Industrial IoT Market By Component (Solutions, Services, Platforms), By Application (Automotive, Aerospace & Defense, Food & Beverages, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Others) - Growth, Future Prospects, And Competitive Analysis, 2024 - 2032

01 Dec 2019 Format PDF icon PPT icon XLS icon Request Sample

"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 2023 to 2030. 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.

"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.

"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 digitalization among the industries. The governments are investing heavily in driving digitalization among the market players. For instance, in 2019, the European Union announced an investment of about US$ 100 million to fund the IoT pilots. Similarly, the governments in European Union are constantly working towards spreading awareness about digitalization across the manufacturing sector. This is propelling the growth in the region.

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 study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Industrial IoT market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Industrial IoT market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
  • Solution
    •     Analytics
    •     Data Management
    •     Remote Monitoring
    •     Security Solutions
    •     Others
  • Services
    •     Managed
    •     Professional
  • Platform
    •     Application Management
    •     Connectivity Management
    •     Device Management

  • Automotive
  • Aerospace & Defense
  • Food & Beverages
  • Energy & Power
  • Oil & Gas
  • Healthcare
  • Logistics & Transport
  • Others

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Industrial IoT market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Industrial IoT market?
  • Which is the largest regional market for Industrial IoT market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Industrial IoT market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Industrial IoT market worldwide?
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