Global Industrial Internet of Things Market Size, Share & Trends Analysis Report, By Component (Solution, Services, Platform), By End-use (Manufacturing, Logistics & Transport) By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2023-2030
  • Published Date: Jan, 2024
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  • Pages: 200
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Global Industrial Internet of Things Market was valued at US $ 88.2 billion in 2023 and is expected to reach US $ 106.1 billion by 2032 growing at a CAGR of 5.43% during the forecast period 2024 – 2032

Industrial internet of things (IIoT) refers to extending the IoT phenomenon into the industry and manufacturing sector. IIoT is a more sophisticated combination of IT and OT. It helps in monitoring of both logistical and supply chain functions together with manufacturing applications like optimization, huge data, Machine Learning and M2M communicating.

The sensors used within IIoT infrastructure are state-of-the art artificial intelligence (AI), which has been designed to detect changes in logic or physical connectivity, be it among objects themselves or with their overall surroundings. These alterations relate to the location, temperature, light, pressure, sound, motion, or any other physically measurable characteristic of the entity under electronic tracking. The European government rolled out single market strategy in the year 2017 – 2018 as stipulated by the European institute of innovation and technology. There are several components that constitute this approach which include remote patient monitoring system, agricultural management system, and the transit management system aimed at facilitating continuous development of the European industrial internet of things.

The growth of cloud adaptation and the rising of IT expenses are expected to fuel up the industry for industrial internet of things technology. For instance, GE launched GE digital 2.0, also known as GED2. The entity was conceptualized as a revolutionary software firm focusing on IIota and built upon the fundamental bases of cloud computing. With its ability to provide integrated solutions for the predict software platform of the IIOTs supported by GE, GED2 could focus on this area.

Industrial IoT typically uses ML, Big Data, Machine-to-Machine communication to optimize its dependability and reliability in day to day operations of business and industries. Industrial internet of thing can be useful in different areas namely pharmaceutical devices, software-defined manufacturing process, robotics etc. The IIoT also provides a mechanism for optimization of the efficiency and reliability of industrial processes by linking essential resources, predictive analysis, modern industrial workers, the Industrial Internet and the most advanced predictive technologies. The IIoT allows for unprecedented monitoring, analysis, delivery, exchange, and provision of vital new perspectives. The potential for new insights to help industries improve their operational efficiency and make quicker business decisions serves as a major driving force for global industrial IoT market growth.

The Industrial Internet of Things Trend Analysis

Edge Computing and Fog Computing: Periphery and fog computing become popular technologies in the IIoT. Real time decision making is made possible by reducing latency and bandwidth consumption of processing data at the periphery or fog (close to its source).

5G Connectivity: It was expected that the development of 5G platforms would have a great impact on IIoT. 5G enables an increased number of concurrent connections amongst multiple devices and supports app demanding instantaneous data flow.

Security Concerns and Solutions: The widespread use of connected devices made security one big fear. IIoTs had to be put under strong security mechanisms to ensure that private information was protected and unauthorised access was prevented. The solutions included secure device registration, strong encryption, and improved access control mechanisms.

Predictive Maintenance: IIoT-based IIoT sensing and monitoring technologies are more frequently being used for predictive or preventative maintenance strategies. Organizations can analyze industrial equipment data for predictive purposes, such as estimating when machinery would fail so they would pre-emptively carry out necessary maintenance, thus preventing any operational shutdowns.

Interoperability Standards: It was imperative for different IIoT platforms and equipment to be interoperated due to the necessity to create and apply across the board standards. The demand for protocols like MQTT and OPC UA is growing because these protocols enable communication between different manufacturer’s devices.

Artificial Intelligence (AI) and Machine Learning (ML): Using machine learning and artificial intelligence within IIoT frameworks made it possible to run much more complex analysis and reasoning. This was very important when it comes to improvements within process optimisation, data efficiency, and insight generation for a large amount of data.

Digital Twins: The adoption of digital twins (virtual replicas of physical things and systems) significantly raised in the setting of IIoT . Improved simulation, monitoring and analytics of physical assets thus leading to improved efficiency and informed decision-making.

Segmentation Analysis of the Industrial Internet of Things Market

Component Insights

Solution segment will remain the key segment as it contributed to more than 52% revenue share in 2022 and is expected to keep up the market leadership over the forecast period. Solution vendors seek to penetrate different markets by implementing up-to-date information systems through various industries’ departments. To illustrate this case, Ericsson AB, a multi-national networking and telecommunication company released IoT Accelerator Connect in February 2022. This module was designed to help with simple IoT connectivity over cellular networks via a straightforward plug and play mechanism. This will enhance smooth and successful enterprise IoT implementations that are likely to drive the growth of the segment. Service sector is projected to realize a CAGR in excess of 26% between 2023 and 2030, with industrial and energy sectors following at about 14% and 23% respectively. This growth is linked to a great multiplication of connected devices and their significant amount of data. Moreover, the cloud computing is adopted by the IIot apps to maintain stream of data as well as system operations across firms in an industry. Edge computing is expected to drive change in the industry by providing fast analytic solutions with the capability of distributing transactions and storage across the network.

