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Industrial IoT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global industrial IoT market size reached US$ 221.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 516.6 Billion by 2028, exhibiting a growth rate (CAGR) of 15.49% during 2023-2028.

Industrial Internet of Things (IIoT), also known as Industry 4.0, integrates smart industrial machine sensors and actuators with the internet to enhance manufacturing and industrial processes. It is a network of intelligent devices connected to form systems that collect, exchange, and analyze data. It helps improve operational efficiencies, monitor, and control business operations from a remote location. It encompasses various industrial applications, which include medical devices, robotics, and software-defined production processes. Besides this, it aids in enhancing employee productivity and integrating and adapting business models to save time and money. As a result, the demand for IIoT is increasing across various industries for enhanced worker safety, minimal operating costs, and increasing throughput.

 

 
 

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Global Industrial IoT Industry Drivers:

Rapid urbanization and industrialization and the rising demand for connected devices on account of the growing global population represent one of the key factors positively influencing the market. In addition, rapid automation and the increasing utilization of IoT across different industry verticals, such as transportation, oil and gas, retail, and infrastructure, are creating a positive market outlook. The adoption of AI and IoT technologies in the manufacturing industry for predicting machine failure, early warnings, production process optimization, and quality control is offering lucrative growth opportunities to market players. Apart from this, the introduction of numerous advanced technologies in manufacturing semiconductors and electrical appliances is contributing to the market growth. In line with this, the rising use of cloud computing platforms and the standardization of IPv6 are driving the market. Furthermore, increasing investments by prominent industry players in extensive research and development (R&D) activities for upgradation are anticipated to propel the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial IoT market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on components and end-user.

Breakup by Component:

 

 
 

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  • Hardware
  • Software
  • Services
  • Connectivity

The hardware component currently dominates the market due to the rising focus of the industrial sector on minimizing costs and improving overall equipment efficiency through better access to information from real-time solutions. In addition, the rising adoption of industrial IoT platforms by various industries is driving the market segment.

Breakup by End-User:

  • Manufacturing
  • Energy and Utilities
  • Automotive and Transportation
  • Healthcare
  • Others

The manufacturing industry accounts for the majority of the market share due to the increasing number of smart factories, the advent of Industry 4.0, increasing adoption of autonomous robots for industrial automation, and the rising need for centralized monitoring and asset management.

Breakup by Region:

 

 
 

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  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

Europe holds a clear dominance in the market due to the expansion of various industry verticals and continuous upgradation in industrial technologies across the region.

Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players being Cisco Systems, Inc., General Electric, Honeywell International Inc., Intel Corporation, International Business Machines Corporation, ABB Group, Rockwell Automation, Siemens AG, Huawei Technologies Co., Ltd., Bosch, KUKA Robotics, Texas Instruments Incorporated, Dassault Systèmes SE, PTC, Arm Limited and NEC Corporation.

IMARC Group’s latest report provides a deep insight into the global industrial IoT market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global industrial IoT market in any manner.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Component, End-User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Cisco Systems, Inc., General Electric, Honeywell International Inc., Intel Corporation, International Business Machines Corporation, ABB Group, Rockwell Automation, Siemens AG, Huawei Technologies Co., Ltd., Bosch, KUKA Robotics, Texas Instruments Incorporated, Dassault Systèmes SE, PTC, Arm Limited and NEC Corporation
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Industrial IoT Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Component
    5.5    Market Breakup by End-User
    5.6    Market Breakup by Region
    5.7    Market Forecast
6   Market Breakup by Component
    6.1    Hardware
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Software
        6.2.1    Market Trends
        6.2.2    Market Forecast
    6.3    Services
        6.3.1    Market Trends
        6.3.2    Market Forecast
    6.4    Connectivity
        6.4.1    Market Trends
        6.4.2    Market Forecast
7   Market Breakup by End-User
    7.1    Manufacturing
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Energy and Utilities
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    Automotive and Transportation
        7.3.1    Market Trends
        7.3.2    Market Forecast
    7.4    Healthcare
        7.4.1    Market Trends
        7.4.2    Market Forecast
    7.5    Others
        7.5.1    Market Trends
        7.5.2    Market Forecast
8   Market Breakup by Region
    8.1    Europe
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    North America
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Asia Pacific
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Middle East and Africa
        8.4.1    Market Trends
        8.4.2    Market Forecast
    8.5    Latin America
        8.5.1    Market Trends
        8.5.2    Market Forecast
9   SWOT Analysis
    9.1    Overview
    9.2    Strengths
    9.3    Weaknesses
    9.4    Opportunities
    9.5    Threats
10  Value Chain Analysis
11  Porters Five Forces Analysis

