Industrial IoT Market

Industrial IoT Market by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography - Global Forecast to 2026

Report Code: SE 2909 Jul, 2021, by marketsandmarkets.com

[214 Pages Report] The IIoT market is expected to grow from USD 76.7 billion in 2021 to USD 106.1 billion by 2026, at a CAGR of 6.7% during the forecast period. The growth of the IIoT industry is driven by factors such as technological advancements in semiconductor and electronic devices, increased use of cloud computing platforms, standardization of IPv6, and support from governments of different countries for R&D activities related to IIoT.

Industrial IoT Market

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Impact of COVID on IIoT Market

The COVID-19 pandemic has significantly impacted the industrial IoT market. With the pandemic persisting in North America and developing Asian countries, the manufacturing sector is facing tremendous challenges. The US automotive industry, one of the biggest in the world, has stagnated since the third quarter of 2020. Various automotive companies have downsized their manufacturing activities across the region, rendering technologies such as IoT, AI, and Blockchain employed in their manufacturing units useless. Mexico is a big beneficiary of the automotive industry in North America. However, the significantly reduced production of automobiles has resulted in tremendous losses for the Mexican automotive sector.

Market Dynamics of IIOT Market

Drivers : Rapid adoption of artificial intelligence (AI) and Internet of Things (IoT) in the manufacturing sector

Since the inception of Industry 4.0, the penetration of AI and IoT technologies in the manufacturing sector has been increasing rapidly. AI- and IoT-integrated systems allow optimization of manufacturing processes, send early alerts, contribute to quality control, and forecast equipment failure in machinery. By gathering precise data, manufacturers can develop innovative AI applications to differentiate themselves from their competitors. The outbreak of the COVID-19 pandemic in 2020 resulted in a testing time for the manufacturing sector. Restrictions on movement, stringent lockdowns, and unavailability of workforce forced manufacturers to improvise their production processes. This resulted in an accelerated use of AI and IoT in manufacturing processes. Activities such as condition monitoring and equipment maintenance were carried out with the help of AI and machine learning (ML) algorithms in the absence of a regular workforce in manufacturing units.

Standardization of IPv6

The development of Internet Protocol version 6 (IPv6) has contributed to the growth of the IIoT market, as the number of things connected to the Internet is growing exponentially across the world. The IP version 4 (IPv4) was unable to effectively support this exponential growth in the number of connected things. According to Google, only 4% of the devices in the world use IPv6 protocol at present, while 96% of the devices still use IPv4 protocol. With the standardization of IPv6, the global demand for IIoT technology is expected to grow significantly. This protocol supports an open architecture and is proving to be the most suitable protocol for IoT. IPv6 offers features such as advanced security and high reliability, thereby providing an appropriate foundation and platform for innovations in the IIoT landscape.

Restraints : Incompatibility of legacy equipment with communication networks

Machines used in the industrial sector require built-in components to facilitate M2M communication. These components are either connected to a wired network or a wireless network, such as Wi-Fi or RFID module. The connected components collect relevant data from equipment and transmit it to a central computer for storage and analysis. Machinery in old industrial units might not be equipped with these data transmission components, requiring them to be externally fitted. Some legacy equipment may also require alterations to retrofit these components in them, thereby resulting in increased expenditure. This acts as a major hindrance for organizations using old machinery. The impact of this restraint is expected to reduce gradually in the next few years, as most of the industries have begun to realize the benefits of M2M communication. A few organizations have already started developing solutions to integrate their legacy equipment with communication networks. For instance, General Electric (US) has developed field agents or gateways that can be attached directly to industrial equipment to facilitate network connectivity.

Opportunities : Growing application of AI and IoT in medical sector during pandemic

AI and IoT technologies have been rapidly penetrating into the medical industry over the last five years. Medical wearables have started using AI and IoT technologies, resulting in an integrated hospital ecosystem. For instance, through continuous glucose monitoring, a wearable device paired with intelligent algorithms can monitor glucose levels and automatically deliver the correct dosage of insulin to diabetes patients. The onset of the COVID-19 pandemic resulted in a sudden increase in the demand for technologies such as mobile personal emergency response system (mPERS) to facilitate remote patient monitoring. These systems help keep an eye on patient condition 24/7 without the physical involvement of hospital staff, thereby mitigating the risk of infection. As a result of the fear of contracting COVID-19, people are avoiding emergency rooms and doctors’ offices for non-COVID-19 health concerns. This is one of the main drivers for the growth of the remote patient monitoring (PM) market. With COVID-19 surging across the world, healthcare institutions are increasingly deploying.

Challenges : Susceptibility of IoT technologies to cyberattacks

IoT technologies are an integral part of smart manufacturing systems. The interconnectivity of devices across an industrial manufacturing facility creates security holes throughout the facility, which could result in potentially compromised operations. This is because from a security perspective, it cannot be determined where the data is coming from or where it is going. Hence, data visibility is the biggest cybersecurity challenge for smart manufacturing on a factory floor. For instance, Visser Precision, a manufacturer of space and defense equipment, experienced an attack involving DoppelPaymer ransomware at its Colorado manufacturing facility. The hackers exploited vulnerabilities in the system, which resulted in the leakage of sensitive documents and nondisclosure agreements. The company suffered an estimated loss of USD 50 million.

Networking technology to dominate the IIoT Market

Networking technologies accounted for the largest market share in 2021. Networking technologies, especially wireless technology, are the backbone of IIoT. Numerous machines and sensor nodes are connected to the Internet using these technologies to facilitate machine-to-machine communication. These technologies also enable the collection of large volumes of data for improved decision-making. An extensive range of wireless communication technologies are available based on connectivity range, power requirements, and data transfer rates. The industrial sector is relying increasingly on cellular technologies for machine-to-machine communication.

