The global industrial IoT market accounted for a value of USD 70.5 billion in 2019 and is projected to register growth at a CAGR of 5.8% during forecast period.
COVID-19 has impacted the industrial IoT market but not significantly. The production processes across industrial sector have to halt due to lockdown and this leads to decline in demand for industrial IoT market. The adoption of industrial IoT is decreasing due to shut down of various industries across the world. The supply chain got disrupted due o travel restriction to reduce transmission of corona virus and this has affected the market during COVID-19.
For more details, visit: Global Industrial Internet of Things (IIoT) Market By Software (Visualization Software, PLM, Others), By Application (Smart Robotics, Predictive Maintenance, Others), By End-Users, By Region, Forecast & Opportunities to 2026
IIoT is widely adopted in various industries around the world. The technological advancement in electronics and semiconductor devices is increasing around the world. The use of cloud computing is also increasing in industrial sector and this increases use of industrial internet of things technology and drives growth in IIoT market during forecast period.
On the basis of software, the IIoT market is segmented into SCADA, MES, PLM, outage management system, distribution management system, visualization software, retail management software, transit management systems, farm management system and remote patient monitoring. The farm management system is estimated to grow at highest CAGR during forecast period. The demand for farm management system is increasing around the world and the adoption of precision farming is increasing globally. This increases growth of farm management systems during forecast period.
On the basis of application, the IIoT market is segmented into smart robotics, predictive maintenance, plant maintenance, remote monitoring, asset & resource optimization, logistics & supply chain optimization, inventory management and production flow management. The predictive maintenance segment is estimated to dominate the market during forecast period. The adoption of innovative IIoT technologies such as digital twin that assist managing, designing and predicting failure rate of assets. The predictive maintenance application is rapidly adopting the IIoT technology around the world. The organizations are shifting to digitally driven asset management approaches and it helps in maintenance of big plant processes. This drives growth in predictive maintenance segment during forecast period.
On the basis of end-users, the IIoT market is segmented into energy & power, oil & gas, manufacturing, logistics & transport, healthcare, agriculture and others. The logistics & transport segment is estimated to foresee highest growth during forecast period. The dissemination of connected transportation and logistics system is increasing around the world. The use is IoT in transportation and logistics segment is rapidly increasing and this drives growth in IIoT market during forecast period.
Asia-Pacific region accounted for largest market share in 2019 and it is estimated to dominate the market during forecast period. The Asia-Pacific is considered as a major hub for industrial manufacturing and the population is growing rapidly. The investment in research and development segment is increasing in IIoT segment. The focus towards international and domestic IT companies is increasing on cloud based services and big data analytics services in this region. The industries are widely adopting IIoT in this region. This drives growth in Asia-Pacific region during forecast period.
The key market players in IIoT industry are Cisco, GE, Honeywell, Intel, IBM, ABB, Rockwell Automation, Siemens, Kuk, Texas Industries, ARM Holding, PTC, Dasault Systems, SAP, Huawei, Sigfox, Bosch and NEC.
- What are the expected industry trends over the next three to five years?
- Which of the industrial IoT application is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?