According to the current analysis by Emergen Research, the Global Industrial IoT Market size will exceed USD 128.09 Billion in terms of revenue from USD 72.48 Billion in 2019, delivering a CAGR of 7.5% through 2027. The market growth is driven by surging demand for Industrial IoT solutions by manufacturers and industrialists, along with increasing need to enhance workers’ safety, improve productivity, and reduce the operating/manufacturing costs. In addition, rising need to mitigate the risk of cyber breaches caused by human errors is also bolstering the demand for Industrial IoT solutions.
The transportation & logistics industry is creating huge demand for industrial IoT technologies in order to reduce the shipping cost. The automotive IoT solutions are also expected to be utilized by the transportation sector for vehicle maintenance and predictive diagnostics. Key contributing factor to the increasing adoption of IoT technologies in the transportation sector is the real-time location tracking of the vehicle which helps in effective management of public transportation. Advancements of the existing transportation systems with the integration of vehicle-to-vehicle (V2V) communication and other technologies is expected to offer lucrative opportunities for the industrial IoT market in the forecast period.
Key Highlights from Report
- Based on component, thee solution sub-segment accounted for nearly 47.5% of the industrial IoT market share in 2019 and is expected to make significant revenue contributions through 2027. The segmental growth will be driven by increasing investments by Industrial IoT solution providers for launching advanced information systems for the industrial sector.
- Based on end-use, the logistics & transport sub-segment is forecast to exhibit the fastest growth rate of 9.3% over the projected timeline. Growing demand for industrial IoT technologies in the logistics & Transportation sector will boost segmental growth.
- In the regional landscape, Asia Pacific accounted for nearly 39.7% of the global industrial IoT market share in 2019 and is expected to gain traction through 2027 on account of increasing adoption of advanced factory automation and others intelligent technologies in the developing economies is the region.
- Key players operating in the Global Industrial IoT Market include GE, Cisco, Intel, IBM, Honeywell, Siemens, Rockwell Automation, ABB, Kuka, and Texas Instruments, among others.
- IBM and Wipro Ltd collaborated in 2020 to help startups and enterprises with cloud services. Under the terms of this collaboration, Wipro will be developing hybrid cloud offerings to aid businesses migrate, manage, and transform critical workloads along with applications, with security across public/private cloud and on-premises IT environments. Customers will also have remote access to IBM solutions and Red hat with this collaboration.
Emergen Research has segmented the Global Industrial IoT Market on the basis of component, end-user, and region:
- Component Outlook (Revenue, USD Billion; 2017-2027)
- Services (Managed, Professional)
- Solution (Analytics, Remote Monitoring, Security Solutions, Data Management)
- Platform (Application Management, Connectivity Management, Device Management)
- End-User Outlook (Revenue, USD Billion; 2017-2027)
- Energy & Power
- Oil & Gas
- Logistics & Transport
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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