The IIoT market of transit management systems to grow at the highest CAGR during the forecast period

Transit management systems provide accurate information pertaining to the location and performance of vehicles. Vehicles equipped with automatic vehicle location (AVL) technology can be easily tracked. Transit management systems are also used for tracking, controlling, and monitoring the location of in-transit goods. Users monitoring the location of vehicles get this information through various technologies implemented on the dashboards of vehicles. Bus rapid transit (BRT) systems are used to provide information related to the transit time of buses. These systems are useful for emergency management systems and travel assistant devices (TADs), which have GPS-enabled mobile phones to assist passengers with special needs.

Industrial IoT Market by Region

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APAC to hold the largest share of the IIoT market in 2021

APAC to hold the largest share of the market, in terms of value, in 2021. Asia Pacific is a major hub for industrial manufacturing and has become a global focal point for significant investments and business expansions. The growing population, rising investments for R&D activities, and the increasing focus of international and domestic IT companies on the growth of big data analytics and cloud-based services in the region are expected to drive the growth of this market.

Key Market Players

The leading players in the industrial IoT market are Huawei (China), Cisco (US), GE (US), Intel (US), Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US), Honeywell (US), IBM (US), KUKA AG(Germany), NEC Corporation (Japan), Bosch.IO (Germany), Siemens AG (Germany), and SAP (Germany).

Recent Development

  • In April 2021, Intel, in partnership with John Deere, provided its AI technology to help solve a costly, age-old problem in the manufacturing welding process. Deere is piloting a solution that uses computer vision to automatically spot common defects in the automated welding process in its manufacturing facilities.
  • In February 2021, Cisco partnered with Newark, an Avnet Company, to offer industrial IoT network solutions for harsh and non-carpeted environments to customers across North America.
  • In March 2021, Plataine partnered with SAP to integrate IIoT and AI-based software for digital manufacturing as part of its business offering. Plataine’s cloud-based IIoT and AI-based software for digital manufacturing is now available on SAP Store, which recently merged with SAP App Center as the single digital marketplace for SAP and partner offerings.
  • In October 2020, Honeywell partnered with Microsoft to integrate the Honeywell Forge industrial analytics platform with the Dynamics 365 Field Service offering and Azure.
  • In June 2020, Intel, in partnership with Nebbiolo for edge computing software, helped German automaker Audi automate and enhance critical quality-control processes in its factories.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 24)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION
    1.3 INCLUSION AND EXCLUSION
    1.4 STUDY SCOPE
           1.4.1 MARKETS COVERED
                    FIGURE 1 INDUSTRIAL IOT MARKET
           1.4.2 YEARS CONSIDERED
    1.5 CURRENCY
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 29)
    2.1 RESEARCH DATA
           2.1.1 SECONDARY AND PRIMARY RESEARCH
                    FIGURE 2 RESEARCH FLOW
                    FIGURE 3 INDUSTRIAL IOT MARKET: RESEARCH DESIGN
           2.1.2 SECONDARY DATA
           2.1.3 PRIMARY DATA
                    2.1.3.1 Primary interviews with experts
                    2.1.3.2 Key industry insights
                    2.1.3.3 Breakdown of primary interviews
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Arriving at market size using bottom-up approach (demand side)
                               FIGURE 4 BOTTOM-UP APPROACH: MARKET SIZE ESTIMATION METHODOLOGY
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Arriving at market size using top-down approach (supply side)
                               FIGURE 5 TOP-DOWN APPROACH: MARKET SIZE ESTIMATION METHODOLOGY
    2.3 RESEARCH ASSUMPTIONS
    2.4 LIMITATIONS
    2.5 RISK ASSESSMENT
    2.6 DATA TRIANGULATION
           FIGURE 6 DATA TRIANGULATION

3 EXECUTIVE SUMMARY (Page No. - 39)
    3.1 PRE-COVID-19 SCENARIO: INDUSTRIAL IOT MARKET
           TABLE 1 PRE-COVID-19 SCENARIO: INDUSTRIAL IOT MARKET, 2020–2026
    3.2 POST-COVID-19: REALISTIC SCENARIO
           TABLE 2 POST-COVID-19 REALISTIC SCENARIO: INDUSTRIAL IOT MARKET, 2020–2026
    3.3 POST-COVID-19: OPTIMISTIC SCENARIO
           TABLE 3 POST-COVID-19 OPTIMISTIC SCENARIO: INDUSTRIAL IOT MARKET, 2020–2026
    3.4 POST-COVID-19: PESSIMISTIC SCENARIO
           TABLE 4 POST-COVID-19 PESSIMISTIC SCENARIO: INDUSTRIAL IOT MARKET, 2020–2026
           FIGURE 7 INDUSTRIAL IOT MARKET: REALISTIC, PESSIMISTIC, AND OPTIMISTIC RECOVERY SCENARIOS
    3.5 IMPACT OF COVID-19 ON INDUSTRIAL IOT MARKET
           FIGURE 8 WIRELESS CONNECTIVITY SEGMENT TO RECORD HIGHEST CAGR IN INDUSTRIAL IOT MARKET DURING FORECAST PERIOD
           FIGURE 9 MANUFACTURING EXECUTION SYSTEMS TO DOMINATE INDUSTRIAL IOT MARKET DURING FORECAST PERIOD
           FIGURE 10 NETWORKING TECHNOLOGY TO DOMINATE INDUSTRIAL IOT MARKET DURING FORECAST PERIOD
           FIGURE 11 MANUFACTURING INDUSTRY TO DOMINATE INDUSTRIAL IOT MARKET DURING FORECAST PERIOD
           FIGURE 12 INDUSTRIAL IOT MARKET IN ASIA PACIFIC TO RECORD HIGHEST CAGR DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 46)
    4.1 ATTRACTIVE OPPORTUNITIES IN INDUSTRIAL IOT MARKET
           FIGURE 13 GROWING DEMAND FROM MANUFACTURING SECTOR DRIVES GROWTH OF INDUSTRIAL IOT MARKET DURING FORECAST PERIOD
    4.2 INDUSTRIAL IOT MARKET, BY VERTICAL
           FIGURE 14 MANUFACTURING TO HOLD LARGEST SHARE OF INDUSTRIAL IOT MARKET DURING FORECAST PERIOD
    4.3 INDUSTRIAL IOT MARKET IN ASIA PACIFIC, BY VERTICAL
           FIGURE 15 MANUFACTURING AND CHINA TO HOLD LARGEST SHARES OF INDUSTRIAL IOT MARKET IN ASIA PACIFIC IN 2021
    4.4 INDUSTRIAL IOT MARKET, BY GEOGRAPHY
           FIGURE 16 US TO HOLD LARGEST SHARE OF INDUSTRIAL IOT MARKET IN 2021