End-use Insights

The manufacturing sector attained a market share of above 18% in 2022 and is expected to continue leading throughout the forecast period. With Industry 4.0, IoT technology has gained significant popularity in discrete and continuous manufacturing processes to minimize downtime, maximize efficiency and facilitate real time data driven decisions, which in turn enhances profitability and lowers costs at fast rates of return while using IoT adoption. In addition, the quick uptake in digital manufacturing by the manufacturing sector, with IoT supporting plays an important role for this technology in driving market growth is expected.

Regional Analysis of the Industrial Internet of Things Market

In 2022, North America owned over 32% in the market and this trend will not change during the forecast period. This is because early adoption and deployment of industrial IoT in the region. The industry also receives support from the government on digitalization within an industrial sector, the use of industrial IoT device, and the acceptance of advanced technology such as cloud computing and the use of AI or Artificial Intelligence.

According to the report, the Asia-Pacific region is expected to witness more than 26% in terms of CAGR during the assessment period. In Japan and China, especially, it is expected that highly developed production automation will become increasingly widespread within the area. The benefits associated with integrating robot arm technology into regional manufacturing sectors are starting to become apparent. Leading countries within the region are investing significantly in industry 4.0 in their quest for manufacturing and production autonomy. This will consequently provide a boost to the growth of the global industrial internet of things market.

COVID-19 Impact Analysis on Industrial Internet of Things Market.

The societal and economic consequences of Covid-19 are unprecedented at this time. A growing number of healthcare authorities, governments, and corporate leaders are placing greater emphasis on the global safeguarding of lives. In response to the pandemic, various elements of supply and demand have precipitously diminished production volumes and ceased operations. Furthermore, substantial industry participants are failing to allocate resources towards research and development, resulting in a persistent lack of advancement in the realm of the Internet of Things (IoT). A multiplicity of obstacles have been imposed on industries and manufacturers as a result of the Covid-19 pandemic. The industrial Internet of Things (IoT) is currently facing significant obstacles due to the persistent transmission of the pandemic across developing Asian nations and North America.

Conversely, industrial IoT comprises state-of-the-art technological apparatus that augment the caliber of labour and efficiency of operations. After the conclusion of the pandemic, the industrial Internet of Things (IoT) market continues to grow steadily with the intention of surpassing it using 3D printing, a presently popular additive manufacturing technique for sensors, semiconductors, and hardware such as assistive industrial robots. The synchronization of manufacturing procedures is facilitated by this.

Furthermore, the advancement of major corporations and entrepreneurs in their endeavors to overcome the pandemic is facilitated by Industry 4.0. Industry leaders have been obligated to uphold and improve their operational processes. IIoT support, which was deployed in a plug-and-play fashion amidst the current crisis with the aim of enhancing operations, augmenting liquidity, and reducing immediate expenditures, could potentially be employed to ensure business continuity and alleviate economic harm through the verification of employee security and safety.

Industrial IoT bolsters the capabilities of IIoT during challenging times through the utilization of a variety of strategies that leverage robust connectivity and cybersecurity. This feature promotes increased transparency across the entire supply chain, empowering sectors to respond to challenges with greater agility.

Despite the closure imposed by the international community in response to the pandemic, 84% of survey participants identified obstacles related to the pandemic that hindered the growth of the internet of things.

Top Key Players

  • ABB
  • General Electric
  • IBM Corporation
  • Intel Corporation
  • Rockwell Automation, Inc.
  • Siemens
  • Microsoft
  • Cisco Systems, Inc.
  • NEC Corporation
  • KUKA AG

