Industrial IoT Market - Industry Size, Share, Growth & Forecast...

Industrial IoT Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

Posted 2022-10-13 12:18:32

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Industrial IoT is defined as the use of actuators and smart sensors to enhance manufacturing and production along with the improvement in the industrial process. Additionally, industrial IoT is often called as industry 4.0 or industrial internet and uses the power of real-time analytics and smart machine to provide effective and required results. In recent times, IoT in the industrial sector has seen significant growth owing to its ability to find the inefficiency and problems at an early stage and provide several benefits such as cost and time saving as well as provide control over quality and sustainable practices.

The Industrial IoT Market is expected to grow at a steady rate of around 7% owing to the increasing utilization of the industrial IoT in the energy sector, automotive sector, manufacturing sector, and agriculture sector coupled with the increasing investment and technological advancement. Major companies in the market offer industrial IoT for challenging applications with technologically advanced features. For instance, in February 2021, Cisco partnered with the Newark company to provide the industrial IoT network for non-carpeted and harsh environmental conditions across North America.

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According to UnivDatos Market Insights (UMI)’ research report “Global Industrial IoT Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing demand from manufacturing, oil & gas, and for predictive maintenance.

Based on components, the market is segmented into hardware, solution, and services. The solution segment is expected to witness significant market growth during the forecast period on the account of increasing overall equipment effectiveness, improve efficiency, and cost reduction through better access to the data from real-time solutions are supporting the growth of the solution segment. Also, the production process planning, optimization by the data collection, real-time monitoring, and sensor-generated data analysis are propelling the growth of the solution segment. Furthermore, the applicability of the solution segment in several industry verticals makes it more demanding than the other.

Based on the end-users, the industrial IoT market is segmented into manufacturing, energy & power, healthcare, agriculture, and other segments. The industrial IoT in the manufacturing sector is expected to witness significant market growth during the forecast period owing to machine utilization, predictive maintenance, asset tracking, facility management, and just-in-time manufacturing facility. Additionally, IoT helps the organization with the better scheduling and planning of production activities along with process optimization and improved efficiency.

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APAC to witness extensive growth

For a better understanding of the market adoption of the industrial IoT industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the growing number of industries and better connectivity networks in the region. Additionally, the increasing population along with increasing research & development expenditure with the increasing number of local and international IT companies in the region are expected to support the industrial IoT market in the region. Also, the growing investment and increasing number of various industry verticals such as healthcare, manufacturing, and grid formation are creating the demand for industrial IoT in the region. Furthermore, the government takes several measures in the region to support industry 4.0. For instance, in India, the government’s industry 4.0 vision rests on four major principles including information transparency, interconnection, decentralized decision making, and technical assistance.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the industrial IoT market are Oracle, IBM Corporation, Cisco System Inc., Microsoft Corporation, Rockwell Automation, Inc., Energyworx BV, HCL Technologies Limited, Honeywell International Inc., ABB, and Siemens.

“Global Industrial IoT Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.

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Market Segmentation:

1. By Components (Hardware, Solution, and Service)

2. By Connectivity (Wired and Non-wired)

3. By End-Users (Manufacturing, Energy & Power, Healthcare, Agriculture, and Other)

4. By Region (North America, Europe, Asia-Pacific, Rest of the World)

5. By Company (Oracle, IBM Corporation, Cisco System Inc., Microsoft Corporation, Rockwell Automation, Inc., Energyworx BV, HCL Technologies Limited, Honeywell International Inc., ABB, and Siemens)

Key questions answered in the study:

1. What are the current and future trends of the global industrial IoT industry?

2. How the industry has been evolving in terms of components, connectivity, and end-users?

3. How the competition has been shaping across the countries followed by their comparative factorial indexing?

4. What are the key growth drivers and challenges for the global industrial IoT industry?

5. What is the customer orientation, purchase behavior, and expectations from the global industrial IoT suppliers across various region and countries?

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 IMPACT OF COVID-19 ON THE INDUSTRIAL IoT MARKET

6 GLOBAL INDUSTRIAL IoT MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY COMPONENT

8 MARKET INSIGHTS BY CONNECTIVITY

9 MARKET INSIGHTS BY END-USERS

10 MARKET INSIGHTS BY REGION

11 INDUSTRIAL IoT MARKET DYNAMICS