5 MARKET OVERVIEW (Page No. - 48)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 17 MARKET DYNAMICS: INDUSTRIAL IOT MARKET, 2021
           5.2.1 DRIVERS
                    5.2.1.1 Rapid adoption of artificial intelligence (AI) and Internet of Things (IoT) in manufacturing sector
                               FIGURE 18 IOT CONNECTED DEVICES, 2020–2026
                    5.2.1.2 Increased use of cloud computing platforms
                    5.2.1.3 Standardization of IPv6
                               TABLE 5 ADOPTION OF IPV6 IN DIFFERENT REGION, 2020
                    5.2.1.4 Support from governments of various countries for R&D activities related to IIoT
                               FIGURE 19 INDUSTRIAL IOT MARKET: IMPACT ANALYSIS OF DRIVERS
           5.2.2 RESTRAINTS
                    5.2.2.1 Incompatibility of legacy equipment with communication networks
                    5.2.2.2 Lack of skilled engineers conversant with new developments in AI and IoT technologies
                               FIGURE 20 INDUSTRIAL IOT MARKET: IMPACT ANALYSIS OF RESTRAINTS
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Growing application of AI and IoT in medical sector during pandemic
                    5.2.3.2 Predictive maintenance of machinery
                               FIGURE 21 INDUSTRIAL IOT MARKET: IMPACT ANALYSIS OF OPPORTUNITIES
           5.2.4 CHALLENGES
                    5.2.4.1 Susceptibility of IoT technologies to cyberattacks
                    5.2.4.2 Maintenance and updates of IIoT systems
                               FIGURE 22 INDUSTRIAL IOT MARKET: IMPACT ANALYSIS OF CHALLENGES
    5.3 VALUE CHAIN ANALYSIS
           FIGURE 23 INDUSTRIAL IOT MARKET: VALUE CHAIN
    5.4 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESS
           FIGURE 24 EDGE COMPUTING TO PRESENT NEW GROWTH OPPORTUNITIES FOR  IIOT COMPANIES
    5.5 PORTER’S FIVE FORCES ANALYSIS
           TABLE 6 INDUSTRIAL IOT MARKET: PORTER’S FIVE FORCES ANALYSIS, 2020
           TABLE 7 INDUSTRIAL IOT MARKET: PORTER’S FIVE FORCES ANALYSIS, 2021-2026
    5.6 CASE STUDIES
           5.6.1 DIGITAL ROADMAP TO CONNECT 20 PLANTS - ALTIZON’S DATONICS
           5.6.2 INTEGRATION OF VARIOUS PRODUCTION LINES USING TELIT’S OFFERING
           5.6.3 DIGITAL TRANSFORMATION USING COGNIZANT’S UTILITIES TECHNOLOGY EXPERTISE
    5.7 TECHNOLOGY ANALYSIS
           5.7.1 CLOUD COMPUTING
           5.7.2 5G
           5.7.3 EDGE COMPUTING TECHNOLOGY
    5.8 INDUSTRIAL IOT MARKET: ECOSYSTEM
           TABLE 8 INDUSTRIAL IOT MARKET: ECOSYSTEM
           FIGURE 25 KEY PLAYERS IN INDUSTRIAL IOT MARKET
    5.9 PRICING ANALYSIS
           5.9.1 INDUSTRIAL ROBOTS
                    TABLE 9 AVERAGE SELLING PRICE OF INDUSTRIAL ROBOTS
           5.9.2 MACHINE CONDITION MONITORING SYSTEMS
                    TABLE 10 AVERAGE SELLING PRICE (ASP) OF MACHINE CONDITION MONITORING SENSORS
                    TABLE 11 AVERAGE SELLING PRICE (ASP) OF VIBRATION MONITORING SYSTEMS
    5.10 TRADE AND TARIFF ANALYSIS
           5.10.1 IMPORTS AND EXPORTS SCENARIO
                    FIGURE 26 IMPORTS DATA FOR MACHINE CONDITION MONITORING PRODUCTS, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 12 IMPORT DATA FOR MACHINE CONDITION MONITORING PRODUCTS, BY REGION,  2016–2020 (USD MILLION)
                    FIGURE 27 EXPORT DATAFOR MACHINE CONDITION MONITORING PRODUCTS, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 13 EXPORT DATA FOR MACHINE CONDITION MONITORING PRODUCTS,  2016−2020 (USD MILLION)
           5.10.2 TARIFF ANALYSIS
                    TABLE 14 TARIFF FOR MACHINE CONDITION MONITORING SYSTEMS EXPORTED BY AUSTRALIA, 2020
                    TABLE 15 TARIFF FOR MACHINE CONDITION MONITORING SYSTEMS EXPORTED BY US, 2020
                    TABLE 16 TARIFF FOR MACHINE CONDITION MONITORING SYSTEMS EXPORTED BY BELGIUM, 2020
                    TABLE 17 TARIFF FOR MACHINE CONDITION MONITORING SYSTEMS EXPORTED BY CHINA, 2020
    5.11 PATENTS ANALYSIS
                    FIGURE 28 LIST OF MAJOR PATENTS FOR INDUSTRIAL IOT
                    TABLE 18 PATENTS IN INDUSTRIAL IOT MARKET
    5.12 REGULATORY STANDARDS
           5.12.1 RESTRICTION OF HAZARDOUS SUBSTANCES (ROHS) AND WASTE ELECTRICAL AND ELECTRONIC EQUIPMENT (WEEE)
           5.12.2 IMPORT–EXPORT LAWS
           5.12.3 US – FIPS SECURITY LEVEL
           5.12.4 EU - CYBERSECURITY ACT 2019
           5.12.5 US - NISTR 8295 (2ND DRAFT)
    5.13 MARKET STANDARDS
                    TABLE 19 STANDARDS RELATED TO IOT IN MANUFACTURING
           5.13.1 STANDARDS RELATED TO MACHINE CONDITION MONITORING

