Industrial internet of things (IoT) market size is set to grow by USD 123.98 billion, Manufacturing segment will account for a significant share - Technavio
NEW YORK, Feb. 15, 2023 /PRNewswire/ -- According to Technavio, the global industrial internet of things (IoT) marketsize is estimated to grow by USD 123.98 billion from 2022 to 2027. The market is estimated to grow at a CAGR of almost 12.23% during the forecast period. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 93.79 billion. APAC will account for 42% of the market's growth during the forecast period.
Global industrial internet of things (IoT) market - Five Forces The global industrial internet of things (IoT) market is fragmented, and the five forces analysis covers?
Bargaining power of buyers
The threat of new entrants
Threat of rivalry
Bargaining power of suppliers
Threat of substitutes
Interpretation of porter's five models helps to strategize the business, for entire details ? buy the report!
Global industrial internet of things (IoT) market ? Customer Landscape
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global industrial internet of things (IoT) market - Segmentation Assessment
Segment Overview Technavio has segmented the market based on end-user (Manufacturing, Automotive and transportation, Energy and utilities, Healthcare, and Others), and components (Hardware, Software, and Services).
The manufacturing segment will account for a significant share of the global market during the forecast period. During the COVID-19 crisis, IoT technology helped several organizations continue their operations. IoT helped organizations in the smooth transition of manufacturing floor operations in a number of ways. For instance, the IoT platforms used in the manufacturing industry supported the continuation of operations even with fewer employees onsite because of their capability to facilitate remote work with regard to both direct and indirect functions. Hence, owing to such advantages, the demand for industrial IoT in the manufacturing sector has increased even after the containment of the pandemic in the majority of the regions. Such factors will augment the market's growth in this segment during the forecast period.
Geography Overview By geography, the global industrial internet of things (IoT) market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global industrial internet of things (IoT) market.
APAC will account for a significant share of the global market during the forecast period. The presence of vendors of M2M and IoT solutions and close collaborations between the region's leading mobile operators and the government have enabled the industrial IoT market to grow quickly. Moreover, the increased investments in infrastructure development by the government in India, China, and the Philippines and efforts toward modernization by small and medium-sized enterprises (SMEs) in these countries have increased the adoption of IoT elements. In addition, the smart city initiatives undertaken by the governments in APAC to improve city management operations and deliver better public services are boosting the adoption of embedded sensors for connecting smart machines over the internet. Such factors will increase the market growth during the forecast period.
Global industrial internet of things (IoT) market ? Market Dynamics Key factor driving market growth
The growing importance of data-driven business outcomes in the industrial sector is notably driving the market growth.
The data availed from devices can be used by industry managers to improve productivity by ensuring the optimization of resources and reducing downtime.
The advent of real-time data analytics has opened up new probabilities for the use of the data obtained. Currently, many vendors of IoT solutions are looking toward introducing data-driven products, solutions, and services for industrial facilities to enhance efficiency and throughput.
The growing importance of data-driven business outcomes in industries has increased the need for IoT data collection and device management platforms.
Therefore, with the growing reliance of industries on the data generated from various processes, the need for industrial IoT solutions is expected to accelerate globally during the forecast period.
Leading trends influencing the market
Leveraging manufacturing data for predictive maintenance is an emerging trend in the market.
IoT-enabled devices are particularly helpful in industries that use a substantially large number of automation control solutions and instruments in their operations.
Due to this, the monitoring of these automation systems and instruments becomes a prime task for industrial operators.
The data received from legacy systems and sensors with different protocols, standards, and systems can be sent to the server using industrial IoT gateways. The industrial IoT gateway sits in between the IoT-connected devices and physical or cloud servers.
The ability to aggregate the data routed to the server at high speed has intensified the need for industrial IoT solutions that are used for predictive maintenance. Therefore, these factors will boost the market growth during the forecast period.
Major challenges hindering the market growth
The increasing cybersecurity threats are major challenges impeding the market growth.
Cybersecurity has always been a threat to web-based systems, and the same applies to IoT. The inclusion of industrial systems within the scope of IoT increases the risk of data theft.
There are different anti-malware programs that promise to protect industrial systems against such cyberattacks. However, even such solutions are deemed to be unsecured.
With the increasing adoption of IoT in end-user industries, the need for increasing cybersecurity is on the rise. Most end-users of IoT are susceptible to cyberattacks in the absence of a failsafe cybersecurity option. Therefore, these factors will hinder the growth of the global market during the forecast period.
