Industrial Internet of Things Market Size, Share & Trends Report

Industrial Internet of Things Market Size, Share & Trends Analysis Report By Component, By End-use, By Software, By Connectivity Technology, By Device & Technology, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-803-9
  • Number of Pages: 140
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the industrial internet of things market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for industrial internet of things market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of industrial internet of things market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Industrial Internet of Things Market Categorization:

The industrial internet of things market was categorized into three segments, namely component (Solution, Services, Platform), end-use (Metal & Mining, Chemical, Manufacturing, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Agriculture), regions (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

Segment Market Methodology:

The industrial internet of things market was segmented into component, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The industrial internet of things market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Germany; the UK; Benelux; Nordic Countries; China; Japan; India; South Korea; Australia; Brazil; Mexico; Chile; Peru.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Industrial internet of things market companies & financials:

The industrial internet of things market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Microsoft Corporation- Microsoft, a U.S.-based multinational tech firm, operates in various sectors including software development, hardware, consumer electronics, social networking, cloud computing, and more. Headquartered in Redmond, Washington, it offers renowned products like Windows, Office Suite, Internet Explorer, and Edge web browsers. Microsoft’s global presence is bolstered by 60 data centers across five continents. It also offers industrial IoT services, reducing the gap between physical and virtual worlds.

  • Texas Instruments- Texas Instruments, a U.S. company established in 1930, specializes in the production of analog and embedded processing chips. With its headquarters in Dallas, Texas, and a presence in about 15 global locations, it manufactures integrated circuits from sensors to cloud. This enhances the precision in sensing, comprehending, and transmitting intelligent data. Backed by their design tools and system experts, Texas Instruments boasts a prominent cloud partner network in the industry. Advancements in nanopower, mmWave sensing, 5G, connectivity, artificial intelligence, and deep learning contribute to improved IoT designs. Texas Instruments’ integrated circuits aid IoT designs in connectivity, security, sensing, and power.

  • Amazon web services - Amazon Web Services (AWS), a U.S.-based company established in 2006, offers over 200 comprehensive services from data centers worldwide. AWS provides a globally recognized cloud platform and has developed the AWS IoT for devices to connect securely and effortlessly to the cloud. With the largest and most vibrant community and thousands of global partners, AWS ensures security with 230 compliance and governance services and features. It supports 90 security standards and compliance certifications and offers 117 AWS IoT services via the cloud platform. AWS assists numerous companies with IIoT, including Volkswagen, British Gas, Vantage Power, Yanmar, and Honeywell. These companies depend on AWS to address the challenges faced by industrial customers and to discover new business value using high-quality predictive analysis, predictive maintenance analytics, process optimization, and asset condition monitoring.

  • Intel Corporation - Intel Corporation, based in the U.S., offers industrial IoT solutions that bring intelligence to buildings, machines, supply chains, factories, and electrical grids. It collaborates with leading technology partners to develop integrated solutions for IIoT, capable of handling dynamic systems and solving complex problems. Intel’s diverse range of industrial IoT solutions includes Industrial PCs, Robotics technology and solutions, Intel Edge Insights for industrial applications, Intel Processors for IoT, Intel Edge Control for industrial use, Intel FPGAs, Intel Vision products, and Intel Movidius VPUs. By leveraging IT/OT convergence, Intel aims to reduce the cost and complexity of Industrial IoT deployments.

  • Advantech. - Advantech, a company based in Taiwan and established in September 1983, has unveiled its visionary plan for the next five years, aiming to become one of the top 10 industrial IoT platform providers by 2025. The company plans to expand through the development of smart manufacturing, smart city, and smart service ecosystems. With a focus on online target marketing and data-driven precision marketing, Advantech aims to become a leading brand in the industrial IoT e-commerce sector. The company has developed the Wise series of Phase II/III AIoT Paradigm shifts, securing a position among the world’s top 10 industrial IoT software platforms.

  • SAP - SAP, a German company established in 1972, is a leading provider of business software. Headquartered in Walldorf, Germany, it employs 107,415 people as of 2021. SAP leverages the Industrial Internet of Things’ to create diverse production processes that can adapt to dynamic demands, setups, and workflows. It has developed a network that integrates every machine, partner, and employee across approximately 35 locations in 16 countries, operating 65 data centers. SAP aids in transforming raw data into valuable business processes and automation. IIoT devices and sensors collect, process, and share real-time data, converting it into actionable business decisions.

  • Cisco Systems, Inc. - Cisco Systems, Inc. is U.S. based company headquartered in California, and has 25,800 employees, and operates in multiple locations across the globe. The company designs and sells a broad range of technologies. These technologies are designed to help the customers to manage their daily operations. The company has extended its intent-based networking capabilities to the wireless enterprise. The company SD-WAN and industrial internet of things edge solutions are designed to provide any devices to cloud connectivity; this enables the workforce to use the software as a service (SAAS) to optimize the workload.

  • ABB.- ABB is a global corporation headquartered in Switzerland, with operations spanning over 100 countries. The company is committed to providing efficient and effective solutions to address a wide range of challenges. Their offerings are designed to facilitate swift problem resolution, ensuring that their clients can maintain optimal operations. They are at the forefront of delivering Industrial Internet of Things’ solutions. They leverage connected systems, internet-enabled assets, and mobile devices on an ad-hoc basis to provide these solutions. Additionally, they utilize simulation techniques and safety support mechanisms to ensure the reliability and security of their IIoT solutions. ABB’s IIoT platform is powered by ABB Ability Genix, a comprehensive suite that combines artificial intelligence and industrial analytics. This platform serves as the backbone of their IIoT solutions, providing a robust and versatile foundation for a wide range of applications. The company is dedicated to continuous improvement and innovation. They regularly update the Genix platform with new applications aimed at enhancing performance and sustainability. These applications also focus on improving process efficiency, managing inventory effectively, and ensuring the safety and productivity of staff. This commitment to ongoing development underscores the company’s mission to empower their clients with cutting-edge solutions.

  • Siemens AG - Established in 1887, Siemens AG is a renowned company based in Munich, Germany. It offers a wide array of industrial Internet of Things (IoT) services across various sectors. Siemens AG plays a pivotal role in the reconciliation and consolidation of financial statements, demonstrating its versatility beyond the realm of technology. As a strategic advisor and implementation partner, the company is instrumental in the digital transformation journey of many industries through its IoT services. Siemens AG provides a digital industry platform complemented by an extensive range of automation systems, catering to the diverse needs of its clients. One of its leading software offerings is MindSphere, an integrated, cloud-based Industrial Internet of Things’ operating system. MindSphere serves as a digital bridge, connecting machines and physical infrastructure to the digital world, thereby facilitating seamless interaction and data exchange. This comprehensive approach positions Siemens AG as a leader in the IIoT landscape, driving innovation and digital transformation across industries.

  • IBM Corporation- IBM Corporation, a company rooted in the United States, boasts a global presence with operations in 175 countries and a workforce of 170,000 employees. The company offers an extensive array of Industrial Internet of Things (IoT) services, including Software as a Service (SaaS), Platform as a Service (PaaS), cybersecurity and privacy solutions, as well as automation and control technologies. IBM’s cloud technologies are intricately woven with the Industrial Internet of Things’, establishing a network that connects physical devices to the Internet. This integration facilitates the efficient collection and sharing of necessary data, underscoring IBM’s commitment to harnessing technology for enhanced connectivity and data management. This comprehensive approach positions IBM as a leader in the IIoT landscape, driving innovation and digital transformation across industries.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Industrial Internet of Things Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Industrial Internet of Things Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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