Increasing industrial automation, advancement in electronics and semiconductor industries and cloud adoption coupled with the favorable government support for IoT devices security is promulgating the deployment of IoT solutions in the industrial sector. However, due to the COVID-19 pandemic across the globe, the industrial activities were suspended temporarily across the globe in 2020 which negatively impacted the spending in IIoT.
Moreover, the soaring need for operational efficiency and productivity coupled with the necessity for workplace safety across industries are turning out in the demand for predictive and preventive maintenance to avoid any unplanned downtime and hazardous activities.
According to MarkNtel Advisors’ research report “Global Industrial Internet of Things (IIoT) Market Analysis, 2020”, the market size of industrial IoT across the globe is anticipate to grow at a CAGR of around 8% during 2020-25. The emerging trend of smart factories is one of the prime factors contributing to the growth of the market. Furthermore, the launch of 5G services coupled with the escalating demand for connected devices are some of the major factors for the market growth of the industrial IoT.
Also, the IoT integration with other technologies such as artificial intelligence, machine learning, and AR-VR in the industrial sector would further promulgate the demand for deployment of IoT solutions in the industries.
APAC to Remain on the Forefront in adoption of IIoT
In 2019, APAC dominated the global industrial IoT market since the region is the hub for industrial manufacturing. The mounting investment in R&D for technological upgradation in the industrial sector by China and Japan coupled with the geographical expansion in the APAC region by the international players are some of the key contributing factors to the growth in the market share of the region.
Furthermore, the emergence of industry 4.0 in European countries and increasing IoT investment in the industrial sector would proliferate the market growth during 2020-25. It was found that the total IoT investment in the region would register the double-digit growth during 2020-2023.
Wireless Connectivity to Exhibit Exponential Growth
Wireless networking grabbed the major market share in 2019, and the same trend is expected in the forecast period as well. The need to facilitate the machine to machine communication there is the need for several internet-connected software and sensors. Moreover, the emerging trend of the connected devices resulting in the greater deployment of IoT solutions for the data analytics that helps in the decision making.
The farm management system is considered to be the leading segment owing to the increasing adoption of IoT in agriculture. Moreover, the governments' support for the technological upgradation in the farming sector to increase productivity and efficiency coupled with the surging trend of precision farming is promulgating the growth of the segment.
In 2019, the manufacturing vertical grabbed the major market share owing to the increasing investment in the manufacturing of Automotive components, food and beverage processing, and consumer goods industry. Also, the surging 3D printing concept is one of the major factors contributing to the growing market share of manufacturing verticals, as revealed by MarkNtel Advisors’ research report “Global Industrial Internet of Things (IIoT) Market Analysis, 2020”.
According to MarkNtel Advisors’, the presence of numerous players in across region and county makes the industry highly competitive. The competitors in the industry with significant market share are Cisco, GE, Honeywell, Intel, IBM, ABB, Rockwell Automation, Siemens, Texas Instrument, ARM Holding, PTC, SAP, Huawei, Dassault Systems among others. The companies in the industry forging strategic alliances and launching new products to increase the market share in the industry. For instance, Voicea, an IoT solution provider was acquired by Cisco in 2019 to expand its product portfolio. Also, the company launched a new IoT security architecture with the aim of simplifying and defend IIoT.
“Global Industrial Internet of Things (IIoT) Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for industrial IoT solution providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Technology (Sensors, RFID, Industrial Robotics, Distributed Control Systems, Condition Monitoring, Smart Meters, Electronic Shelf Labels, Cameras, Smart Beacons, Interface Boards, Yield Monitors, Guidance and Steering, GPS/GNSS, Flow and Application Control Devices, Networking Technology)
2. By Connectivity (Wired Technologies (Ethernet, Modbus, Profinet, Foundation Field Bus), Wireless Technologies (Wi-Fi, Zigbee, Bluetooth, Cellular Technologies, Satellite Technologies))
3. By Application (Product Lifecycle Management, Manufacturing and Execution Systems, Scada, Outage Management Systems, Predictive Maintenance, Distribution Management System, Remote Patient Monitoring, Retail Management Software, Visualization Software, Transit Management Systems, Farm Management System), Precision Farming, Precision Forestry, Live Stock Monitoring, Fish Farm Monitoring, Others)
4. By End Users (Manufacturing (Automotive, Machinery, Food and Beverages, Chemicals and Materials, Electrical and Electronics, Pharmaceuticals), Energy, Oil & Gas, Metal and Mining, Healthcare, Retail, Transportation, Agriculture)
5. By Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America)
6. By Countries (U.S, Canada, Mexico, Brazil, Argentina, UK, France, Germany, Spain, Italy, UAE, Saudi Arabia, South Africa, China, Japan, India, Australia, South Korea, Others)
7. By Company (Cisco, GE, Honeywell, Intel, IBM, ABB, Rockwell Automation, Siemens, Texas Instrument, ARM Holding, PTC, SAP, Huawei, Dassault Systems, Others)
Key questions answered in the study:
1. What are the current and future market trends of the Global Industrial IoT industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the region followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Industrial IoT industry?
5. What are the customer orientation, purchase behavior, and expectations from the Global Industrial IoT solution providing firms across various regions?