The global industrial IoT market reached a value of US$ 192.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 477.8 Billion by 2027, exhibiting a CAGR of 16.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Industrial Internet of Things (IIoT) refers to the integration of industrial machine sensors and actuators with the Internet for improving industrial performance. In recent years, the adoption of IIoT has become more popular owing to the development in supporting infrastructures such as cloud computing and sensing technologies. A large number of companies are implementing IIoT by leveraging intelligent, connected devices as it helps in improving operational efficiencies, monitoring and controlling business operations from a remote location. It also helps in enhancing employee productivity, integrating and adapting business models as well as saving time and money.

Global Industrial IoT Industry Drivers:
IIoT is being utilized in industries such as oil and gas, insurance, manufacturing, transportation, infrastructure and retail for improving operational efficiency. Moreover, organizations around the world are collaborating to develop innovative IIoT technologies that aid manufacturers in reducing maintenance costs and preventing unplanned asset downtime. For instance, Huawei Technology and General Electric have launched the Predictive Maintenance Solution which predicts maintenance schedules using flexible networking, IIoT, and cloud platforms. Similarly, leading organizations in the field of technology, namely, General Electric, AT&T, Cisco, Intel and IBM, have established the Industrial Internet Consortium to accelerate the development, adoption, and widespread use of interconnected machines and devices, and intelligent analytics.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial IoT market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on component and end-user.

Breakup by Component:

Hardware
Software
Services
Connectivity

Breakup by End-User:

Manufacturing
Energy and Utilities
Automotive and Transportation
Healthcare
Others

Breakup by Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Cisco, Ge, Honeywell, Intel, IBM, ABB, Rockwell Automation, Siemens, Huawei, Bosch, Kuka, Texas Instruments, Dassault Systemes, PTC, ARM, NEC Corporation, etc.

IMARC Group’s latest report provides a deep insight into the global industrial IoT market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global industrial IoT market in any manner.

Key questions answered in this report:
How has the global industrial IoT market performed so far and how will it perform in the coming years?
What are the key regional markets in the global industrial IoT industry?
What has been the impact of COVID-19 on the global industrial IoT industry?
What is the breakup of the market based on the component?
What is the breakup of the market based on the end-user?
What are the various stages in the value chain of the global industrial IoT industry?
What are the key driving factors and challenges in the global industrial IoT industry?
What is the structure of the global industrial IoT industry and who are the key players?
What is the degree of competition in the global industrial IoT industry?
What are the profit margins in the global industrial IoT industry?