Key Industry Developments in the Industrial Internet of Things Market

  • • It is highly competitive at the global scale with numerous new domestic and regional players as well as many existing entities that populate this market. Organic solutions like technological advancement, strategic partnerships, merger and acquisition, and collaborations will help organizations maintain competitive advantage in differentiated markets. New entrants in the industrial IoT market are anticipated as there are no significant obstacles preventing them from entering this market. Generally speaking, organizations must be responsible for monitoring and managing the distribution of their products and services. As organizations begin appreciating the necessity of reorienting their offerings, innovation intensification, and customer view diversification amidst market expansion precipitated by industrial 4.0 technology, a heightened understanding occurs. Also, they work with other parties that form part of the ecosystem in order to achieve the desired results and come up with possible measures on how to deliver their products.
  • • In September 2020, Nvidia purchased arm which formed superb company providing technology development around the world. In September, Nvidia did a cash and stock merger for about 40 billion dollars on the equipment design department of the united kingdom company. Nvidia’s AI computing along with the broad ecosystem of Arm CPUs is responsible for cloud computing and thus AI computing at any location such as robotics, self-driving and mobile services globally.
  • In October 2020, Cognizant bought bright wolf which forms the foundation of a Cognizant new IOT innovation centre. Technology services is delivered by a Bright Wolf which specialize of customised IoT solutions. Along with Bright Wolf, Cognizant makes its clients resilient through production-ready industrial Internet of Things (IoT).
  • A new Custom Parts Manufacturing service of Silicon labs was launched in December 2021. Such customization of hardware is carried out at the Silicon Labs factory itself. The hardware products of Silicon labs include modules, SoCs, and MCUs for wireless communication. Using this function, customers could be assigned a footstep that is traceable through all stages of the chip’s trip.

Report Components Details
Base Year 2022
Forecast Period 2023 - 2030
Quantitative Units Revenue in US $
Segments Covered Component Outlook Solution, Remote Monitoring, Data Management, Analytics, Security Solutions, Others Services, Professional, Managed Platform, Connectivity Management, Application management, Device Management End-use Outlook: Metal & Mining, Chemical, Manufacturing, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Agriculture, Others
Countries Covered U.S. and Canada 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 APAC, Others include Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA), Brazil, Argentina, Mexico, and Rest of South America as part of South America
Market Players Covered ABB, General Electric, IBM Corporation, Intel Corporation, Rockwell Automation, Inc., Siemens, Microsoft, Cisco Systems, Inc., NEC Corporation, KUKA AG

Table of Contents

  1. Introduction Of Global Industrial Internet of Things Market
    1. Overview of the Market
    2. Scope of Report
    3. Assumptions
  2. Executive Summary
  3. Research Methodology
    1. Data Mining
    2. Validation
    3. Primary Interviews
    4. List of Data Sources
  4. Global Industrial Internet of Things Market Outlook
    1. Overview
    2. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
    3. Porters Five Force Model
      1. Bargaining Power of Suppliers
      2. Threat of New Entrants
      3. Threat of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power among Buyers
    4. Value Chain Analysis
  5. Global Industrial Internet of Things Market, By Component
    1. Overview
    2. Solution
      1. Remote Monitoring
      2. Data Management
      3. Analytics
      4. Security Solutions
      5. Others
    3. Services
      1. Professional
      2. Managed
    4. Platform
      1. Connectivity Management
      2. Application management
      3. Device Management
  6. Global Industrial Internet of Things Market, By End-use
    1. Metal & Mining
    2. Chemical
    3. Manufacturing
    4. Energy & Power
    5. Oil & Gas
    6. Healthcare
    7. Logistics & Transport
    8. Agriculture
    9. Others
  7. Global Industrial Internet of Things Market By Region
    1. North America
      1. U.S.
      2. Canada
    2. Europe
      1. Germany
      2. U.K.
      3. France
      4. Rest of Europe
    3. Asia Pacific
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Singapore
      6. Malaysia
      7. Australia
      8. Thailand
      9. Indonesia
      10. Philippines
      11. Rest of Asia Pacific
    4. Others
      1. Saudi Arabia
      2. U.A.E.
      3. South Africa
      4. Egypt
      5. Israel
      6. Rest of Middle East and Africa (MEA)
      7. Brazil
      8. Argentina
      9. Mexico
      10. Rest of South America
  8. Company Profiles
    1. ABB
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    2. General Electric
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    3. IBM Corporation
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    4. Intel Corporation
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    5. Rockwell Automation, Inc.
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    6. Siemens
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    7. Microsoft
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    8. Cisco Systems, Inc.
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    9. NEC Corporation
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    10. KUKA AG
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News

Global Industrial Internet of Things Market Segmentation

Industrial Internet of Things by Component: Market Size & Forecast 2024-2032

Solution

  • Remote Monitoring
  • Data Management
  • Analytics
  • Security Solutions
  • Others

Services

  • Professional
  • Managed

Platform

  • Connectivity Management
  • Application management
  • Device Management

Industrial Internet of Things by End-use: Market Size & Forecast 2024-2032

  • Metal & Mining
  • Chemical
  • Manufacturing
  • Energy & Power
  • Oil & Gas
  • Healthcare
  • Logistics & Transport
  • Agriculture
  • Others

Industrial Internet of Things by Geography: Market Size & Forecast 2024-2032

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

  • ABB
  • General Electric
  • IBM Corporation
  • Intel Corporation
  • Rockwell Automation, Inc.
  • Siemens
  • Microsoft
  • Cisco Systems, Inc.
  • NEC Corporation
  • KUKA AG

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