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Industrial Internet Of Things (IoT) Market Scope
Report Coverage
Details
Page number
186
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 12.23%
Market growth 2023-2027
USD 123.98 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
11.25
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 42%
Key countries
US, China, Japan, Germany, and UK
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
ABB Ltd., Advantech Co. Ltd., Arm Ltd., Dassault Systemes SE, General Electric Co., Honeywell International Inc., Huawei Technologies Co. Ltd., Intel Corp., International Business Machines Corp., KUKA AG, Microsoft Corp., NEC Corp., Qualcomm Inc., Robert Bosch GmbH, Rockwell Automation Inc., Siemens AG, Telefonaktiebolaget LM Ericsson, Texas Instruments Inc., Yokogawa Electric Corp., and Cisco Systems Inc.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by End-user
Exhibit 06: Executive Summary ? Chart on Market Segmentation by Component
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global industrial Internet of things (IoT) market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on Global industrial Internet of things (IoT) market 2017 - 2021 ($ billion)
Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers ? Impact of key factors 2022 and 2027
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers ? Impact of key factors in 2022 and 2027
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants ? Impact of key factors in 2022 and 2027
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes ? Impact of key factors in 2022 and 2027
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry ? Impact of key factors in 2022 and 2027
5.7 Market condition
Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by End-user
6.1 Market segments
Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)
6.2 Comparison by End-user
Exhibit 32: Chart on Comparison by End-user
Exhibit 33: Data Table on Comparison by End-user
6.3 Manufacturing - Market size and forecast 2022-2027
Exhibit 34: Chart on Manufacturing - Market size and forecast 2022-2027 ($ billion)
Exhibit 35: Data Table on Manufacturing - Market size and forecast 2022-2027 ($ billion)
Exhibit 36: Chart on Manufacturing - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Manufacturing - Year-over-year growth 2022-2027 (%)
6.4 Automotive and transportation - Market size and forecast 2022-2027
Exhibit 38: Chart on Automotive and transportation - Market size and forecast 2022-2027 ($ billion)
Exhibit 39: Data Table on Automotive and transportation - Market size and forecast 2022-2027 ($ billion)
Exhibit 40: Chart on Automotive and transportation - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Automotive and transportation - Year-over-year growth 2022-2027 (%)
6.5 Energy and utilities - Market size and forecast 2022-2027
Exhibit 42: Chart on Energy and utilities - Market size and forecast 2022-2027 ($ billion)
Exhibit 43: Data Table on Energy and utilities - Market size and forecast 2022-2027 ($ billion)
Exhibit 44: Chart on Energy and utilities - Year-over-year growth 2022-2027 (%)
Exhibit 45: Data Table on Energy and utilities - Year-over-year growth 2022-2027 (%)
6.6 Healthcare - Market size and forecast 2022-2027
Exhibit 46: Chart on Healthcare - Market size and forecast 2022-2027 ($ billion)
Exhibit 47: Data Table on Healthcare - Market size and forecast 2022-2027 ($ billion)
Exhibit 48: Chart on Healthcare - Year-over-year growth 2022-2027 (%)
Exhibit 49: Data Table on Healthcare - Year-over-year growth 2022-2027 (%)
6.7 Others - Market size and forecast 2022-2027
Exhibit 50: Chart on Others - Market size and forecast 2022-2027 ($ billion)
Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)
6.8 Market opportunity by End-user
Exhibit 54: Market opportunity by End-user ($ billion)
7 Market Segmentation by Component
7.1 Market segments
Exhibit 55: Chart on Component - Market share 2022-2027 (%)
Exhibit 56: Data Table on Component - Market share 2022-2027 (%)
7.2 Comparison by Component
Exhibit 57: Chart on Comparison by Component
Exhibit 58: Data Table on Comparison by Component
7.3 Hardware - Market size and forecast 2022-2027
Exhibit 59: Chart on Hardware - Market size and forecast 2022-2027 ($ billion)
Exhibit 60: Data Table on Hardware - Market size and forecast 2022-2027 ($ billion)
