According to a new market research report titled “Industrial IoT (IIoT) Market by Component, Application (Robotics, Maintenance, Monitoring, Resource Optimization, Supply Chain, Management), Industry (Aerospace, Automotive, Energy, Healthcare, Manufacturing, Retail), and Geography – Global Forecast to 2027”, published by Meticulous Research®, the Industrial IoT market is expected to grow at a CAGR of 16.7% from 2021 to 2027 to reach $263.4 billion by 2027.
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Industrial IoT (IIoT) incorporates IoT with numerous industrial processes, including automation, optimization, monitoring, maintenance, and networking. With a strong focus on machine-to-machine (M2M) communication, big data, and machine learning, the IIoT enables industries and enterprises to have better efficiency and reliability in their operations. The IIoT encompasses industrial applications, including robotics, medical devices, and software-defined production processes. In the context of Industry 4.0, the IIoT is integral to how cyber-physical systems and production processes are set to transform with the help of big data and analytics. Real-time data from sensors and other information sources helps industrial devices and infrastructures make decisions in coming up with insights and specific actions.
The growth of the overall industrial IoT market is primarily attributed to the high adoption of IIoT solutions that are consistently engaged with numerous technological developments. In addition, the growing adoption of cloud-based IoT devices has revolutionized the market by raising the bar in the competition to offer the best solutions to end-use customers. Moreover, extensive government initiatives in enhancing the industrial sector with advanced technologies are expected to offer immense growth opportunities for players operating in this market. Similarly, government efforts in digitalizing the industries and businesses are also anticipated as one of the key factors responsible for the significant growth of the IIoT market.
The Impact of COVID-19 on the Industrial IoT Market
The outbreak of COVID-19 adversely affected industrial IoT solution providers on different levels as most of the manufacturing operations was suspended across major manufacturing hubs, leading to a substantial slowdown in production. The effects of COVID-19 on the supply chain were significant and wide-ranging. They included such challenges as difficulty in the procurement of procuring necessary materials, spikes in pricing due to increased demand, and limited fulfillment capacity by suppliers. Abandoned and delayed shipments resulted in a lag of 4-6 weeks in receiving supplies, further impacting manufacturers’ ability to maintain operational efficiency. The COVID-19 pandemic also presented staffing challenges that restricted manufacturers’ ability to preserve business continuity. Such challenges included government regulations, such as social distancing requirements, and organized labor disputes, such as worker walkouts and sickouts, as seen with Amazon and Target workers.
In addition, changing demands and unavailability of raw materials, workforce, and assets, production plans are expected to change on a much higher frequency. This is expected to sluggish the adoption of IIoT solutions, as the industries would manage their business with the existing technologies and resources. Besides, manufacturing has a much higher volume and frequency of transactions than the supply chain. Thus, the IIoT market in the manufacturing industry is likely to get affected to a minimal extent. Furthermore, companies that have incorporated IIoT solutions in the severely affected regions are expected to explore a proactive deployment of automation technologies to decrease worker density throughout their operations.
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Extensive government support for industrial automation is one of the major factors driving the IIoT market
Various governments have encouraged adopting disruptive technologies, such as IIoT, to promote industrial automation across different organizations. Encouragement programs, such as R&D investments, tax benefits, and organization of promotional ventures and platforms are some of the several activities undertaken by governments worldwide to promote automation, thus triggering the adoption rate of industrial IoT.
The 7th Framework Programme for Research and Technological Development (FP7) in Europe invested more than USD 55 billion into R&D across all areas of science and technology, while more than USD 145 million into IoT-related projects are still in process. This reform enforced the industrialists from the EU to adopt IoT solutions in their business operations. Besides, the Indian government is engaged in undertaking numerous initiatives, such as Digital India, Make in India, and Smart city projects, which are expected to increase the adoption of emerging technologies, including IoT.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (solutions, services, and connectivity), application (smart robotics, predictive maintenance, plant maintenance, remote monitoring, asset & resource optimization, logistics & supply chain, inventory management, and production flow management), industry vertical (aerospace & defense, automotive, agriculture, energy & utilities, healthcare, manufacturing, oil & gas, transportation, retail, and others ), and geography.
Based on component, the IIoT market is segmented into solutions, services, and connectivity. In 2020, the IIoT solutions segment accounted for the largest share of the overall industrial IoT market. This is due to the growing need for real-time communication, reducing downtime and subsequent operational costs, and increasing adoption of IoT-enabled industrial automation and control systems. Moreover, this segment is also expected to grow with the fastest growth rate over the forecast period due to increasing demands for customized solutions by industries and growing number of start-ups ready to invest in this technology for their business growth.
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Based on application, the industrial IoT market is segmented into smart robotics, predictive maintenance, plant maintenance, remote monitoring, asset & resource optimization, logistics & supply chain, inventory management, production flow management. In 2020, the predictive maintenance segment accounted for the largest share owing to increased adoption of innovative and disruptive solutions that assist companies in managing, designing, and predicting failures and retrieving insights regarding the assets. Moreover, this segment is also projected to witness the fastest growth in the coming years.
Based on end user, the industrial IoT market is segmented into aerospace & defense, automotive, agriculture, energy & utilities, healthcare, manufacturing, oil & gas, transportation, retail, and others. In 2020, the manufacturing segment accounted for the largest share of the overall industrial IoT market owing to the growing reliability of organizations on advanced tools and techniques that support effective equipment managing and help in reducing overheads caused due to system failures or downtimes.
Geographically, the global industrial IoT market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, the North America accounted for the largest share of the global Industrial IoT market. The large share of this region is primarily attributed to the presence of major IIoT manufacturing companies and their focus on developing advanced IIoT technology, along with increasing funding by governments for IIoT development. However, the Asia-Pacific region is estimated to grow at the highest CAGR owing to growing awareness regarding the usage of internet services, increasing number of start-ups engaging with Industrial IoT platforms, and rising government initiatives in up-bringing and protecting the non-digitalized businesses.
The key players operating in the global industrial IoT market are General Electric Digital (U.S.), IBM Corporation (U.S.), PTC, Inc. (U.S.), Microsoft Corporation (U.S.), Cisco Systems, Inc. (U.S.), Robert Bosch GmbH (Germany), Dassault Systemes (France), ABB Ltd. (Switzerland), Huawei Technologies Co. Ltd (China), KuKa AG (Germany), Rockwell Automation Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), and Intel Corporation (U.S.), among others.
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Key questions answered in the report-
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