6 IIOT MARKET, BY DEVICE AND TECHNOLOGY (Page No. - 78)
    6.1 INTRODUCTION
           TABLE 20 INDUSTRIAL IOT MARKET, BY DEVICE AND TECHNOLOGY, 2017–2020 (USD BILLION)
           FIGURE 29 NETWORKING TECHNOLOGY SEGMENT TO HOLD LARGEST SIZE OF IIOT MARKET FROM 2021 TO 2026
           TABLE 21 INDUSTRIAL IOT MARKET, BY DEVICE AND TECHNOLOGY, 2021–2026 (USD BILLION)
    6.2 SENSORS
           6.2.1 SENSORS ARE EMERGING AS CRITICAL COMPONENTS OF IIOT ECOSYSTEM
    6.3 RFID
           6.3.1 GROWTH IN ADOPTION OF RFID TECHNOLOGY IN MANUFACTURING, RETAIL, AND HEALTHCARE INDUSTRIES
    6.4 INDUSTRIAL ROBOTICS
           6.4.1 INDUSTRIAL ROBOTICS ARE EXPECTED TO REVOLUTIONIZE DIFFERENT MANUFACTURING PROCESSES
    6.5 DISTRIBUTED CONTROL SYSTEMS (DCS)
           6.5.1 RISING USE OF DCS FOR REGULATORY CONTROLS IN MANUFACTURING SECTOR
    6.6 CONDITION MONITORING
           6.6.1 INCREASE IN DEMAND FOR CONDITION MONITORING TO ENSURE PROPER AND UNINTERRUPTED FUNCTIONING OF INDUSTRIAL MACHINERY
    6.7 SMART METERS
           6.7.1 SURGING ADOPTION OF SMART METERS IN DOMESTIC AND COMMERCIAL APPLICATIONS
    6.8 ELECTRONIC SHELF LABELS (ESL)
           6.8.1 GROWING USE OF ESL IN RETAIL STORES FOR PRICE AUTOMATION AND PRODUCT INFORMATION DISPLAY
    6.9 CAMERAS
           6.9.1 INCREASING ADOPTION OF CAMERAS FOR SECURITY AND SURVEILLANCE APPLICATIONS
    6.10 SMART BEACONS
           6.10.1 GROWING USE OF SMART BEACONS IN RETAIL VERTICAL
    6.11 INTERFACE BOARDS
           6.11.1 INTERFACE BOARDS POWER VARIOUS NODES OF INTELLIGENT TRANSPORTATION SYSTEMS IN TRANSPORTATION VERTICAL
           6.11.2 MULTIFUNCTIONAL BOARDS
           6.11.3 VEHICLE DETECTION BOARDS
           6.11.4 COMMUNICATION BOARDS
    6.12 YIELD MONITORS
           6.12.1 YIELD MONITORS RECORD SITE-SPECIFIC YIELD DATA FOR AGRICULTURISTS
    6.13 GUIDANCE & STEERING
           6.13.1 INCREASING USE OF GUIDANCE & STEERING SYSTEMS IN PRECISION FARMING
    6.14 GPS/GNSS
           6.14.1 INCREASING USE OF GPS/GNSS FOR EFFECTIVE NAVIGATION OF VEHICLES
    6.15 FLOW & APPLICATION CONTROL DEVICES
           6.15.1 INCREASING USE OF FLOW AND APPLICATION CONTROL DEVICES IN VARIABLE RATE APPLICATIONS
    6.16 NETWORKING TECHNOLOGY
           6.16.1 NUMEROUS MACHINES AND SENSOR NODES ARE CONNECTED TO INTERNET USING NETWORKING TECHNOLOGIES

7 INDUSTRIAL IOT MARKET, BY CONNECTIVITY TECHNOLOGY (Page No. - 91)
    7.1 INTRODUCTION
           TABLE 22 INDUSTRIAL IOT MARKET, BY CONNECTIVITY TECHNOLOGY, 2017–2020 (USD BILLION)
           FIGURE 30 WIRELESS CONNECTIVITY IS EXPECTED TO GROW AT HIGHER CAGR BETWEEN 2021 AND 2026
           TABLE 23 INDUSTRIAL IOT MARKET, BY CONNECTIVITY TECHNOLOGY, 2021–2026 (USD MILLION)
    7.2 WIRED TECHNOLOGIES
           7.2.1 ETHERNET
                    7.2.1.1 Modbus
                    7.2.1.2 PROFINET
                    7.2.1.3 CC-Link
           7.2.2 FOUNDATION FIELDBUS
    7.3 WIRELESS TECHNOLOGIES
           7.3.1 WI-FI
           7.3.2 BLUETOOTH
           7.3.3 CELLULAR TECHNOLOGIES
                    7.3.3.1 4G/LTE
                    7.3.3.2 5G
           7.3.4 SATELLITE TECHNOLOGIES

