The automakers are collaborating with the technology solution provider for the successful implementation of the smart factories. For instance, Daimler collaborated with the KUKA Robot to build Mercedes C Class with human robots. The company has also implemented the 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.
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"Europe is leading the Industrial IoT market"
Europe is dominating the regional landscape with more than 35% share in 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 the digitalization among the industries. The governments are investing heavily in driving the digitalization among the market players. For instance, in 2017, the European Union announced the investment of about US$ 100 million to fund the IoT pilots. Similarly, the governments in European Union are constantly working towards spreading awareness about the digitalization across the manufacturing sector. This is propelling the growth in the region
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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 & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment 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 global Industrial IoT market based on component, application and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Component Segment (2017–2027; US$ Bn)
• Solution
o Analytics
o Data Management
o Remote Monitoring
o Security Solutions
o Others
• Services
o Managed
o Professional
• Platform
o Application Management
o Connectivity Management
o Device Management
|
|
Application Segment (2017–2027; US$ Bn)
• Automotive
• Aerospace & Defense
• Food & Beverages
• Energy & Power
• Oil & Gas
• Healthcare
• Logistics & Transport
• Others
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of Industrial IoT in 2018 and forecast up to 2027?
- Which is the largest regional market for Industrial IoT?
- What are the major trends followed in 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 market?
Unique data points of this report
- Statistics on Industrial IoT and spending worldwide
- Recent trends across different regions in terms of adoption of Industrial IoT for industries
- Notable developments going on in semiconductor industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
