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Industrial IOT or IIOT can be explained as the use of internet of things and their technologies in the manufacturing industries to achieve a higher level of efficiency and maximize the quality of products and minimize wastage of resources. Growth in the Cloud Computing and IoT are contributing to the growth of industrial IoT deployments and creating opportunities for new business models of the companies. Various major organizations are planning to practice Industrial IoT to improve the manufacturing process, enhance the business process, business strategy to enhance future business growth.
The global industrial IoT market is expected to reach approximately USD 751.3 billion by 2023, registering a CAGR of 23.88% during the forecast period.
The market has been divided into various segments based on component, deployment, connectivity and end-user.
By component, the market is segmented into hardware, software and services. Hardware segment is further segmented into sensors & RFIDs, industrial robotics, camera systems, smart meters, 3D printing, flow and application control devices, distributed control systems and others. The software segment is further classified into MES or manufacturing execution, PLM systems or product lifecycle management system, SCADA system, DMS or distributed management system, retail management software and others. Amongst the hardware, software and services, hardware is expected to dominate the market due to the increasing number of connected devices and increasing application areas of hardware components in the various industrial applications. However, the software segment is growing with a fastest CAGR of 25.65% during the forecast due to the need of industrial process management and obtaining business insights by processing huge data volumes.
By deployment, the market is classified into on-cloud, on-premise and hybrid deployment. The on-cloud segment is expected to show significant growth due to factors such as easy accessibility to the data or information, easy resource sharing, low operational cost, and growing application areas across various industry verticals. However, the hybrid segment is growing with a fastest CAGR of 26.26% during the forecast period, as it delivers combined feature of on-cloud as well as on-premise deployment with additional data or information security capabilities.
By connectivity, the market is classified into wired and wireless connectivity. The wired connectivity segment is expected to show significant growth owing to the need of ownership model and reliable connectivity for data transfer. However, the wireless security market is growing with a higher CAGR of 26.12% due to increasing demand of advanced wireless solutions such as Wi-Fi, ZigBee, Bluetooth among others which rapidly boosts the industrial IoT market.
By end-user, the market is classified into IT & telecommunication, manufacturing, healthcare, retail, oil & gas, energy & power, automotive, and others. The manufacturing segment is expected to show significant growth with a fastest CAGR of 27.94% during the forecast period as it is the largest consumer of industrial IoT solutions. Introduction of smart manufacturing & industry 4.0 is further helping the market growth.
The key players of industrial IoT market include General Electric Company (US), Siemens AG (Germany), Cisco Systems (US), IBM Corporation (US), Rockwell Automation, Inc. (US), AT &T Inc. (US), Accenture Plc (Ireland), Huawei Technologies Co. Ltd (China), Robert Bosch GmbH (Germany), and Intel Corporation (US).
Global Industrial IoT Market Analysis & Forecast, from 2017 to 2023
• To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the global industrial IoT market
• To provide insights into the factors affecting market growth
• To analyze the industrial IoT market based on supply chain and Porter's five force analysis
• To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries—North America, Europe, Asia-Pacific, and the rest of the world
• To provide country-level analysis of the market with respect to the current market size and future perspective
• To provide country-level analysis of the market for a segment on the basis of component, deployment, connectivity, end-user, and region
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the industrial IoT market
• Semiconductor component manufacturers
• Research organizations
• Original equipment manufacturers
• System Integrators
• Technical universities
• Technology investors
• Government Organizations
• Research/Consultancy firms
• Industrial Automation Equipment Provides
• Wireless and Wired connectivity providers
• Cloud Solutions Providers
• The global industrial IoT market is expected to reach USD 751.3 billion by 2023
• By component, the hardware segment dominated the market, generating the highest revenue of USD 89.0 billion in 2017. Whereas, the software segment is projected to be the leading market in the future, registering a 25.65% CAGR during the forecast period.
• By deployment, the on-cloud segment dominated the market, generating the highest revenue of USD 98.7 billion in 2017. Whereas, the hybrid cloud segment is projected to be the leading market in the future, registering a 26.26% CAGR during the forecast period.
• By connectivity, the wired connectivity segment led the market by generating a higher revenue of USD 120.7 billion in 2017. Whereas, the wireless connectivity segment is expected to register the highest CAGR of 26.12% in the forecast period.
• By end-user, the manufacturing segment led the market by generating a highest revenue of USD 50.6 billion in 2017 and is expected to register the highest CAGR of 27.94% during the forecast period.
• Geographically, Asia-Pacific has been projected to hold the largest market share in the global industrial IoT market, followed by North America.
Regional and Country Analysis of industrial IoT Market Estimation and Forecast
Geographically, Asia-Pacific is dominating the global industrial IoT market. It is also the fastest growing market, accounting for 38.63% of the overall market share. Significant contribution is witnessed from China, Japan, South Korea and Australia. High presence of industries and increasing adoption of heavy automation and industrialization to connect various industrial processes with the internet are the factors driving the market growth in the region. North America is following Asia-Pacific in the industrial IoT market. Growth in IoT technology and high adoption of cloud computing for industrial processes in the US and Canada is driving the market growth in the region.
The report on the industrial IoT also covers the following country-level analysis:
• North America
o The Netherlands
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
• Rest of the World