The "Industrial IoT (IIoT) Market by Component, Application (Robotics, Maintenance, Monitoring, Resource Optimization, Supply Chain, Management), Industry (Aerospace, Automotive, Energy, Healthcare, Manufacturing, Retail), and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Global industrial IoT (IIoT) market is expected to reach $263.4 billion by 2027, growing at a CAGR of 16.7% during the forecast period of 2019 to 2027.
This market is majorly driven by the factors such as extensive government support in encouraging digitalization across the industrial sector, rise in adoption of industrial IoT devices, and growing incorporation of cloud computing platforms. In addition, the use of industrial IoT for predictive maintenance and rising number of data centers provides significant opportunities for the industrial IoT providers.
Based on component, the IIoT solutions segment is estimated to emerge as the largest shareholder during the forecast period in the overall industrial IoT market in 2020. The large share of this segment is mainly attributed to the increasing adoption of IoT enabled industrial automation and control systems.
The growing need for real-time communication, following compliance with cybersecurity standards, and engaging IoT devices to the cloud-based platforms for performing operational analysis among the organizations is driving the growth of the segment. Further, this segment is also attributed to register fast growth during the forecast period owing to the growing investments and demands for customized IIoT solutions by the industries.
Based on application, the smart robotics segment is expected to witness rapid growth during the forecast period. The fast growth of this segment is attributed to the rapid proliferation of industrial automation under the fourth industrial revolution 'Industry 4.0'.
Besides, lack of skilled and reduction in the number of employees due to pandemic COVID-19 forced industries and organization to change their existing strategy and reduce dependency. As a result, the significant investment for smart robotics and associated IoT is on the rise, which is expected to drive the smart robotics application with the fastest growth rate over the coming year.
Based on industry vertical, the manufacturing segment is estimated to account for the largest share of the overall industrial IoT market in 2020. However, the healthcare segment is expected to grow with fastest CAGR during forecast period. Increasing demand for value-based healthcare facilities and adoption of newer technologies across the healthcare industry is driving the market for industrial IoT in healthcare. In addition, the proliferation of smart devices for health monitoring and fitness-related issues is giving rise to increase in adoption of IoT technology in the industry.
Geographically, Asia Pacific region is estimated command the largest share of the overall industrial IoT market in 2020. Moreover, Asia-Pacific is also expected to witness rapid growth during the forecast period, driven by the factors such as increasing adoption of automation and advanced technologies across a wide range of industries in China and Japan to counter the rising labor costs; favorable government initiatives across the region; and investments by major IIOT companies.
Key questions answered in the report:
Which are the high growth market segments in terms of the components, applications, industry vertical, and countries?
What is the historical market for industrial IoT across the globe?
What are the market forecasts and estimates from the period of 2019-2027?
What are the major drivers, restraints, and opportunities in the global industrial IIoT market?
Who are the major players in various countries and what share of the market do they hold?
What are the recent developments in the global industrial IoT market?
What are the different strategies adopted by the major players in the global industrial IoT market?
What are the geographical trends and high growth countries?
Who are the local emerging players in the global industrial IoT market and how do they compete with the other players?
Scope of the report
Market by Component
Industrial Automation and Control Systems
Product Lifecycle Management
Sensors and Actuators
Data Management and Analytics
Market by Application
Asset and Resource Optimization
Logistics and Supply chain Optimization
Production Flow Management
Market by Industry Vertical
Aerospace & Defense
Energy & Utilities
Oil & Gas
Market by Region
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
General Electric Digital (U.S.)
IBM Corporation (U.S.)
PTC Inc. (U.S.)
Microsoft Corporation (U.S.)
Cisco Systems Inc. (U.S.)
Robert Bosch GmbH (Germany)
Dassault Systemes (France)
ABB Ltd. (Switzerland)
Huawei Technologies Co. Ltd (China)
Kuka AG (Germany)
Rockwell Automation Inc. (U.S.)
Schneider Electric SE (France)
Siemens AG (Germany)
Intel Corporation (U.S.)
For more information about this report visit https://www.researchandmarkets.com/r/9s229d
View source version on businesswire.com: https://www.businesswire.com/news/home/20210304005790/en/
Laura Wood, Senior Press Manager
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