Industrial Internet Of Things Market: Solution Segment Dominated And Accounted For Total Revenue Share

 Industrial Internet of Things Industry Overview

The global industrial internet of things market size is expected to reach USD 1.11 trillion by 2028, registering a CAGR of 22.8% from 2021 to 2028, according to a new report by Grand View Research, Inc. The strong emphasis incumbents of various industries and industry verticals, such as manufacturing, are putting on automation, predictive maintenance, and efficient supply chain management, is expected to drive the growth of the market over the forecast period. Several companies have realized the benefits of implementing IIoT to improve their functional efficacies and have subsequently deployed various advanced IIoT solutions based on compatible software and sensors, thereby contributing to the growth of the industrial internet of things (IIoT) market.

 

Machine-to-Machine (M2M) communication is poised to trigger a paradigm shift in the way various industrial processes are managed. The aggressive adoption of M2M communication for applications, such as smart grids, and across various industries and industry verticals, such as automotive, utilities, home automation, healthcare, and security, is expected to drive the adoption of IIoT. The number of different types of connected devices and sensors installed in industrial environments to collect data from the local environment and upload it to the cloud is expected to increase over the next few years. The latest operational and informational technologies can utilize the data collected by Operational Technology (OT), M2M communication, and IoT systems to gain new insights and improve the decision-making processes.

 

Industrial Internet of Things Market Segmentation

Grand View Research has segmented the global industrial internet of things market based on component, end use, and region:

Based on the Component Insights, the market is segmented into Solution, Services, amd Platform.

  • The solution segment dominated the market in 2020 and accounted for over 50% of the total revenue share. The segment is expected to continue leading over the forecast period. Solution providers are putting a strong emphasis on the introduction of innovative information systems for various industries and industry verticals are part of the efforts to increase their market share. 
  • The services segment is expected to exhibit the highest CAGR of more than 23.0% from 2021 to 2028. The growth can be attributed to a substantial rise in the number of connected devices, which are generating large volumes of data. At present, IIoT applications utilize centralized cloud systems that are responsible for controlling the overall processes and the flow of information. Edge computingis also set to transform the industry by offering real-time analytical mechanisms and solutions to decentralize transactions and storage across the network.

 

Based on the End-use Insights, the market is segmented into Manufacturing, Energy & Power, Oil & Gas, Healthcare, Logistics & Transport, Agriculture, and Others.

  • The report provides an in-depth analysis of the industrial internet of things market by further segmenting the market based on end-use into manufacturing, energy and power, oil and gas, healthcare, logistics and transport, agriculture, and others. The manufacturing segment is expected to dominate the market over the forecast period, and account for nearly 30% of the revenue share by 2028. Manufacturing entities are aggressively adopting digital manufacturing technologies and IIoT plays a vital role in such advanced technologies.
  • The logistics and transport segment is projected to register the highest CAGR of more than 26% from 2021 to 2028. The growth can primarily be attributed to the strong emphasis logistics and transportation companies are putting on enhancing asset management and subsequently on the adoption of smart transportation. Conventionally, the logistics industry has been using RFID tags, which are now being replaced by internet-connected trackers, which can potentially support a wide range of functionalities.

 

Industrial Internet of Things Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The key market participants are expected to focus on cost reduction, thereby making it challenging for new entrants to make a foray into the market. However, venture capital funding is expected to help IIoT startups in making inroads into the market. Both private and public sector companies are expected to start focusing on innovation, productivity, and value as they gradually realize that IIoT would be imperative for delivering integrated and sustainable products and services demanded by tech-savvy businesses. Leading market players are putting a strong emphasis on making industrial IoT more accessible and secure. For instance, in November 2018, General Electric Company (GE) launched a new offering, Predix Edge, which is aimed at streamlining edge-to-cloud computing and helping businesses in moving efficiently and securely from trial to production. Some of the prominent participants operating in the global industrial internet of things market are:

  • ABB
  • General Electric Company (GE)
  • IBM Corporation
  • Intel Corporation
  • Rockwell Automation, Inc.
  • Siemens AG
  • Microsoft Corporation

 

Order a free sample PDF of the Industrial Internet of Things Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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