Industrial Internet Of Things Market Size, Share & Trends Analysis Report By Component (Solution, Services, Platform), By End Use (Manufacturing, Logistics & Transport), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global industrial internet of things market size was USD 263.52 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 23.1% from 2022 to 2030. The advancements in technology and the increasing availability of affordable sensors and processors that can provide real-time access to information are expected to drive the growth. The growth is also expected to be driven by the growing requirement to improve operational competence and excellent collaboration among major market participants to achieve the same. The techniques being developed to create a united digital-human workforce are projected to provide significant prospects for growth.

Industrial Internet Of Things (IIoT) has the potential to assist industries in guaranteeing worker safety, lowering operating costs, and increasing throughput. By changing from selling solutions to providing measurable outcomes, companies are gradually building new product and service hybrids to reinforce their position and generate new revenue streams.

Internet of things is especially important for ensuring quick access to machines and devices. Over the forecast period, favorable government measures and active efforts by firms such as General Electric, Cisco Systems Inc., and Huawei Technologies Co. Ltd. for IIoT deployment are expected to fuel the growth of the industrial IoT industry.

The growing number of connected devices is expected to open up new chances for new enterprises with experience in advanced Artificial Intelligence (AI) algorithms to build cutting-edge solutions that can potentially alleviate the technology's challenges. Remote monitoring, Asset management, remote monitoring, predictive maintenance, remote servicing, and operational intelligence are some of the application areas where IIoT is gaining pace.

Technology is assisting companies in using sophisticated analytics and approaches like AI and Machine Learning (ML) to provide predictive and prescriptive analytical solutions, paving the way for the industry to take advantage of new opportunities. The adoption of remote working practices in the aftermath of the COVID-19 pandemic has sparked a desire for operational openness. At this point, smart connected solutions are expected to play a critical role in acquiring organizational operational visibility.

Businesses are looking forward to establishing resilience to ensure growth in the post-COVID age, as well as adjusting to remote working and automating their processes accordingly. As a result, they're concentrating on IIoT adoption to entice customers, improve customer experience, and raise brand awareness. All of these activities promise well for the industrial IoT market growth.

Component Insights

In 2021, the solution segment accounted for more than half of the total revenue share. Over the forecast period, the category is expected to maintain its leading position. As part of their efforts to grow their market share, solution providers are putting a heavy emphasis on the launch of innovative information systems for various sectors and industrial verticals.

They're also concentrating on integrating sensors and other systems into critical equipment in order to track real-time data and improve operating efficiency. Manufacturing companies should be able to automate their complicated manufacturing processes while maintaining effective monitoring with the use of such solutions.

From 2022 to 2030, the services segment is predicted to grow at the fastest rate, with a CAGR of more than 24.1%. The increase is due to a significant increase in the number of connected gadgets that generate massive amounts of data.

At the moment, IIoT applications rely on centralized cloud services to manage overall processes and data flow. Edge computing will also change the industry by providing real-time analytical mechanisms and solutions for decentralizing transactions and storage across the network.

End-use Insights

The report examines the industrial internet of things market in depth, segmenting it into manufacturing, energy and power, oil and gas, healthcare, logistics and transportation, agricultural, and others based on end-use. Over the projected period, the manufacturing category is expected to lead the market, accounting for approximately 28.4% of total revenue by 2030.

Manufacturing companies are rapidly adopting digital manufacturing technologies, and the Internet of Things (IoT) plays a critical role in these cutting-edge technologies. The market is expected to develop significantly in the near future, owing to the strategic partnerships and alliances that stakeholders are forming, as well as the growing demand for a linked supply chain to provide flexibility, operational efficacy, and regulatory compliance.

From 2022 to 2030, the logistics and transportation segment is expected to grow at a CAGR of more than 26.5%. The considerable emphasis that logistics and transportation businesses are placing on improving asset management and, as a result, on the implementation of smart transportation, can be linked to the rise.

Traditionally, the logistics industry has relied on RFID tags, which are being phased out in favor of internet-connected trackers that can support a wide range of functions. Modern options, such as Bluetooth tags and beacons, are also becoming more widely adopted. These types of solutions allow data to be tracked in smaller, more constrained regions, but they can also help to improve operational management.

Regional Insights

With a revenue share of more than 33% in 2021, North America dominated the worldwide IIoT market. Several well-established market players may be found in North America. The region was also an early adopter of IIoT and has evolved into an innovation hotspot. Canada has also seen tremendous development, owing to government attempts to stimulate the adoption of IIoT solutions in the country.

During the forecast period, Asia Pacific is expected to be the fastest-growing regional market, with a CAGR of more than 26.6%. Advanced factory automation systems are becoming increasingly popular in the region, particularly in China, Japan, and Taiwan. Manufacturing companies all around the region are gradually seeing the advantages of implementing robot arm technology. China is on track to become a precise manufacturing hub by 2027, thanks to government policies like "Made in China 2025," which prioritize the development of advanced automation technology in the region.

Simultaneously, numerous venture capitalists around the region are supporting IIoT-based companies in order to promote technological advancements in industrial IoT. For example, in June 2019, pi Ventures invested USD 1 million in SwitchOn, an AI-powered IIoT platform built by India's The Abee Research Labs Pvt. Ltd.

Key Companies & Market Share Insights

The leading industry participants are projected to concentrate on cost-cutting, making it difficult for new entrants to break into the market. Venture capital funding, on the other hand, is projected to aid IIoT firms in breaking into the market. Companies in both the private and public sectors are likely to begin focusing on innovation, productivity, and value as they grasp the importance of IIoT in offering integrated and sustainable products and services to tech-savvy organizations.

Industrial IoT is becoming more accessible and safe, according to leading market participants. For instance, in November 2018, General Electric Company (GE) released Predix Edge, a new service targeted at optimizing edge-to-cloud computing and assisting organizations in moving from trial to production in a timely and secure manner. Some prominent players in the global industrial internet of things market include:

• ABB

• General Electric Company (GE)

• IBM Corporation

• Intel Corporation

• Rockwell Automation, Inc.

• Siemens AG

• Microsoft Corporation

Industrial Internet Of Things Market Report Scope

Global Industrial Internet Of Things Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global industrial internet of things market report based on component, end-use, and region:

• Industrial IoT Component Outlook (Revenue, USD Million, 2018 - 2030)

  • Solution

    • Remote Monitoring

    • Data Management

    • Analytics

    • Security Solutions

    • Others

  • Services

    • Professional

    • Managed

  • Platform

    • Connectivity Management

    • Application management

    • Device Management

• Industrial IoT End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Manufacturing

  • Energy & Power

  • Oil & Gas

  • Healthcare

  • Logistics & Transport

  • Agriculture

  • Others

• Industrial IoT Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Latin America

    • Mexico

    • Brazil

  • Middle East & Africa (MEA)