Exhibit 61: Chart on Hardware - Year-over-year growth 2022-2027 (%)
Exhibit 62: Data Table on Hardware - Year-over-year growth 2022-2027 (%)
7.4 Software - Market size and forecast 2022-2027
Exhibit 63: Chart on Software - Market size and forecast 2022-2027 ($ billion)
Exhibit 64: Data Table on Software - Market size and forecast 2022-2027 ($ billion)
Exhibit 65: Chart on Software - Year-over-year growth 2022-2027 (%)
Exhibit 66: Data Table on Software - Year-over-year growth 2022-2027 (%)
7.5 Services - Market size and forecast 2022-2027
Exhibit 67: Chart on Services - Market size and forecast 2022-2027 ($ billion)
Exhibit 68: Data Table on Services - Market size and forecast 2022-2027 ($ billion)
Exhibit 69: Chart on Services - Year-over-year growth 2022-2027 (%)
Exhibit 70: Data Table on Services - Year-over-year growth 2022-2027 (%)
7.6 Market opportunity by Component
Exhibit 71: Market opportunity by Component ($ billion)
8 Customer Landscape
8.1 Customer landscape overview
Exhibit 72: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
Exhibit 73: Chart on Market share by geography 2022-2027 (%)
Exhibit 74: Data Table on Market share by geography 2022-2027 (%)
9.2 Geographic comparison
Exhibit 75: Chart on Geographic comparison
Exhibit 76: Data Table on Geographic comparison
9.3 APAC - Market size and forecast 2022-2027
Exhibit 77: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
Exhibit 78: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
Exhibit 79: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on APAC - Year-over-year growth 2022-2027 (%)
9.4 North America - Market size and forecast 2022-2027
Exhibit 81: Chart on North America - Market size and forecast 2022-2027 ($ billion)
Exhibit 82: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
Exhibit 83: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on North America - Year-over-year growth 2022-2027 (%)
9.5 Europe - Market size and forecast 2022-2027
Exhibit 85: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
Exhibit 86: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
Exhibit 87: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on Europe - Year-over-year growth 2022-2027 (%)
9.6 South America - Market size and forecast 2022-2027
Exhibit 89: Chart on South America - Market size and forecast 2022-2027 ($ billion)
Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)
9.7 Middle East and Africa - Market size and forecast 2022-2027
Exhibit 93: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
Exhibit 94: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
Exhibit 95: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
9.8 US - Market size and forecast 2022-2027
Exhibit 97: Chart on US - Market size and forecast 2022-2027 ($ billion)
Exhibit 98: Data Table on US - Market size and forecast 2022-2027 ($ billion)
Exhibit 99: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on US - Year-over-year growth 2022-2027 (%)
9.9 China - Market size and forecast 2022-2027
Exhibit 101: Chart on China - Market size and forecast 2022-2027 ($ billion)
Exhibit 102: Data Table on China - Market size and forecast 2022-2027 ($ billion)
Exhibit 103: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 104: Data Table on China - Year-over-year growth 2022-2027 (%)
9.10 Germany - Market size and forecast 2022-2027
Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)
9.11 Japan - Market size and forecast 2022-2027
Exhibit 109: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
Exhibit 110: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
Exhibit 111: Chart on Japan - Year-over-year growth 2022-2027 (%)
Exhibit 112: Data Table on Japan - Year-over-year growth 2022-2027 (%)
9.12 UK - Market size and forecast 2022-2027
Exhibit 113: Chart on UK - Market size and forecast 2022-2027 ($ billion)
Exhibit 114: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
Exhibit 115: Chart on UK - Year-over-year growth 2022-2027 (%)
Exhibit 116: Data Table on UK - Year-over-year growth 2022-2027 (%)
9.13 Market opportunity by geography
Exhibit 117: Market opportunity by geography ($ billion)
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 118: Impact of drivers and challenges in 2022 and 2027
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
Exhibit 119: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 120: Overview on factors of disruption
