Industrial IoT Market to be Worth USD 128.09 Billion by 2027
Emergen Research projects that the size of the global industrial internet of things market will increase to more than USD 128.09 billion in terms of revenue by 2027, up from USD 72.48 billion in 2019. This represents a compound annual growth rate (CAGR) of 7.5% between 2019 and 2027. The increasing demand for Industrial Internet of Things solutions from manufacturers and industrialists, as well as the growing need to increase workers’ safety, boost productivity, and lower the costs of operations and manufacturing, are the primary factors driving the expansion of the market. In addition, there is a growing concern about the need to reduce the possibility of data breaches brought on by human mistake, which is another factor that is driving demand for Industrial Internet of Things solutions.
The transportation and logistics sector is driving a significant increase in demand for industrial internet of things technology in order to cut down on the cost of shipping. It is anticipated that the transportation industry would make use of the automotive IoT solutions for the purpose of performing predictive diagnostics and vehicle maintenance. The ability to track the real-time position of vehicles, which assists in the efficient operation of public transportation, is a significant aspect that is driving the growing adoption of Internet of Things technology in the transportation sector. It is anticipated that developments in already existing transportation systems, such as the incorporation of vehicle-to-vehicle (V2V) communication and other technologies, would present profitable potential for the industrial internet of things industry throughout the course of the forthcoming time.
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According to the component, the solution sub-segment accounted for about 47.5 percent of the total market share for industrial IoT in 2019, and it is anticipated that it would continue to make significant revenue contributions through 2027. The increase in expenditures made by Industrial Internet of Things solution providers in order to create more complex information systems for the industrial sector will be the primary driver of the segment’s growth.
In terms of end-use, it is anticipated that the logistics and transport sub-segment would see the highest growth rate, coming in at 9.3 percent over the course of the projection year. The expansion of this market segment will be fueled by the rising demand for industrial Internet of Things technologies in the logistics and transportation sector.
Asia Pacific accounted for nearly 39.7 percent of the global industrial IoT market share in 2019, and it is anticipated that the region will gain traction through the year 2027 as a result of increasing adoption of advanced factory automation and other intelligent technologies in the developing economies that are located in the region.
GE, Cisco, Intel, IBM, Honeywell, Siemens, Rockwell Automation, ABB, Kuka, and Texas Instruments are some of the key players that are active in the Global Industrial IoT Market. Other key players are Kuka and Texas Instruments.
In the year 2020, IBM and Wipro Ltd. formed a partnership to provide assistance to startups and businesses with cloud services. Wipro is going to develop hybrid cloud offerings as part of this collaboration. These offerings will assist businesses in migrating, managing, and transforming critical workloads and applications while maintaining a high level of security across public and private cloud environments as well as on-premises IT settings. As a result of this agreement, customers will also have access to remote versions of IBM solutions and Red Hat products.
The Global Industrial IoT Market has been broken down into the following categories by Emergen Research based on component, end-user, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
Providers of (Managed, Professional)
Solution (Analytics, Remote Monitoring, Security Solutions, Data Management)
The platform (Application Management, Connectivity Management, Device Management)
End-User Outlook (Revenue, USD Billion; 2017-2027)
Both Power and Energy
Healthcare \sAgriculture \sManufacturing
Oil & Gas
Transportation and Supply Chain Management Other
Perspectives on the Region (Revenue, USD Billion; 2017-2027)
The Remainder of Europe
South Korea (de)
The Remainder of APAC
Latin America (region)
The Remainder of LATAM
Africa and the Middle East
UAE; the Remainder of MEA