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Global Industrial IOT Market: By Component: Hardware, Software, Services, Connectivity; By End User: Manufacturing, Energy and Utilities, Automotive and Transportation, Healthcare, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Industrial IOT Market Outlook

The global industrial IOT market attained a value of USD 76.4 billion in 2021. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 6.78% to reach USD 113.3 billion by 2027.

 

Global Industrial IOT Market

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Heightened Application of Industrial IOT in the Manufacturing Industry to Augment the Growth of the Industry

The extensive use of internet of things devices in the manufacturing industry is expected to propel the market growth. It is deployed in the production of dashboards in the automotive industry and is also used in the development of mobile interface in the electronics industry. This can be attributed to the beneficial properties of IOT devices, such as error prevention, efficient monitoring, and advanced analytics, which help boost manufacturing efficiency, as it allows for real time data collection and analysis right down to device level. Additionally, IOT is also useful in the product design and testing phases. For example, the production of aircraft, trains, and other transportation equipment can be designed with sensors that help measure important components that determine the safety, performance, and durability of the product. These factors are projected to support the market growth in the forecast period.

Geographically, North America is anticipated to account for a significant market share in the global market for industrial internet of things. In this regard, the United States is likely to act as a major growth engine for the growth. This can be attributed to the presence of the leading manufacturers in the region.

 

Industrial IOT: Market Segmentation

The industrial internet of things (IOT) refers to interconnected sensors and instruments, among others, networked together with computers to carry out various industrial applications, including manufacturing and energy management . The deployment of IIOT solutions allows for the steady automation and optimisation of industrial operations, which helps enhance the productivity and supply chain efficiency. In addition, these devices send an alert to the staff a week prior if there is requirement for replacement of any machine part, thus, helping save time.

 

Global Industrial IOT Market by Segment

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The major components of industrial IOT are:

  • Hardware
  • Software
  • Services
  • Connectivity

The market can be broadly categorised, on the basis of end user, into:

  • Manufacturing
  • Energy and Utilities
  • Automotive and Transportation
  • Healthcare
  • Others

The EMR report looks into the regional markets of industrial IOT like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Industrial IOT Market by Region

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Increased Deployment of Industrial IOT in the Healthcare Sector to Bolster the Market Growth

The increased demand for IOT in the healthcare sector is expected to augment the industry growth. IOT in healthcare industry enables in reduced medical errors, as it reduces manual data entry. This allows for efficient patient monitoring and treatment. In addition, IIOT solutions also help to reduce medical device downtime. Furthermore, IOT enables healthcare professionals to connect with the patients remotely, which helps to expand the accessibility of healthcare services. IOT devices can be worn on the go as wearables by the patients to track the health and medical conditions, such as heart monitors, glucose monitors, and others. These allow for real time data sharing and analysis to reduce the frequency of preventable deaths. These factors are expected to aid the market growth in the coming years.

 

Key Industry Players in the Global Industrial IOT Market

The report presents a detailed analysis of the following key players in the global industrial IOT market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Honeywell International Inc.
  • ABB Limited.
  • Cisco Systems Inc.
  • IBM Corporation
  • Siemens AG
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Component, End User, Region
Breakup by Component Hardware, Software, Services, Connectivity
Breakup by End User Manufacturing, Energy and Utilities, Automotive and Transportation, Healthcare, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Honeywell International Inc., ABB Limited., Cisco Systems Inc., IBM Corporation, Siemens AG, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Industrial IOT Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Industrial IOT Historical Market (2018-2022) 
    8.3    Global Industrial IOT Market Forecast (2023-2028)
    8.4    Global Industrial IOT Market by Component
        8.4.1    Hardware
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Software
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Services
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
        8.4.4    Connectivity
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2018-2022)
            8.4.4.3    Forecast Trend (2023-2028)
    8.5    Global Industrial IOT Market by End User
        8.5.1    Manufacturing
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Energy and Utilities
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Automotive and Transportation
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
        8.5.4    Healthcare
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2018-2022)
            8.5.4.3    Forecast Trend (2023-2028)
        8.5.5    Others    
    8.6    Global Industrial IOT Market by Region
        8.6.1    North America
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022) 
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022) 
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022) 
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022) 
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2018-2022) 
            8.6.5.3    Forecast Trend (2023-2028)
9    North America Industrial IOT Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Industrial IOT Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Industrial IOT Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin  America Industrial IOT Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Industrial  IOT Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive  Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Honeywell International Inc.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    ABB Limited.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Cisco Systems Inc.
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    IBM Corporation
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Siemens AG
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Industrial IOT Market: Key Industry Highlights, 2018 and 2028
2.    Global Industrial IOT Historical Market: Breakup by Component (USD Billion), 2018-2022
3.    Global Industrial IOT Market Forecast: Breakup by Component (USD Billion), 2023-2028
4.    Global Industrial IOT Historical Market: Breakup by End User (USD Billion), 2018-2022
5.    Global Industrial IOT Market Forecast: Breakup by End User (USD Billion), 2023-2028
6.    Global Industrial IOT Historical Market: Breakup by Region (USD Billion), 2018-2022
7.    Global Industrial IOT Market Forecast: Breakup by Region (USD Billion), 2023-2028
8.    North America Industrial IOT Historical Market: Breakup by Country (USD Billion), 2018-2022
9.    North America Industrial IOT Market Forecast: Breakup by Country (USD Billion), 2023-2028
10.    Europe Industrial IOT Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    Europe Industrial IOT Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Asia Pacific Industrial IOT Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Asia Pacific Industrial IOT Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Latin America Industrial IOT Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Latin America Industrial IOT Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Middle East and Africa Industrial IOT Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Middle East and Africa Industrial IOT Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Global Industrial IOT Market Structure

Key Questions Answered in the Report

In 2021, the global industrial IOT market attained a value of nearly USD 76.4 billion.

The market is projected to grow at a CAGR of 6.78% between 2023 and 2028.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 113.3 billion by 2027.

The major drivers of the industry, such as the heightened demand in the healthcare sector, increased demand in the automotive sector, increased demand for wearables, benefits of time and cost saving, rising investments by the leading market players in the research and development of IOT technology, and rapid technological advancements, are expected to aid the market growth.

The key industry trends guiding the market growth include the rapid digitalisation and the increased deployment of industrial IOT solutions across industry verticals.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The significant components of industrial IOT include hardware, software, services, and connectivity.

The different end users include manufacturing, energy and utilities, automotive and transportation, and healthcare, among others.

The major players in the industry are Honeywell International Inc., ABB Limited., Cisco Systems Inc., IBM Corporation, and Siemens AG, among others.

Analyst Review

The global industrial IOT market attained a value of USD 76.4 billion in 2021, driven by the rising prevalence of IOT sensors in the manufacturing and healthcare industries. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 6.78%. The market is projected to reach USD 113.3 billion by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on component, the industrial internet of things industry can be segmented into hardware, software, services, and connectivity. On the basis of end user, the market is segmented as manufacturing, energy and utilities, automotive and transportation, and healthcare, among others. The major regional markets for industrial IOT are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Honeywell International Inc., ABB Limited., Cisco Systems Inc., IBM Corporation, and Siemens AG, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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