8 INDUSTRIAL IOT MARKET, BY SOFTWARE (Page No. - 99)
    8.1 INTRODUCTION
           TABLE 24 INDUSTRIAL IOT MARKET, BY SOFTWARE, 2017–2020 (USD BILLION)
           FIGURE 31 REMOTE PATIENT MONITORING SEGMENT WITNESSED HUGE SURGE IN 2020
           TABLE 25 INDUSTRIAL IOT MARKET, BY SOFTWARE, 2021–2026 (USD MILLION)
    8.2 PRODUCT LIFECYCLE MANAGEMENT (PLM)
           8.2.1 PLM ENABLES EFFECTIVE DEVELOPMENT AND INSTALLATION OF PRODUCTS
    8.3 MANUFACTURING EXECUTION SYSTEMS (MES)
           8.3.1 MES HELP PRODUCTION PLANTS WITH MATERIALS, ORDERS, AND PRODUCTION MANAGEMENT FUNCTIONALITIES
    8.4 SCADA
           8.4.1 SCADA SYSTEMS HELP IN MAINTAINING AND EFFECTIVELY CONTROLLING DIFFERENT INDUSTRIAL OPERATIONS
    8.5 OUTAGE MANAGEMENT SYSTEMS (OMS)
           8.5.1 OMS ENABLE ELECTRIC UTILITIES TO MANAGE THEIR POWER OUTAGES EFFECTIVELY AND IMPROVE THEIR RESPONSE TIME
    8.6 DISTRIBUTION MANAGEMENT SYSTEMS
           8.6.1 DMS FACILITATE EFFECTIVE MANAGEMENT OF ELECTRICITY DISTRIBUTION NETWORKS
                    8.6.1.1 Case Study: FPT Software
    8.7 REMOTE PATIENT MONITORING
           8.7.1 REMOTE PATIENT MONITORING REDUCES INSTANCES OF HOSPITALIZATIONS, READMISSIONS, AND HOSPITAL STAYS
                    8.7.1.1 Case Study: KORE Wireless and BioIntelliSense
    8.8 RETAIL MANAGEMENT SOFTWARE
           8.8.1 RETAIL MANAGEMENT SOFTWARE HELP IN PLANNING AND REDESIGNING BUSINESS STRATEGIES ACCORDING TO  PREVAILING MARKET SCENARIO
    8.9 VISUALIZATION SOFTWARE
           8.9.1 VISUALIZATION SOFTWARE OFFER REAL-TIME VIDEOS AND DATA ANALYSIS
    8.10 TRANSIT MANAGEMENT SYSTEMS
           8.10.1 TRANSIT MANAGEMENT SYSTEMS PROVIDE ACCURATE INFORMATION PERTAINING TO LOCATION AND PERFORMANCE OF VEHICLES
    8.11 FARM MANAGEMENT SYSTEMS
           8.11.1 FARM MANAGEMENT SYSTEMS COMPRISE SOFTWARE AND SERVICES USED FOR PRECISION FARMING

