The global industrial IoT market size is projected to reach USD 726 billion by 2025.
Having realized that the industrial internet of things can enable radical improvement in functional efficacies, numerous organizations throughout the globe are adopting predictive maintenance methods based on compatible software and smart sensors. The method can particularly enable in enhancing the safety factor while restricting the equipment downtime.
The industrial IIoT industry continues to advance with respect to the growing preference over cloud integration backed by increasing adoption of high-tech smart sensors and data analytics tools for inventory & facility management and optimization of supply chain & logistics using smart metering. On the other hand, the application of IoT is agriculture that includes managing soil and water, livestock monitoring, field monitoring through drones, managing smart greenhouses, precision farming, and more, have gained the demand for IIoT in the last few years. However, concerns over technology integration, asset-level visibility, and security, are some of the restraints that are likely to hinder the market growth
The report also throws light on various aspects of the global industrial IoT industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the industrial IoT industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The global industrial IoT market has strong competition among the well-established and new emerging players. These market players targets to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
On the basis of the component of industrial IoT, the market is categorized into hardware, software, services, and connectivity. Hardware companies engaged in manufacturing semiconductor components have partnered with hardware, networking, and solution providers with industry associations, and academic consortiums to develop informal and formal standards for IIoT applications. This is helping companies to define industry standards & requirements, accelerate implantation of IIoT, and create interoperability across environments. Many established companies have been rigorous in adapting the Application Programming Interfaces (APIs) enabling basic commands and data transfers within IoT devices.
The growth for industrial IoT in the Asia Pacific region is expected to be the largest from 2019-2025. The growth in demand for automated solutions from mining, metals, healthcare, and manufacturing industries shall drive the demand for the market substantially. On the other hand, government initiatives and regulations within the IIoT industry from nations such as India, China, South Korea, and Japan, are helping them to develop manufacturing sectors with a rise in capital investments in automation solutions.
The major players of global industrial IoT market are Cisco, GE, Honeywell, Intel, IBM, ABB, Rockwell Automation, Siemens, Huawei, Bosch, KUKA AG, Texas Instruments, Dassault Systemes, PTC, ARM, and NEC. As of 2019, the market for IIoT providers is fragmented with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with upgraded industrial IoT technologies that provide digital and automation solutions.
Segment Overview of Global Industrial IoT Market
Component Overview, 2018-2025 (USD Billion)
Application Overview, 2018-2025 (USD Billion)
- Energy & Power
- Logistics & Transport
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Central and South America
- Rest of South America
- Middle East and Africa