Industrial IoT (IIoT): Global Markets

Report Code: IFT299A

Publish Date: May 2024

Publisher: BCC Publishing

Category: Information Technology

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Report Highlights

The global market for IIoT is estimated to increase from $147.2 billion in 2023 to reach $391.8 billion by 2028, at a compound annual growth rate (CAGR) of 21.6% from 2023 through 2028.

Report Includes

  • 47 data tables and 52 additional tables
  • An overview of the global markets for the Industrial Internet of Things (IIoT).
  • Analyses of global market trends, with historical market revenue data (sales figures) for 2022, estimates for 2023, forecasts for 2024 and 2026, and projections of compound annual growth rates (CAGRs) through 2028.
  • An estimate of the actual market size, revenue forecasts, and a corresponding market share analysis based on component/offering type, connectivity technology, deployment type, size of enterprise, industry vertical and region.
  • Discussion of the major factors influencing the growth of this market, including opportunities and challenges, emerging technologies and future prospects.
  • Analysis of market growth opportunities with a holistic review of the Porter’s Five Forces model, a value chain analysis and case studies.
  • Insight into the ESG/sustainability trends related to IIoT, including consumer attitudes, the impact of ESG on company performance and the ESG practices of leading IIoT companies.
  • Overview of the emerging technologies and key patents related to IIoT.
  • An analysis of the IIoT industry structure and competitive landscape, including company market shares, M&A and the outlook for venture funding.
  • Company profiles of major players within the industry, including General Electric, Siemens, Huawei Technologies Co. Ltd., Cisco Systems Inc., and Intel Corp.

Report Scope

This report examines the IIoT industry. Definitive and detailed estimates and forecasts of the global market are provided, followed by a detailed analysis of the offerings, connectivity, deployment, organization size, industry vertical, and regions. The market size includes the markets of software’s, platforms, solutions, and services, as well as hardware. It also focuses on the regulations and government-supported programs impacting this market. Regionally, the focus of the study will be the markets of North America, Europe, Asia-Pacific and the rest of the World (RoW).

The report provides an overview of the global IIoT market and analyzes market trends. Using 2022 as the base year, the report provides estimated market data for the forecast period 2023 through 2028.

Revenue forecasts for this period are segmented into:

  • Offerings: hardware; solutions & platforms; and services. Hardware includes network components, sensors & actuators, and other hardware. Solutions & platforms includes remote monitoring and management solutions, data management solutions, device management solutions, network management platforms, and other. Services includes professional and managed services.
  • Connectivity: wired and wireless. Wired connectivity includes industrial Ethernet and Foundation Fieldbus. Wireless connectivity includes Wi-Fi, Bluetooth, cellular, and satellite technologies.
  • Deployment: on-premise and cloud.
  • Organization Size: small & medium enterprises (SMEs) and large enterprises.
  • Industry Vertical: manufacturing, energy & utilities, healthcare, automotive, public sector/government, transportation & logistics, agriculture, and other industries.
  • Region: North America is segmented into the U.S., Canada, and Mexico; Europe is segmented into the U.K., France, Germany, and Rest of Europe; Asia-Pacific is segmented into China, Japan, India, and Rest of Asia-Pacific; Rest of world is segmented into Middle East, Africa, and South America.

The report also analyzes the market from the manufacturers’ viewpoint and the final consumer's. Several technical issues arising from the utilization of IIoT technologies are discussed, and solutions are indicated. The IIoT market is made up of several IoT components, concentrated firms, and emerging companies with minimal to no market data. There are also a number of smaller companies that compete in the market for IIoT products and services.

Please note that the report does include the costs of hardware components that make up the connected IoT devices and subscription prices of IIoT platforms as well as the revenue generated through solutions and services while estimating the global IIoT market values.

Report Synopsis

Report Metrics Details
Base year considered 2022
Forecast period considered 2023-2028
Base year market size $124.7 billion
Market size forecast $391.8 billion
Growth rate CAGR of 21.6% for the forecast period of 2023-2028
Units considered $ Millions
Segments covered By Offerings, By Connectivity, By Deployment, By Organisation Size, By Industry Vertical
Regions covered North America, Europe, Asia-Pacific, Rest of the World (RoW)
Countries covered U.S., Canada, Mexico, Germany, France, U.K., Rest of Europe, Poland, Spain, Italy, Netherlands, Turkey, China, India, Japan, South Korea, Thailand, Singapore, Vietnam, South America, Middle East, and Africa
Key Market Drivers
  • Rising Growth of Internet of Things (IoT) Technology and IoT Devices
  • Adoption of Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) in Manufacturing Sector
  • Standardization of Internet Protocol Version 6 (IPv6)
Companies studied
ABBCISCO SYSTEMS INC.
EMERSON ELECTRIC CO.FUJITSU
GENERAL ELECTRICHONEYWELL INTERNATIONAL INC.
HUAWEI TECHNOLOGIES CO. LTD.INTEL CORP.
MICROSOFT CORP.PTC
ROBERT BOSCH GMBHROCKWELL AUTOMATION
SAPSIEMENS
TEXAS INSTRUMENTS INC.
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Frequently Asked Questions (FAQs)

Global market for IIoT was valued at $124.7 billion in 2022 and will reach $391.8 billion by 2028, growing at a CAGR of 21.6% from 2023 to 2028.
The key factors driving the growth of the IIoT market include rising growth of internet of things (IoT) and IoT devices, adoption of AI, ML, IoT in manufacturing sector, and standardization of Internet Protocol Version 6 (IPv6).
By the end of 2028, the manufacturing segment will continue to dominate the global IIoT market owing to the rising adoption of IoT devices, demand for predictive maintenance and smart manufacturing, and supply chain optimization. With an important role in the convergence of information technology (IT) and operational technology (OT), the IIoT opens plenty of opportunities in automation, optimization, and intelligent manufacturing. In addition, IIoT enables Industry 4.0 which will drive the growth of manufacturing segment in forecast period.
Asia-Pacific holds the highest market share in the global IIoT market. Asian countries, particularly countries like China, Japan, and South Korea, is a global manufacturing hub. The region's strong focus on manufacturing industries has driven the adoption of IIoT to enhance operational efficiency, optimize supply chains, and improve overall productivity. Moreover, the region is experiencing ongoing industrialization and the expansion of various industry sectors which is contributing to the growth of the IIoT market in the Asia-Pacific.
The key companies/players in the global IIoT market include GE, Siemens, Huawei, Cisco, Intel, and others.

Analyst Credentials

Masaratjahan Kudle – Associate Consultant – Technology Research
Masaratjahan Kudle is a highly skilled market research consultant with six years of experience in the technology domain. She has a strong background in data analysis and is highly skilled in gathering and interpreting market intelligence to drive business growth. Masaratjahan has worked with numerous clients throughout her career, helping them make informed decisions about their market strategies. She holds a Computer Science and Engineering degree.

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Table of Contents

All reports provided in PDF format. For shared licensing options (5+ Users), please call a representative at (+1) 781-489-7301 or contact us at info@bccresearch.com
Title/Chapter NamePagesMember Price
Full Report: Industrial IoT (IIoT): Global Markets152Free
Chapter- 1: Executive Summary4Free
Chapter- 2: Market Overview 6Free
Chapter- 3: Market Dynamics 9Free
Chapter- 4: Emerging Technologies and Developments 3Free
Chapter- 5: Market Segmentation Analysis47Free
Chapter- 6: Competitive Intelligence12Free
Chapter- 7: Sustainability in the IIoT Industry: An ESG Perspective 2Free
Chapter- 8: Appendix69Free

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Industrial IoT (IIoT): Global Markets
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