9 IIOT MARKET, BY VERTICAL (Page No. - 110)
    9.1 INTRODUCTION
           FIGURE 32 MANUFACTURING SEGMENT TO HOLD LARGEST SIZE OF IIOT MARKET FROM 2021 TO 2026
           TABLE 26 INDUSTRIAL IOT MARKET, BY VERTICAL, 2017–2020 (USD BILLION)
           TABLE 27 INDUSTRIAL IOT MARKET, BY VERTICAL, 2021–2026 (USD BILLION)
    9.2 MANUFACTURING
           TABLE 28 INDUSTRIAL IOT MARKET FOR MANUFACTURING, BY OFFERING, 2017–2020 (USD BILLION)
           TABLE 29 INDUSTRIAL IOT MARKET FOR MANUFACTURING, BY OFFERING, 2021–2026 (USD BILLION)
           TABLE 30 INDUSTRIAL IOT MARKET FOR MANUFACTURING, BY REGION, 2017–2020 (USD BILLION)
           FIGURE 33 IIOT MARKET FOR MANUFACTURING TO GROW AT HIGHEST CAGR IN APAC FROM 2021 TO 2026
           TABLE 31 INDUSTRIAL IOT MARKET FOR MANUFACTURING, BY REGION, 2021–2026 (USD BILLION)
    9.3 ENERGY
           9.3.1 REMOTE MONITORING OF PLANTS DRIVES THE GROWTH OF IIOT IN ENERGY SECTOR
                    TABLE 32 INDUSTRIAL IOT MARKET FOR ENERGY, BY OFFERING, 2017–2020 (USD BILLION)
                    TABLE 33 INDUSTRIAL IOT MARKET FOR ENERGY, BY OFFERING, 2021–2026 (USD BILLION)
                    TABLE 34 INDUSTRIAL IOT MARKET FOR ENERGY, BY REGION, 2017–2020 (USD BILLION)
                    TABLE 35 INDUSTRIAL IOT MARKET FOR ENERGY, BY REGION, 2021–2026 (USD BILLION)
           9.3.2 SMART GRIDS
                    9.3.2.1 Growing demand for uninterrupted power supply is leading to increasing deployment of smart grids
           9.3.3 OIL & GAS
                    TABLE 36 INDUSTRIAL IOT MARKET FOR OIL & GAS, BY OFFERING, 2017–2020 (USD BILLION)
                    FIGURE 34 DEVICE & TECHNOLOGY TO HOLD LARGER SHARE OF IIOT MARKET FOR OIL & GAS FROM 2021 TO 2026
                    TABLE 37 INDUSTRIAL IOT MARKET FOR OIL & GAS, BY OFFERING, 2021–2026 (USD BILLION)
                    TABLE 38 INDUSTRIAL IOT MARKET FOR OIL & GAS, BY REGION, 2017–2020 (USD BILLION)
                    TABLE 39 INDUSTRIAL IOT MARKET FOR OIL & GAS, BY REGION, 2021–2026 (USD BILLION)
           9.3.4 METALS & MINING
                    TABLE 40 INDUSTRIAL IOT MARKET FOR METALS & MINING, BY OFFERING, 2017–2020 (USD BILLION)
                    TABLE 41 INDUSTRIAL IOT MARKET FOR METALS & MINING, BY OFFERING, 2021–2026 (USD BILLION)
                    TABLE 42 INDUSTRIAL IOT MARKET FOR METALS & MINING, BY REGION, 2017–2020 (USD BILLION)
                    FIGURE 35 APAC TO HOLD LARGEST SHARE OF IIOT MARKET FOR METALS & MINING FROM 2021 TO 2026
                    TABLE 43 INDUSTRIAL IOT MARKET FOR METALS & MINING, BY REGION, 2021–2026 (USD BILLION)
    9.4 HEALTHCARE
           9.4.1 REMOTE PATIENT MONITORING DURING COVID=189 BOOST THE GROWTH OF IIOT IN HEALTHCARE
                    TABLE 44 INDUSTRIAL IOT MARKET FOR HEALTHCARE, BY OFFERING, 2017–2020 (USD BILLION)
                    TABLE 45 INDUSTRIAL IOT MARKET FOR HEALTHCARE, BY OFFERING, 2021–2026 (USD BILLION)
                    TABLE 46 INDUSTRIAL IOT MARKET FOR HEALTHCARE, BY REGION, 2017–2020 (USD BILLION)
                    TABLE 47 INDUSTRIAL IOT MARKET FOR HEALTHCARE, BY REGION, 2021–2026 (USD BILLION)
    9.5 RETAIL
           9.5.1 POINT-OF-SALES (POS)
                    9.5.1.1 Changing customer requirements supplement boost demand for POS terminals
           9.5.2 INTERACTIVE KIOSKS
                    9.5.2.1 Rising demand for interactive kiosks to improve overall customer experience
           9.5.3 SELF-CHECKOUT SYSTEMS
                    9.5.3.1 Growing demand for self-checkout systems in developed economies
                               TABLE 48 INDUSTRIAL IOT MARKET FOR RETAIL, BY OFFERING, 2017–2020 (USD BILLION)
                               FIGURE 36 SOFTWARE TO GROW AT HIGHER CAGR IN IIOT MARKET FOR RETAIL  FROM 2021 TO 2026
                               TABLE 49 INDUSTRIAL IOT MARKET FOR RETAIL, BY OFFERING, 2021–2026 (USD BILLION)
                               TABLE 50 INDUSTRIAL IOT MARKET FOR RETAIL, BY REGION, 2017–2020 (USD BILLION)
                               TABLE 51 INDUSTRIAL IOT MARKET FOR RETAIL, BY REGION,  2021–2026 (USD BILLION)
    9.6 TRANSPORTATION
           9.6.1 INTELLIGENT SIGNALING SYSTEMS
                    9.6.1.1 Growing demand for intelligent signaling systems to drive growth of transportation IIoT solutions market
           9.6.2 VIDEO ANALYTICS
                    9.6.2.1 Increasing demand for smart surveillance to fuel growth of video analytics market
           9.6.3 INCIDENT DETECTION SYSTEMS
                    9.6.3.1 Growing deployment of incident detection systems to monitor and detect locations of incidents
           9.6.4 ROUTE SCHEDULING GUIDANCE SYSTEMS
                    9.6.4.1 Increasing adoption of real-time traffic analytics to drive demand for route scheduling guidance systems
                               TABLE 52 INDUSTRIAL IOT MARKET FOR TRANSPORTATION, BY OFFERING, 2017–2020 (USD BILLION)
                               TABLE 53 INDUSTRIAL IOT MARKET FOR TRANSPORTATION, BY OFFERING, 2021–2026 (USD BILLION)
                               TABLE 54 INDUSTRIAL IOT MARKET FOR TRANSPORTATION, BY REGION, 2017–2020 (USD BILLION)
                               TABLE 55 INDUSTRIAL IOT MARKET FOR TRANSPORTATION, BY REGION, 2021–2026 (USD BILLION)
    9.7 AGRICULTURE
           9.7.1 PRECISION FARMING
                    9.7.1.1 Growing adoption of precision farming globally to increase agricultural productivity
           9.7.2 LIVESTOCK MONITORING
                    9.7.2.1 Increasing use of remote sensing and connected technologies for livestock monitoring
           9.7.3 SMART GREENHOUSES
                    9.7.3.1 Rising adoption of smart greenhouses is expected to boost demand for IIoT solutions worldwide
           9.7.4 FISH FARMING
                    9.7.4.1 Surging use of IIoT solutions to effectively monitor fish farms
                               TABLE 56 INDUSTRIAL IOT MARKET FOR AGRICULTURE, BY OFFERING, 2017–2020 (USD BILLION)
                               TABLE 57 INDUSTRIAL IOT MARKET FOR AGRICULTURE, BY OFFERING, 2021–2026 (USD BILLION)
                               TABLE 58 INDUSTRIAL IOT MARKET FOR AGRICULTURE, BY REGION, 2017–2020 (USD BILLION)
                               TABLE 59 INDUSTRIAL IOT MARKET FOR AGRICULTURE, BY REGION, 2021–2026 (USD BILLION)

