According to a new market research report titled, “Industrial IoT Market by Component, Application (Robotics, Maintenance, Monitoring, Resource Optimization, Supply Chain, Management), Industry (Aerospace, Automotive, Energy, Healthcare, Manufacturing, Retail), and Geography – Global Forecast to 2027”, the industrial IoT market is expected to grow at a CAGR of 16.7% from 2019 to 2027 to reach $263.4 billion by 2027.
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Industrial IoT (IIoT) refers to a network of interconnected devices used for designing, maintaining, monitoring, optimizing, and analyzing the industrial operations to gain real-time insights and make effective decisions. The rise in the adoption of digital transformation by various industries is supporting the widespread use of IoT in the industrial sector. Thus, the market for industrial IoT has evolved immensely owing to various factors and revolutions taking place in the industrial sector worldwide. The growth in this market is mainly attributed to the factors such as extensive government support in encouraging digitalization across the industrial sectors, rise in adoption of industrial IoT devices, and growing adoption of cloud computing platforms. Also, the use of industrial IoT for predictive maintenance and rising number of data centers provides significant growth opportunities for the industrial IoT providers. However, the vulnerability issues with IoT devices along with the lack of technically skilled employees and lack of standardization in industry sectors concerning IoT are hindering the growth of this market.
Impact of COVID-19 on Industrial IoT Market
The COVID-19 pandemic has adversely hit many economies around the globe. The market for Internet of Things (IoT) technology in industrial sector has moderately been affected and as a result, Industrial IoT market is projected to witness slow recovery post COVID-19 pandemic. The combat measures including lockdowns and quarantine to fight COVID-19 have stopped various production processes across the industrial sector which led to the decline in adoption of IIoT to some extent. In addition, due to this pandemic, many manufacturers also faced issues associated with supply chain that hampered the adoption of IIoT technology. Thus, the less productivity, decline in adoption rate, and hampered production due to disruption of supply chain had affected the market growth to some extent.
According to a recent survey by the National Association of Manufacturers (NAM), 80% of the manufacturers, in the U.S., expect their businesses to get affected by the pandemic situation in 2020. This led to a sluggish growth to around 2% of the U.S. and global tech market in 2020. These figures briefly describe the impact of COVID-19 on markets in the developed countries. However, this global pandemic situation has been testing organizations with their ability to sustain in the long race. Furthermore, investments, funding, partnerships, altruistic engagements, and collaborations in this market are expected to bring a brighter future to this market with a high growth rate in coming years.
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The global industrial IoT market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of component, application, industry vertical, and geography.
Based on the component, the IIoT solutions segment is estimated to emerge as the largest shareholder during the forecast period in the overall industrial IoT market in 2020. The large share of this segment is mainly attributed to the increasing adoption of IoT enabled industrial automation and control systems. The growing need for real-time communication, following compliance with cybersecurity standards, and engaging IoT devices to the cloud-based platforms for performing operational analysis among the organizations is driving the growth of this segment. Further, this segment is also attributed to register fast growth during the forecast period owing to the growing investments and demand for customized IIoT solutions by the industries.
Based on application, the predictive maintenance segment is estimated to command the largest share of the overall industrial IIoT market in 2020. The large share of this segment is mainly attributed to the high adoption of innovative IIoT solutions such as digital twin that assist in designing, managing, and predicting failure rate of the assets. Also, the predictive maintenance market is projected to witness high growth rate in coming years, owing to shift of organizations to digitally-driven asset management approaches. With the negative impact of COVID-19, industries are facing a sudden un-uniformity in workforce. Owing to this, the maintenance of big plant processes or operations has become a quite tedious task for manufacturers. As a result, more and more manufacturers and companies are expected to adopt industrial IoT for predictive maintenance in the coming years. However, the smart robotics segment is expected to witness rapid growth during the forecast period. The fast growth of this segment is attributed to the rapid proliferation of industrial automation under the fourth industrial revolution ‘Industry 4.0’. Besides, lack of skilled employees and their reduction in the number due to pandemic COVID-19 forced industries and organizations to change their existing strategy and reduce dependency. As a result, the significant investment for smart robotics and associated IoT is on the rise, which is expected to drive the smart robotics application with the fastest growth rate over the coming years.
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Based on end-user, the manufacturing segment is estimated to account for the largest share of the overall industrial IoT market in 2020. The large share of this segment is primarily attributed to the growing focus of organizations in reducing operational costs by incorporating advanced tools and techniques that assist in effectively managing the equipment. In addition, the provision of customized IIoT based solutions for predictive maintenance, remote monitoring, and asset optimization at affordable prices are triggering the growth of the IoT in manufacturing industry. Furthermore, the local government support for industrial automation and advent of Industry 4.0 is also helping manufacturing sector to emerge as the most dominating segment in industrial IoT market. However, the healthcare segment is expected to grow with the fastest CAGR during forecast period. Increasing demand for value-based healthcare facilities and adoption of newer technologies across the healthcare industry is driving the market for industrial IoT in healthcare. In addition, the proliferation of smart devices for health monitoring and fitness-related issues is driving the adoption of IoT technology in the industry.
Geographically, Asia Pacific region is estimated to command the largest share of the global industrial IoT market in 2020. Moreover, Asia-Pacific region is also expected to witness rapid growth during the forecast period, driven by the factors such as increasing adoption of automation and advanced technologies across a wide range of industries in China and Japan to counter the rising labor costs; favorable government initiatives across the region; and investments by major IIoT companies.
The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years. The industrial IoT market has witnessed number of agreements, collaborations, and partnerships in the recent years. For instance, in June 2019, the GE Digital announced collaboration with Wabtec (U.S.) to enhance commercialization of Predix OPM and APM in mining domain across key regions such as South Africa and Australia. Similarly, in January 2019, Microsoft Corp. collaborated with Kroger Co. to redefine the customer experience by Microsoft Azure, the retailer’s preferred cloud platform for Retail as a Service (RaaS).
The global industrial IoT market is consolidated and dominated by few major players, namely General Electric Digital (U.S.), IBM Corporation (U.S.), PTC, Inc. (U.S.), Microsoft Corporation (U.S.), Cisco Systems, Inc. (U.S.), Robert Bosch GmbH (Germany), Dassault Systemes (France), ABB Ltd. (Switzerland), Huawei Technologies Co. Ltd (China), Kuka AG (Germany), Rockwell Automation Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), and Intel Corporation (U.S.), among others.
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Scope of the Report
Industrial IoT Market, by Component
- Industrial Automation and Control Systems
- Product Lifecycle Management
- Network Components
- Sensors and Actuators
- Data Management and Analytics
- Professional Services
- Managed Services
- Wired Technologies
- Wireless Technologies
Industrial IoT Market, by Application
- Smart Robotics
- Predictive Maintenance
- Plant Maintenance
- Remote Monitoring
- Asset and Resource Optimization
- Logistics and Supply chain Optimization
- Inventory Management
- Production Flow Management
Industrial IoT Market, by Industry Vertical
- Aerospace & Defense
- Energy & Utilities
- Oil & Gas
Industrial IoT Market, by Geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
Mr. Khushal Bombe
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