Global Industrial Internet Of Things (IIoT) Market Size, Share, Growth Analysis, By Component(Hardware, Platform), By Industry Vertical(Agriculture, Manufacturing) - Industry Forecast 2022-2028

The global industrial internet of things (IIoT) market segmentation is based on component, industry vertical, and region. Based on components the market is segmented into hardware, platform, services, and connectivity. Based on industry vertical the market is segmented into agriculture, manufacturing, retail, energy & utility, oil & gas, aerospace, transportation & logistics, telecom, and others. Based on region the global industrial internet of things (IIoT) market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Analysis by Component

The Industrial IoT market's hardware category is expected to hold the largest market share in 2021. The industrial sector's ongoing efforts to increase productivity, save costs, and increase Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions are some of the factors contributing to the growth of this market. However, during the projected period, the platform segment is expected to increase at the largest CAGR. The expansion of this market is being driven by the increasing adoption of industrial IoT platforms by different industry verticals to increase operational efficiency and the rising demand for better monitoring technologies.

Analysis by Industry Vertical

Manufacturing is expected to hold the largest market share of the Industrial IoT market in 2021 and increase at the highest CAGR throughout the projected timeframe. The development of Industry 4.0, the rise of smart factories, the increased use of autonomous robots for industrial automation, and the growing demand for centralized asset monitoring and predictive maintenance are all factors contributing to the growth of this market. Digital manufacturing innovations are being quickly adopted by the manufacturing industry, and the Internet of Things (IIoT) is essential to these cutting-edge innovations. Due to the strategic collaborations and alliances that stakeholders are building, as well as the rising demand for Industrial IoT to provide flexibility, operational efficacy, and regulatory compliance, the market is predicted to experience considerable growth over the next few years.

North America dominated the global IIoT market in 2021 with a revenue share of over 33%. North America is home to several seasoned market players. The area also embraced the IIoT early and has developed into a hub for innovation. As a consequence of federal initiatives to encourage the adoption of IIoT solutions throughout the nation, Canada has also experienced great growth.

Asia Pacific is expected to have the highest CAGR among all regional markets during the period of forecasting. The expansion of big data analytics and cloud-based services in the area is likely to be fueled by the booming population, increased R&D spending, and increasing attention from domestic and international IT firms. The popularity of advanced factory automation systems is rising in the region, especially in China, Japan, and Taiwan. Manufacturing businesses all around the area are starting to recognize the benefits of using robot arm innovation.

Driver

• Since the advent of Industry 4.0, the implementation of artificial intelligence (AI) and internet of things (IoT) technologies in the industrial sector has increased. Systems that combine artificial intelligence (AI) and the internet of things (IoT) allow for the optimization of production processes, provide early warnings, help with quality control, and forecast the breakdown of machine equipment. By gathering precise data, manufacturers can differentiate themselves from the competition by developing cutting-edge AI applications. Artificial intelligence (AI) and machine learning (ML) algorithms are used to fulfill activities like condition monitoring and equipment maintenance in industrial plants without a normal squad.
• With the advent of Internet Protocol version 6 (IPv6), the industrial internet of things (IIoT) business has grown as a result of the exponential global growth of internet-connected devices. The IP version 4 (IPv4) protocol was unable to handle the exponential increase in the number of linked items. Furthermore, it is predicted that the implementation of IPv6 would result in a sharp rise in global demand for the industrial internet of things technology. This protocol allows for an open architecture and is the most efficient for the internet of things (IoT).

Restraint

• To facilitate M2M communication, industrial machinery must have built-in components. The connected components collect important information from the device and transmit it to a central computer for archival and analysis. Older industrial units might not have these data communication components built into the machinery, making external installation necessary. To refit these components, it might also be necessary to modify certain legacy equipment, which would increase the cost. This presents a big challenge for companies with out-of-date machinery. This element raises obstacles to the projected market growth rate.
• Poor internet architecture and a lack of qualified people severely limit the growth of the industrial internet of things (IoT) sector. There is a dearth of fundamental IT infrastructure in many developing countries, which is necessary for reliable connectivity. For high-quality data exchange between sensors and control systems, power supply systems must also be durable and dependable. Therefore, it is projected that limited internet connection in countries like Africa, Malaysia, Chile, and Brazil will restrict the growth of the industrial internet of things market.

The Industrial Internet of Things (IIoT) industry's leading players makes an effort to develop in this area so they can offer a similar or higher level of competence in the service sector and increase their market share. To expand their product portfolios and market reach, players in the Industrial Internet of Things (IIoT) market are concentrating on inorganic growth tactics including strategic alliances and merger & acquisition activities with tech partners. For instance, Ivanti purchased an IIoT platform from WIIO Group in August 2021. Supply chain companies will benefit from this acquisition as they develop no-code or low-code apps. With a unique IIoT platform that boosts operational effectiveness and provides application enablement, Ivanti is concentrating on adding value. The corporation is also concentrating on enhancing parcel transportation tracking, which will aid in certifying operational decision-making effectiveness.

Top Player’s Company Profiles

• Qualcomm Technologies Inc. (US)
• Texas Instruments Incorporated (US)
• NXP Semiconductors (Netherlands)
• Intel Corporation (US)
• STMicroelectronics (Switzerland)
• Robert Bosch GmbH (Germany) 
• IBM (US)
• GENERAL ELECTRIC (US)
• Symantec Corporation (US)
• TE Connectivity (Switzerland)
• Schneider Electric (France)
• Cisco (US)
• Honeywell International Inc. (US)
• Hewlett Packard Enterprise Development LP (US)
• Intel Corporation (US)

Recent Development

• In February 2022, incorporating CyberMDX Technologies Inc. into Forescout Forescout wants to broaden the market for its products and concentrate on dominating the global market for IOMT (Internet of Medical Things) device security.
• In January 2022, a venture capital fund called Move Capital that supports B2B digital startups in Europe received funding from Orange. Cybersecurity, data analytics, Industry 4.0, cloud, and IoT are all areas where Move Capital is working.
• In April 2021, with the support of John Deere and Intel, a costly, long-standing issue with the factory welding process was resolved. In its manufacturing facilities, Deere is testing a technology that employs computer vision to automatically detect typical flaws in the automated welding process.

• Manufacturing is one of the sectors with a significant market share and investment, with both discrete and process manufacturing investing heavily in IoT adoption. The decision-makers in the manufacturing sector supported adoption, with the main use cases being industrial automation, quality & compliance, production planning & scheduling, supply chain and logistics, and plant safety & security. With the introduction of Industry 4.0, IIoT is becoming more popular in discrete manufacturing as well as process manufacturing because it provides ways to optimize operations, decrease downtime, increase efficiency, and assist in making data-driven decisions, which increases profit margins and lowers costs with quick returns on IoT adoption. Due to the growing tendency of decision-makers to use IoT solutions, the industry adoption rates are expected to be on the higher side when compared to any other industries.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the hardware category of the Industrial IoT market is predicted to have the most market share in 2021. In 2021, the Industrial IoT market is likely to be dominated by the manufacturing sector, which is also expected to grow at the highest CAGR. In 2021, North America held a revenue share of over 33 percent, dominating the worldwide IIoT market. Among all geographic markets, Asia Pacific is predicted to have the highest CAGR during the forecasted period.