Industrial IoT Market by Component (Hardware, Platform, Services, and Connectivity), Industry Verticals (Agriculture, Manufacturing, Energy & Utility, Oil & Gas, Aerospace, Retail, and Others) and Geography—Global Forecasts to 2029

Industrial IoT Market by Component (Hardware, Platform, Services, and Connectivity), Industry Verticals (Agriculture, Manufacturing, Healthcare, Energy & Utility, Oil & Gas, Aerospace, Retail, and Others) and Geography—Global Forecasts to 2029

The research report titled, ‘Industrial IoT Market by Component (Hardware, Platform, Services, and Connectivity), Industry Verticals (Agriculture, Manufacturing, Healthcare, Energy & Utility, Oil & Gas, Aerospace, Retail, and Others) and Geography—Global Forecasts to 2029’, provides in-depth analysis of Industrial IoT market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029.

The global Industrial IoT market is expected to reach $276.79 billion by 2029, growing at a CAGR of 16.0% during the forecast period of 2022–2029.

Rising investment towards Industry 4.0, government encouragement to promote industrial automation, and high productivity & efficiency requirement are the major factors driving the growth of this market. Additionally, industrial IoT for predictive maintenance and an increase in the number of data centers are expected to offer significant opportunities for market growth. However, the lack of standardization and high capital & operating expense can restrain the growth of this market up to a certain extent.

Based on component, the market is segmented into hardware, platform, services, and connectivity. In 2022, the hardware segment is expected to account for the largest market share of the Industrial IoT market. Factors such as consistent engagement of the industrial sector in improving efficiency, reducing costs, and increasing Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions attribute to the growth of this segment. However, the platform segment is expected to grow with the highest CAGR during the forecast period. The rising adoption of industrial IoT platforms by the various industry verticals to improve operational efficiency, along with the growing need for superior monitoring technologies, is driving the growth of this segment.

Based on industry vertical, the market is segmented into agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and other industry verticals. In 2022, the manufacturing segment is expected to account for the largest market share of the overall Industrial IoT market and is expected to grow with the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need for centralized monitoring and predictive maintenance of assets, increasing smart factories, the advent of Industry 4.0, and the increasing adoption of autonomous robots for industrial automation. With the increasing number of networked sensors across production and supply chains, manufacturers are entering a new generation of systems that enable automatic and real-time interactions among machines, systems, assets, and things. The pervasiveness of connected devices is finding applicability across multiple segments of the manufacturing and supply chain throughout the value chain.

Geographic Review:

Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest market share of the global Industrial IoT market. The manufacturing sector in Asia-Pacific contributes significantly to the economy and is undergoing a rapid transformation. The growing adoption of disruptive technologies such as AI, machine learning, and IoT drives cloud adoption across the region, accelerating the demand for cloud-based smart manufacturing solutions. The growth of the Asia-Pacific market is attributed to the rising demand for automation, the increasing adoption of industrial robots, the advent of Industry 4.0, the growing adoption of cloud-based smart manufacturing solutions, and the presence of prominent key players in the region.

Some of the key players operating in the global Industrial IoT market are ABB Ltd. (Switzerland), The General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co. Ltd (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes SE (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.).

Key questions answered in the report:

Which are the high-growth market segments in terms of component, industry vertical, and countries?
What is the historical market for Industrial IoT across the globe?
What are the market forecasts and estimates from 2022–2029?
What are the major drivers, restraints, and opportunities in the global Industrial IoT market?
Who are the major players in the global Industrial IoT market, and what market shares do they hold?
Who are the major players in various countries, and what market shares do they hold?
How is the competitive landscape?
What are the recent developments in the global Industrial IoT market?
What are the different strategies adopted by the major players in the global Industrial IoT market?
What are the geographical trends in high-growth countries?
Who are the local emerging players in the global Industrial IoT market, and how do they compete with the other players?

Scope of the Report:

Global Industrial IoT Market, by Component

Hardware
Network Components
Sensors & Actuators
Others
Platform
Services
Professional Services
Managed Services
Connectivity

Global Industrial IoT Market, by Industry vertical

Agriculture
Precision Farming
Livestock Monitoring
Smart Greenhouse
Fish Farming
Smart Irrigation
Manufacturing
Surveillance & Safety
Quality Management
Resource Optimization
Inventory & Warehouse Management
Machine Inspection & Maintenance
Production Planning
Energy Management
Smart Robotics
Retail
Operations Management
Asset Management
Customer Experience Management
Energy & Utility
Predictive Maintenance
Remote Monitoring
Worker Safety & Security
Distribution Management
Asset Management
Oil & Gas
Predictive Maintenance
Remote Monitoring
Worker Safety & Security
Distribution Management
Asset Management
Aerospace/Airline
Performance Management
Energy Management
Predictive Maintenance
Passenger Experience Management
Transportation & Logistics
Smart Ticketing & Toll
Parking Management
Traffic Management
Passenger Information
Freight Information
Telematics
Others
Telecom
Asset Management
Remote Monitoring
Others
Other Industry Verticals

Global Industrial IoT Market, by region

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Poland
Netherlands
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Australia & New Zealand
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of Middle East & Africa

Industrial IoT Market - Report Summary

Report Metrics	Details
Years Considered	2020 - 2029
Base Year	2021
Forecast Period	2022-2029
Page Count	429
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Component, Market by Industry Vertical, Market by Geography
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Companies Mentioned	ABB Ltd. (Switzerland), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co, Ltd. (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes SE (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.)Steel

FAQs About the Report

What is the value of revenue generated from the sales of the industrial IoT market across the globe? At what rate is their demand expected to grow for the next 5–7 years?

The global Industrial IoT market is projected to reach $276.79 billion by 2029 at a CAGR of 16.0% during the forecast period.

Which component segment showcases high growth opportunities for the industrial IoT market players?

In 2022, the hardware segment is expected to account for the largest share of the overall Industrial IoT market. Growth of the segment is attributed to the factors such as consistent engagement of the industrial sector in improving efficiency, reducing costs, and increasing the Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions.

Which industry vertical segments of the market are projected to create more traction in the global industrial IoT market?

In 2022, the manufacturing segment is expected to account for the share of the overall Industrial IoT market and is expected to grow with highest CAGR during the forecasted period. Growth of the segment is attributed to the factors such as growing need for centralized monitoring predictive maintenance of assets, increasing smart factories, the advent of Industry 4.0, and increasing adoption of autonomous robots for industrial automation.

What are the key factors driving the growth of the industrial IoT market? What are major opportunities for existing market players and new entrants in the market?

Rising investment towards Industry 4.0, government encouragement to promote industrial automation, high productivity and efficiency requirement are the major factors driving the growth of this market. In addition, industrial IoT for predictive maintenance, and increase in the number of data centers are expected to offer significant opportunities for the growth of this market.

Who are the major players operating in the global industrial IoT market?

The key players operating in the global Industrial IoT market are ABB Ltd. (Switzerland), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co, Ltd. (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes SE (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), C3.ai, Inc. (U.S.) and among others.

Which regions/countries are expected to witness significant demand for industrial IoT in the coming years?

Asia-Pacific dominates the global Industrial IoT market and is expected to grow at the highest growth rate over the coming years.