Industrial IoT Market

Industrial IoT Market Size & Growth (2021 – 2026)

The global Industrial IoT market is expected to reach 894.55 billion USD by 2026, increasing from 300.14 billion USD in 2020.

Industrial Internet of Things (IIoT) corresponds to integrated cameras, interconnected sensors equipment as well as other instruments connected along with computer-based industrial uses, like manufacturing and power management. This integration facilitates data collection, sharing and evaluation, eventually enabling operational efficiency enhancements and other economic benefits. The IIoT is an extension of the Distributed Control System (DCS) which requires a higher level of automation by using cloud computing to automate and optimize system controls.

Drivers and Restraints

Drivers: 

• The Global Industrial IoT market's applications in the transportation sectors are increasing, and with rising funding across rail, road, and urban transport projects, the transportation industry is expected to see steady growth.
• The Global Industrial IoT market is also driven by the constant technological innovations in IoT technology with the involvement of many top many companies and startups across the industry.

Restraints:

• The market is highly crowded with constant technological innovations, so in order to keep up with the competition, one has to invest heavily in R&D, which can act as minor restraint to the Industrial IoT market.

Scope of the Report

Market Segmentation

Industrial IoT Market - By Device & Technology

• Monitoring
• Smart Meter
• Sensor
• RFID
• Industrial Robotics
• DCS
• Camera System
• Networking Technology

Out of these, the Smart Meter segment holds the majority of the market share in 2019, with over 22%. This share can be attributed to the faster entry and check out at the retail stores, which help improve the customer experience at the stores. Also, Industrial Robotics is expected to be the fastest-growing segment with a CAGR of over 26.8%, supported by the increased automation in the industries and the latest developments in the field.

Industrial IoT Market - By End-Use 

• Logistics & Transport
• Energy & Power
• Manufacturing
• Oil & Gas
• Healthcare
• Agriculture

Of these, Logistics & Transport segment holds the majority of the market share in 2019, with over 30%, as the industrial IoT in transportation and logistics will help in connectivity and monitoring. Also, manufacturing is expected to be the fastest-growing segment in the future at a CAGR of over 24.3%, as many of the manufacturers are interested in wireless connectivity, and they want to have a seamless data transfer over multiple verticals.

Industrial IoT Market - By Region

Based on region, Industrial IoT market can be segmented into:

1. North America
   • U.S
   • Canada
2. Europe
   • Norway
   • Germany
   • Sweden
3. Asia Pacific
   • China
   • India
   • Japan
4. Latin America and Middle East & Africa
   • Brazil
   • Saudi Arabia

North America Industrial IoT Market held the biggest share in the global industrial IoT market in 2018 as the region being home for many key players and is booming with all the Silicon Valley innovations, which led them to early adoption of IIoT. Canada has seen significant growth, especially as a consequence of vigorous government investment that supports the implementation of IIoT solutions.

Key Players of the Industrial IoT Market

The key players include International Business Machines Corporation (IBM), Intel Corporation, Cisco Systems, Inc, UBER, Microsoft Corporation, ABB.

Some other key Players of the Market include:

1. General Electric Company (GE)
2. Siemens AG
3. Rockwell Automation Inc.
4. Atmel Corporation
5. ARM Holding plc

Many of these key players focused on technological innovations and aggressive market expansion strategies for staying ahead of the competition

Recent Developments

SAP SE & Uber Cargo signed a deal help restructure the cargo industry by using smart system automation and easier access to a network of structured and efficient drivers in April of 2019. Through incorporating Uber Cargo into the SAP Logistics Network, users will be able to obtain shipping pricing through Uber's electronically integrated carrier network and provide real-time offers and assured freight capacity, making load planning and implementation much more straightforward.