Industrial Internet of Things Market: Segmented By Components (Hardware and Software): By End-user (Manufacturing, Logistics & Transport) Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
Industrial Internet of Things Market to surpass USD 1716.4 billion by 2031 from USD 260.2 billion in 2021 at a CAGR of 20.7% within the coming years, i.e., 2021-31.
The Internet of Things is the idea of linking any device to the Internet and other connected devices. This technology links information using embedded sensors, processors, and communication hardware. Industrial Internet of Things has applications in several industries such as automotive, energy, healthcare, transportation, manufacturing, oil and gas, agriculture and forestry, medical industry, and many others.
Industrial Internet of Things Market is predicted to project a notable CAGR of 20.7% in 2031
The growth of the Industrial Internet of Things industry is driven by components such as technological advancements in semiconductor devices and electronic devices, amplified use of cloud computing platforms, standardization of IPv6, and funding from governments in different countries for R&D activities related to Industrial Internet of Things.
Manufacturing segment to grow with the highest CAGR during 2021-2031
Industrial Internet of Things Market is segmented by End-users into Manufacturing, Logistics & Transport. Manufacturing segment held a major share of the Industrial Internet of Things market. Manufacturing entities are aggressively implementing digital manufacturing technologies and Industrial Internet of Things Market plays an important role in such advanced technologies. The market is dignified for substantial growth in the near future in line with the strategic partnerships and association stakeholders are striking and the need for a linked supply chain to safeguard mobility, operational efficiency, and regulatory compliance, which is rising continuously.
Solution segment Robot Segment to grow with the highest CAGR during 2021-2031
Solution segment dominated the market in 2020 and reported for over 50% of the total revenue share. The section is projected to continue leading over the forecast years. Solution providers are putting a strong stress on the overview of innovative information systems for many industries and industry verticals are part of the efforts to upsurge their market share. They are also concentrating on mixing beams and other systems into the crucial equipment to track real-time information and enhance operational efficiency.
Rapid adoption of artificial intelligence (AI) and Internet of Things (IoT)
In many supply chains, the final stage of product distribution, from the distribution hub to the end-user, grips almost 28% of the product’s total transportation cost. Other components affecting the delivery are crowding in urban areas, distant sites, improper address details, and a simple labor shortage for providing on-demand delivery services. All these aspects hold back the optimization of this segment. In the world of e-commerce, clients are not only demanding but they are inclined toward buying top-quality goods at a lesser price. The introduction of Industrial Internet of Things in e-commerce will not only give clients greater suitability at a reduced cost but also meaningfully adjust the competitive site.
Standardization of IPv6
The expansion of Internet Protocol version 6 (IPv6) has contributed to the development of the Industrial Internet of Things market, as the number of things linked to the Internet is rising exponentially across the globe. The IP version 4 (IPv4) was incapable of effectively supporting this exponential growth in the number of connected things. According to reports, only 4% of the devices in the world use IPv6 protocol at present, while 96% of the devices still apply IPv4 protocol. With the standardization of IPv6, the global demand for IIoT technology is projected to grow significantly. This protocol supports an open planning and is proving to be the most appropriate protocol for IoT. IPv6 delivers features such as advanced security and high reliability, thus providing an appropriate foundation and sites for innovations in the IIoT landscape.
Incompatibility of legacy equipment with communication networks
Machines used in the industrial segments require built-in features to enable M2M communication. These components are either linked to a wired network or a wireless network, such as Wi-Fi or RFID unit. The linked components collect appropriate data from equipment and transmit it to a central computer for storage and analysis. Machinery in old industrial units might not be prepared with these data transmission workings, requiring them to be externally fitted. Some legacy equipment may also need changes to retrofit these components in them, thereby resulting in increased outlay. This turns as a major hindrance for organizations using old machinery.
Impact of the COVID-19 on the Industrial Internet of Things Market
The COVID-19 pandemic has impacted the industrial IoT market. With the pandemic persisting in North America and developing Asian economies, the manufacturing segment is facing tremendous challenges. The US automotive industry, one of the largest in the world, has stagnated since the third quarter of 2020. Several automotive industries have downsized their manufacturing events across the region, rendering technologies such as IoT, AI, and Blockchain employed in their manufacturing units useless. Mexico is a big receiver of the automotive industry in North America. Nevertheless, the reduced production of automobiles has resulted in tremendous losses for the Mexican automotive sector.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Industrial Internet of Things Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America is estimated to contribute the largest share of the Industrial Internet of Things Market during the forecast period. Many of the chief market manufacturers are based on this region, and also the region has a great sum of startups and constructers working toward the growth of delivery robotic technology. North American market holds a major share of the global market. The market in the region is projected to register the highest CAGR during the forecast period. Asia Pacific is also estimated to expand at higher rate.
Industrial Internet of Things Market Report Scope and Segmentation
|Market size value in 2021||USD 260.2 billion|
|Revenue forecast in 2031||USD 1716.4 billion|
|Growth Rate||CAGR of 20.7% from 2021 to 2031|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD billion and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Components, End-user and Region|
|Region scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||Huawei (China), Cisco (US), GE (US), Intel (US), Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US), Honeywell (US), IBM (US), KUKA AG(Germany), NEC Corporation (Japan), Bosch.IO (Germany), Siemens AG (Germany), and SAP (Germany)|
The Industrial Internet of Things Market size was estimated at USD 260.2 billion in 2021 and is expected to reach 1716.4 billion by 2031.
Key players: Huawei (China), Cisco (US), GE (US), Intel (US), Rockwell Automation (US), ABB (Switzerland), Texas Instruments (US), Honeywell (US), IBM (US), KUKA AG(Germany), NEC Corporation (Japan), Bosch.IO (Germany), Siemens AG (Germany), and SAP (Germany)
Manufacturing segment and Solution segment are anticipated to hold the largest Industrial Internet of Things Market.
Drivers: Rapid adoption of artificial intelligence (AI) and Internet of Things (IoT) and Standardization of IPv6.
The Internet of Things is the idea of linking any device to the Internet and other connected devices. This technology links information using embedded sensors, processors, and communication hardware.
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