    11.1    Overview
    11.2    Bargaining Power of Buyers
    11.3    Bargaining Power of Suppliers
    11.4    Degree of Competition
    11.5    Threat of New Entrants
    11.6    Threat of Substitutes
12  Price Analysis
13  Competitive Landscape

    13.1    Market Structure
    13.2    Key Players
    13.3    Profiles of Key Players
        13.3.1  Cisco Systems, Inc .  
        13.3.2    General Electric 
        13.3.3    Honeywell International Inc. 
        13.3.4    Intel Corporation 
        13.3.5    International Business Machines Corporation 
        13.3.6    ABB Group 
        13.3.7    Rockwell Automation
        13.3.8    Siemens AG 
        13.3.9    Huawei Technologies Co., Ltd. 
        13.3.10      Bosch 
        13.3.11     KUKA Robotics  
        13.3.12      Texas Instruments Incorporated 
        13.3.13      Dassault Systèmes SE 
        13.3.14      PTC 
        13.3.15      Arm Limited 
        13.3.16      NEC Corporation

List of Figures

Figure 1: Global: Industrial IoT Market: Major Drivers and Challenges
Figure 2: Global: Industrial IoT Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Industrial IoT Market: Breakup by Component (in %), 2022
Figure 4: Global: Industrial IoT Market: Breakup by End-User (in %), 2022
Figure 5: Global: Industrial IoT Market: Breakup by Region (in %), 2022
Figure 6: Global: Industrial IoT Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 7: Global: Industrial IoT Industry: SWOT Analysis
Figure 8: Global: Industrial IoT Industry: Value Chain Analysis
Figure 9: Global: Industrial IoT Industry: Porter’s Five Forces Analysis
Figure 10: Global: Industrial IoT (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Industrial IoT (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Industrial IoT (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Industrial IoT (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Industrial IoT (Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Industrial IoT (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Industrial IoT (Connectivity) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Industrial IoT (Connectivity) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Industrial IoT (Manufacturing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Industrial IoT (Manufacturing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Industrial IoT (Energy and Utilities) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Industrial IoT (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Industrial IoT (Automotive and Transportation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Industrial IoT (Automotive and Transportation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Industrial IoT (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Industrial IoT (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Industrial IoT (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Industrial IoT (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Europe: Industrial IoT Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Europe: Industrial IoT Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: North America: Industrial IoT Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: North America: Industrial IoT Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Asia Pacific: Industrial IoT Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Asia Pacific: Industrial IoT Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Middle East and Africa: Industrial IoT Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Middle East and Africa: Industrial IoT Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Latin America: Industrial IoT Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Latin America: Industrial IoT Market Forecast: Sales Value (in Million US$), 2023-2028

List of Tables

Table 1: Global: Industrial IoT Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Industrial IoT Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 3: Global: Industrial IoT Market Forecast: Breakup by End-User (in Million US$), 2023-2028
Table 4: Global: Industrial IoT Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Global: Industrial IoT Market Structure
Table 6: Global: Industrial IoT Market: Key Players


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Key Questions Answered in This Report

The global industrial IOT market was valued at US$ 221.7 Billion in 2022.

We expect the global industrial IOT market to exhibit a CAGR of 15.49% during 2023-2028.

The rising adoption of IIoT for enhancing employee productivity, along with integrating and adapting business models to save time and money, is primarily driving the global industrial IOT market.

The sudden outbreak of the COVID-19 pandemic has led to the increasing deployment of IIoT to improve operational efficiencies, monitor, and control business operations remotely, during the lockdown scenario.

Based on the component, the global industrial IOT market has been segregated into hardware, software, services, and connectivity. Among these, hardware component currently holds the largest market share.

Based on the end-user, the global industrial IOT market can be bifurcated into manufacturing, energy and utilities, automotive and transportation, healthcare, and others. Currently, the manufacturing industry exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Europe currently dominates the global market.

Some of the major players in the global industrial IOT market include Cisco Systems, Inc., General Electric, Honeywell International Inc., Intel Corporation, International Business Machines Corporation, ABB Group, Rockwell Automation, Siemens AG, Huawei Technologies Co., Ltd., Bosch, KUKA Robotics, Texas Instruments Incorporated, Dassault Systèmes SE, PTC, Arm Limited, and NEC Corporation.

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