11.4 Industry risks
Exhibit 121: Impact of key risks on business
12 Vendor Analysis
12.1 Vendors covered
Exhibit 122: Vendors covered
12.2 Market positioning of vendors
Exhibit 123: Matrix on vendor position and classification
12.3 ABB Ltd.
Exhibit 124: ABB Ltd. - Overview
Exhibit 125: ABB Ltd. - Business segments
Exhibit 126: ABB Ltd. - Key offerings
Exhibit 127: ABB Ltd. - Segment focus
12.4 Cisco Systems Inc.
Exhibit 128: Cisco Systems Inc. - Overview
Exhibit 129: Cisco Systems Inc. - Business segments
Exhibit 130: Cisco Systems Inc. - Key news
Exhibit 131: Cisco Systems Inc. - Key offerings
Exhibit 132: Cisco Systems Inc. - Segment focus
12.5 Dassault Systemes SE
Exhibit 133: Dassault Systemes SE - Overview
Exhibit 134: Dassault Systemes SE - Product / Service
Exhibit 135: Dassault Systemes SE - Key news
Exhibit 136: Dassault Systemes SE - Key offerings
12.6 General Electric Co.
Exhibit 137: General Electric Co. - Overview
Exhibit 138: General Electric Co. - Business segments
Exhibit 139: General Electric Co. - Key news
Exhibit 140: General Electric Co. - Key offerings
Exhibit 141: General Electric Co. - Segment focus
12.7 Honeywell International Inc.
Exhibit 142: Honeywell International Inc. - Overview
Exhibit 143: Honeywell International Inc. - Business segments
Exhibit 144: Honeywell International Inc. - Key news
Exhibit 145: Honeywell International Inc. - Key offerings
Exhibit 146: Honeywell International Inc. - Segment focus
12.8 Intel Corp.
Exhibit 147: Intel Corp. - Overview
Exhibit 148: Intel Corp. - Business segments
Exhibit 149: Intel Corp. - Key news
Exhibit 150: Intel Corp. - Key offerings
Exhibit 151: Intel Corp. - Segment focus
12.9 International Business Machines Corp.
Exhibit 152: International Business Machines Corp. - Overview
Exhibit 153: International Business Machines Corp. - Business segments
Exhibit 154: International Business Machines Corp. - Key offerings
Exhibit 155: International Business Machines Corp. - Segment focus
12.10 Microsoft Corp.
Exhibit 156: Microsoft Corp. - Overview
Exhibit 157: Microsoft Corp. - Business segments
Exhibit 158: Microsoft Corp. - Key news
Exhibit 159: Microsoft Corp. - Key offerings
Exhibit 160: Microsoft Corp. - Segment focus
12.11 NEC Corp.
Exhibit 161: NEC Corp. - Overview
Exhibit 162: NEC Corp. - Business segments
Exhibit 163: NEC Corp. - Key news
Exhibit 164: NEC Corp. - Key offerings
Exhibit 165: NEC Corp. - Segment focus
12.12 Qualcomm Inc.
Exhibit 166: Qualcomm Inc. - Overview
Exhibit 167: Qualcomm Inc. - Business segments
Exhibit 168: Qualcomm Inc. - Key news
Exhibit 169: Qualcomm Inc. - Key offerings
Exhibit 170: Qualcomm Inc. - Segment focus
12.13 Robert Bosch GmbH
Exhibit 171: Robert Bosch GmbH - Overview
Exhibit 172: Robert Bosch GmbH - Business segments
Exhibit 173: Robert Bosch GmbH - Key news
Exhibit 174: Robert Bosch GmbH - Key offerings
Exhibit 175: Robert Bosch GmbH - Segment focus
12.14 Rockwell Automation Inc.
Exhibit 176: Rockwell Automation Inc. - Overview
Exhibit 177: Rockwell Automation Inc. - Business segments
Exhibit 178: Rockwell Automation Inc. - Key news
Exhibit 179: Rockwell Automation Inc. - Key offerings
Exhibit 180: Rockwell Automation Inc. - Segment focus
12.15 Siemens AG
Exhibit 181: Siemens AG - Overview
Exhibit 182: Siemens AG - Business segments
Exhibit 183: Siemens AG - Key news
Exhibit 184: Siemens AG - Key offerings
Exhibit 185: Siemens AG - Segment focus
12.16 Texas Instruments Inc.
Exhibit 186: Texas Instruments Inc. - Overview
Exhibit 187: Texas Instruments Inc. - Business segments
Exhibit 188: Texas Instruments Inc. - Key news
Exhibit 189: Texas Instruments Inc. - Key offerings
Exhibit 190: Texas Instruments Inc. - Segment focus
12.17 Yokogawa Electric Corp.
Exhibit 191: Yokogawa Electric Corp. - Overview
Exhibit 192: Yokogawa Electric Corp. - Business segments
Exhibit 193: Yokogawa Electric Corp. - Key offerings
Exhibit 194: Yokogawa Electric Corp. - Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 195: Inclusions checklist
Exhibit 196: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 197: Currency conversion rates for US$
13.4 Research methodology
Exhibit 198: Research methodology
Exhibit 199: Validation techniques employed for market sizing
Exhibit 200: Information sources
13.5 List of abbreviations
Exhibit 201: List of abbreviations
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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