10 GEOGRAPHICAL ANALYSIS (Page No. - 133)
     10.1 INTRODUCTION
               FIGURE 37 GEOGRAPHIC SNAPSHOT OF IIOT MARKET, 2019
               TABLE 60 INDUSTRIAL IOT MARKET, BY REGION, 2017–2020 (USD BILLION)
               TABLE 61 INDUSTRIAL IOT MARKET, BY REGION, 2021–2026 (USD BILLION)
     10.2 NORTH AMERICA
               FIGURE 38 SNAPSHOT OF IIOT MARKET IN NORTH AMERICA
               TABLE 62 INDUSTRIAL IOT MARKET IN NORTH AMERICA, BY VERTICAL, 2017–2020 (USD BILLION)
               TABLE 63 INDUSTRIAL IOT MARKET IN NORTH AMERICA, BY VERTICAL, 2021–2026 (USD BILLION)
               TABLE 64 INDUSTRIAL IOT MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD BILLION)
               TABLE 65 INDUSTRIAL IOT MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD BILLION)
             10.2.1 US
                       10.2.1.1 Presence of major IoT solution providers and significant government support to drive adoption of IIoT solutions
             10.2.2 CANADA
                       10.2.2.1 Increasing investments for development and adoption of IoT technology in critical applications
             10.2.3 MEXICO
                       10.2.3.1 Evolution as industrial hub to boost adoption of IIoT solutions
     10.3 EUROPE
               FIGURE 39 SNAPSHOT OF IIOT MARKET IN EUROPE
               TABLE 66 INDUSTRIAL IOT MARKET IN EUROPE, BY VERTICAL, 2017–2020 (USD BILLION)
               TABLE 67 INDUSTRIAL IOT MARKET IN EUROPE, BY VERTICAL, 2021–2026 (USD BILLION)
               TABLE 68 INDUSTRIAL IOT MARKET IN EUROPE, BY COUNTRY, 2017–2020 (USD BILLION)
               TABLE 69 INDUSTRIAL IOT MARKET IN EUROPE, BY COUNTRY, 2021–2026 (USD BILLION)
             10.3.1 UK
                       10.3.1.1 Increasing adoption of IoT solutions in energy vertical to drive market growth
             10.3.2 GERMANY
                       10.3.2.1 Surge in deployment of IoT technology in automotive sector to fuel market growth
             10.3.3 FRANCE
                       10.3.3.1 Growing adoption of smart manufacturing to lead to market growth
             10.3.4 REST OF EUROPE
     10.4 APAC
               FIGURE 40 SNAPSHOT OF IIOT MARKET IN APAC
               TABLE 70 INDUSTRIAL IOT MARKET IN APAC, BY VERTICAL, 2017–2020 (USD BILLION)
               TABLE 71 INDUSTRIAL IOT MARKET IN APAC, BY VERTICAL, 2021–2026 (USD BILLION)
               TABLE 72 INDUSTRIAL IOT MARKET IN APAC, BY COUNTRY, 2017–2020 (USD BILLION)
               TABLE 73 INDUSTRIAL IOT MARKET IN APAC, BY COUNTRY, 2021–2026 (USD BILLION)
             10.4.1 CHINA
                       10.4.1.1 Increasing deployment of IoT solutions to drive market growth
             10.4.2 JAPAN
                       10.4.2.1 Rising adoption of IIoT solutions to improve productivity and enable process optimization to contribute to market growth
             10.4.3 INDIA
                       10.4.3.1 Large-scale industrial development to boost market
             10.4.4 REST OF APAC
     10.5 ROW
               TABLE 74 INDUSTRIAL IOT MARKET IN ROW, BY VERTICAL, 2017–2020 (USD BILLION)
               TABLE 75 INDUSTRIAL IOT MARKET IN ROW, BY VERTICAL, 2021–2026 (USD BILLION)
               TABLE 76 INDUSTRIAL IOT MARKET IN ROW, BY COUNTRY, 2017–2020 (USD BILLION)
               TABLE 77 INDUTSRIAL IOT MARKET IN ROW, BY COUNTRY, 2021–2026 (USD BILLION)
             10.5.1 SOUTH AMERICA
                       10.5.1.1 Increased focus on connectivity and networking technologies to fuel market growth
             10.5.2 MIDDLE EAST
                       10.5.2.1 Rising demand for IIoT solutions from oil & gas vertical and smart cities to contribute to market growth
             10.5.3 AFRICA
                       10.5.3.1 Surge in demand for IoT solutions from mining to drive market growth

11 COMPETITIVE LANDSCAPE (Page No. - 151)
     11.1 INTRODUCTION
     11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
     11.3 REVENUE ANALYSIS
               FIGURE 41 FIVE-YEAR REVENUE ANALYSIS OF TOP PLAYERS IN INDUSTRIAL IOT MARKET
     11.4 MARKET SHARE ANALYSIS, 2020
               FIGURE 42 INDUSTRIAL IOT MARKET: MARKET SHARE ANALYSIS (2020)
               TABLE 78 INDUSTRIAL IOT MARKET: DEGREE OF COMPETITION
     11.5 COMPANY EVALUATION QUADRANT
             11.5.1 STAR
             11.5.2 PERVASIVE
             11.5.3 EMERGING LEADER
             11.5.4 PARTICIPANT
                       FIGURE 43 INDUSTRIAL IOT MARKET COMPANY EVALUATION QUADRANT, 2020
             11.5.5 INDUSTRIAL IOT MARKET: COMPANY PRODUCT FOOTPRINT
                       TABLE 79 COMPANY PRODUCT FOOTPRINT
             11.5.6 INDUSTRIAL IOT MARKET: OFFERING FOOTPRINT
                       TABLE 80 COMPANY OFFERING FOOTPRINT
             11.5.7 INDUSTRIAL IOT MARKET: VERTICAL FOOTPRINT
                       TABLE 81 COMPANY VERTICAL FOOTPRINT
             11.5.8 INDUSTRIAL IOT MARKET: REGIONAL FOOTPRINT
                       TABLE 82 COMPANY REGIONAL FOOTPRINT
     11.6 STARTUP/SME EVALUATION QUADRANT, 2020
             11.6.1 PROGRESSIVE COMPANY
             11.6.2 RESPONSIVE COMPANY
             11.6.3 DYNAMIC COMPANY
             11.6.4 STARTING BLOCK
                       FIGURE 44 INDUSTRIAL IOT MARKET STARTUP/SME EVALUATION QUADRANT, 2020
     11.7 COMPETITIVE SCENARIO
               FIGURE 45 INDUSTRIAL IOT MARKET EVALUATION FRAMEWORK OF MAJOR COMPANIES
             11.7.1 EXPANSIONS, ACQUISITIONS, PARTNERSHIPS,  AND COLLABORATIONS
                       TABLE 83 INDUSTRIAL IOT MARKET: DEALS, 2020–2021
             11.7.2 PRODUCT LAUNCHES/DEVELOPMENTS
                       TABLE 84 INDUSTRIAL IOT MARKET: PRODUCT LAUNCHES, 2020–2021

12 COMPANY PROFILES (Page No. - 165)
     12.1 KEY PLAYERS
(Business overview, Products offered, Recent Developments, MNM view)*
             12.1.1 ABB
                       TABLE 85 ABB: BUSINESS OVERVIEW
                       FIGURE 46 ABB: COMPANY SNAPSHOT
             12.1.2 GENERAL ELECTRIC
                       TABLE 86 GENERAL ELECTRIC: BUSINESS OVERVIEW
                       FIGURE 47 GENERAL ELECTRIC: COMPANY SNAPSHOT
             12.1.3 EMERSON ELECTRIC
                       TABLE 87 EMERSON ELECTRIC: BUSINESS OVERVIEW
                       FIGURE 48 EMERSON ELECTRIC: COMPANY SNAPSHOT
             12.1.4 INTEL
                       TABLE 88 INTEL: BUSINESS OVERVIEW
                       FIGURE 49 INTEL: COMPANY SNAPSHOT
             12.1.5 CISCO
                       TABLE 89 CISCO: BUSINESS OVERVIEW
                       FIGURE 50 CISCO: COMPANY SNAPSHOT
             12.1.6 SAP SE
                       TABLE 90 SAP: BUSINESS OVERVIEW
                       FIGURE 51 SAP SE: COMPANY SNAPSHOT
             12.1.7 HONEYWELL
                       TABLE 91 HONEYWELL: BUSINESS OVERVIEW
                       FIGURE 52 HONEYWELL: COMPANY SNAPSHOT
             12.1.8 SIEMENS
                       TABLE 92 SIEMENS: BUSINESS OVERVIEW
                       FIGURE 53 SIEMENS: COMPANY SNAPSHOT
             12.1.9 HUAWEI
                       TABLE 93 HUAWEI: BUSINESS OVERVIEW
                       FIGURE 54 HUAWEI: COMPANY SNAPSHOT
             12.1.10 ROCKWELL AUTOMATION
                       TABLE 94 ROCKWELL AUTOMATION: BUSINESS OVERVIEW
                       FIGURE 55 ROCKWELL AUTOMATION: COMPANY SNAPSHOT
*Details on Business overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
     12.2 OTHER PLAYERS
             12.2.1 ARM HOLDING
             12.2.2 PTC
             12.2.3 DASSAULT SYSTEMES
             12.2.4 SIGFOX
             12.2.5 BOSCH
             12.2.6 NEC
             12.2.7 ANSYS
             12.2.8 WORLDSENSING SL
             12.2.9 ARUNDO ANALYTICS
             12.2.10 BRIGHT MACHINES
             12.2.11 TEXAS INSTRUMENTS
             12.2.12 KUKA
             12.2.13 DRAGOS
             12.2.14 GOOGLE
             12.2.15 MICROSOFT

13 APPENDIX (Page No. - 209)
     13.1 INSIGHTS OF INDUSTRY EXPERTS
     13.2 DISCUSSION GUIDE
     13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     13.4 AVAILABLE CUSTOMIZATIONS
     13.5 RELATED REPORTS
     13.6 AUTHOR DETAILS

The study involved four major activities in estimating the current size of the global IIoT market. Exhaustive secondary research has been done to collect information about the market, the peer markets, and the parent market. Validating findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources have been referred to for identifying and collecting information pertinent to this study. Secondary sources include annual reports, press releases, investor presentations, white papers, journals & certified publications, and articles from recognized authors, directories, and databases. Secondary research has been conducted to obtain important information about the industry’s supply chain, value chain, the total pool of key players, market segmentation according to the industry trends (to the bottommost level), geographic markets, and key developments from both market and technology oriented perspectives.

Primary Research

Extensive primary research has been conducted after gaining knowledge about the IIoT market scenario through secondary research. Several primary interviews have been conducted with market experts from both demand (commercial application providers) and supply (equipment manufacturers and distributors) sides across four major regions: Americas, EMEA, and APAC. Approximately 80% and 20% of primary interviews have been conducted with parties from demand and supply sides, respectively. The primary data has been collected through questionnaires, emails, and telephonic interviews.

Industrial IoT Market  Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

  • The bottom-up approach has been employed to arrive at the overall size of the industrial IoT market.
  • Identifying various end-user industries using or expected to implement industrial IoT technology
  • Analyzing each vertical, along with major related companies and IoT providers, and identifying service providers for the implementation of industrial IoT
  • Estimating industrial IoT market for end users
  • Understanding the demand generated by companies operating across different verticals
  • Tracking the ongoing and upcoming implementation of projects based on industrial IoT across verticals and forecasting the market based on these developments and other critical parameters
  • Carrying out multiple discussions with key opinion leaders to understand the type of software designed and developed by industrial IoT service providers; this information helped analyze the breakdown of the scope of work carried out by each major company in the industrial IoT market and assess the impact of COVID-19 on the market
  • Arriving at the market estimates by analyzing industrial IoT companies as per their countries, and subsequently combining this information to arrive at the market estimates by region
  • Verifying and cross-checking the estimates at every level through discussions with key opinion leaders, including CXOs, directors, and operations managers, and finally with domain experts at MarketsandMarkets
  • Studying various paid and unpaid sources of information, such as annual reports, press releases, white papers, and databases

Global Industrial IoT Market: Bottom-up approach

Industrial IoT Market  Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Data Triangulation

All the percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data has been consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in the report.

Report Objectives

  • To define, describe, segment, and forecast the Industrial Internet of Things (IIoT) market based on device & technology, software, vertical, and region
  • To forecast the market size for various segments with regard to four main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
  • To provide a detailed analysis based on Porter's Five Forces, information on the strategic benchmarking of leading players, and evolution of the industrial IoT market
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
  • To analyze opportunities for stakeholders by identifying high-growth segments of the industrial IoT market
  • To strategically profile the key players and comprehensively analyze their market share and core competencies2, along with providing a detailed competitive landscape for the market leaders
  • To study the complete value chain and allied industry segments, and perform a value chain analysis of the industrial IoT landscape

Available Customization

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the IIoT market report:

Product Analysis

  • Product matrix that gives a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Industrial IoT Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Industrial IoT Market

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Published ON
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