Industrial internet of things (IoT) market size is set to grow by USD 123.98 billion, Manufacturing segment will account for a significant share - Technavio

NEW YORK, Feb. 15, 2023 /PRNewswire/ -- According to Technavio, the global industrial internet of things (IoT) market size is estimated to grow by USD 123.98 billion from 2022 to 2027. The market is estimated to grow at a CAGR of almost 12.23% during the forecast period. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 93.79 billion. APAC will account for 42% of the market's growth during the forecast period.

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Global industrial internet of things (IoT) market - Five Forces
The global industrial internet of things (IoT) market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Global industrial internet of things (IoT) market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global industrial internet of things (IoT) market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on end-user (Manufacturing, Automotive and transportation, Energy and utilities, Healthcare, and Others), and components (Hardware, Software, and Services). 

• The manufacturing segment will account for a significant share of the global market during the forecast period. During the COVID-19 crisis, IoT technology helped several organizations continue their operations. IoT helped organizations in the smooth transition of manufacturing floor operations in a number of ways. For instance, the IoT platforms used in the manufacturing industry supported the continuation of operations even with fewer employees onsite because of their capability to facilitate remote work with regard to both direct and indirect functions. Hence, owing to such advantages, the demand for industrial IoT in the manufacturing sector has increased even after the containment of the pandemic in the majority of the regions. Such factors will augment the market's growth in this segment during the forecast period.

Geography Overview
By geography, the global industrial internet of things (IoT) market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global industrial internet of things (IoT) market.

• APAC will account for a significant share of the global market during the forecast period. The presence of vendors of M2M and IoT solutions and close collaborations between the region's leading mobile operators and the government have enabled the industrial IoT market to grow quickly. Moreover, the increased investments in infrastructure development by the government in India, China, and the Philippines and efforts toward modernization by small and medium-sized enterprises (SMEs) in these countries have increased the adoption of IoT elements. In addition, the smart city initiatives undertaken by the governments in APAC to improve city management operations and deliver better public services are boosting the adoption of embedded sensors for connecting smart machines over the internet. Such factors will increase the market growth during the forecast period.

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Global industrial internet of things (IoT) market – Market Dynamics
Key factor driving market growth

• The growing importance of data-driven business outcomes in the industrial sector is notably driving the market growth.
• The data availed from devices can be used by industry managers to improve productivity by ensuring the optimization of resources and reducing downtime.
• The advent of real-time data analytics has opened up new probabilities for the use of the data obtained. Currently, many vendors of IoT solutions are looking toward introducing data-driven products, solutions, and services for industrial facilities to enhance efficiency and throughput.
• The growing importance of data-driven business outcomes in industries has increased the need for IoT data collection and device management platforms.
• Therefore, with the growing reliance of industries on the data generated from various processes, the need for industrial IoT solutions is expected to accelerate globally during the forecast period.

Leading trends influencing the market 

• Leveraging manufacturing data for predictive maintenance is an emerging trend in the market.  
• IoT-enabled devices are particularly helpful in industries that use a substantially large number of automation control solutions and instruments in their operations.
• Due to this, the monitoring of these automation systems and instruments becomes a prime task for industrial operators.
• The data received from legacy systems and sensors with different protocols, standards, and systems can be sent to the server using industrial IoT gateways. The industrial IoT gateway sits in between the IoT-connected devices and physical or cloud servers.
• The ability to aggregate the data routed to the server at high speed has intensified the need for industrial IoT solutions that are used for predictive maintenance. Therefore, these factors will boost the market growth during the forecast period. 

Major challenges hindering the market growth

• The increasing cybersecurity threats are major challenges impeding the market growth. 
• Cybersecurity has always been a threat to web-based systems, and the same applies to IoT. The inclusion of industrial systems within the scope of IoT increases the risk of data theft.
• There are different anti-malware programs that promise to protect industrial systems against such cyberattacks. However, even such solutions are deemed to be unsecured.
• With the increasing adoption of IoT in end-user industries, the need for increasing cybersecurity is on the rise. Most end-users of IoT are susceptible to cyberattacks in the absence of a failsafe cybersecurity option. Therefore, these factors will hinder the growth of the global market during the forecast period. 

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this industrial internet of things (IoT) market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the industrial internet of things (IoT) market between 2023 and 2027
• Precise estimation of the industrial internet of things (IoT) market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industrial internet of things (IoT) market across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Industrial industrial internet of things (IoT) market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global industrial Internet of things (IoT) market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global industrial Internet of things (IoT) market 2017 - 2021 ($ billion)

• 4.2 Component Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Component Segment 2017 - 2021 ($ billion)

• 4.3 End-User Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – End-User Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Manufacturing - Market size and forecast 2022-2027
• Exhibit 34: Chart on Manufacturing - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Manufacturing - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Manufacturing - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Manufacturing - Year-over-year growth 2022-2027 (%)

• 6.4 Automotive and transportation - Market size and forecast 2022-2027
• Exhibit 38: Chart on Automotive and transportation - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Automotive and transportation - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Automotive and transportation - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Automotive and transportation - Year-over-year growth 2022-2027 (%)

• 6.5 Energy and utilities - Market size and forecast 2022-2027
• Exhibit 42: Chart on Energy and utilities - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on Energy and utilities - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on Energy and utilities - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Energy and utilities - Year-over-year growth 2022-2027 (%)

• 6.6 Healthcare - Market size and forecast 2022-2027
• Exhibit 46: Chart on Healthcare - Market size and forecast 2022-2027 ($ billion)
• Exhibit 47: Data Table on Healthcare - Market size and forecast 2022-2027 ($ billion)
• Exhibit 48: Chart on Healthcare - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Healthcare - Year-over-year growth 2022-2027 (%)

• 6.7 Others - Market size and forecast 2022-2027
• Exhibit 50: Chart on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by End-user
• Exhibit 54: Market opportunity by End-user ($ billion)

7 Market Segmentation by Component

• 7.1 Market segments
• Exhibit 55: Chart on Component - Market share 2022-2027 (%)
• Exhibit 56: Data Table on Component - Market share 2022-2027 (%)

• 7.2 Comparison by Component
• Exhibit 57: Chart on Comparison by Component
• Exhibit 58: Data Table on Comparison by Component

• 7.3 Hardware - Market size and forecast 2022-2027
• Exhibit 59: Chart on Hardware - Market size and forecast 2022-2027 ($ billion)
• Exhibit 60: Data Table on Hardware - Market size and forecast 2022-2027 ($ billion)
• Exhibit 61: Chart on Hardware - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Hardware - Year-over-year growth 2022-2027 (%)

• 7.4 Software - Market size and forecast 2022-2027
• Exhibit 63: Chart on Software - Market size and forecast 2022-2027 ($ billion)
• Exhibit 64: Data Table on Software - Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Chart on Software - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Software - Year-over-year growth 2022-2027 (%)

• 7.5 Services - Market size and forecast 2022-2027
• Exhibit 67: Chart on Services - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on Services - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on Services - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Services - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Component
• Exhibit 71: Market opportunity by Component ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview
• Exhibit 72: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation
• Exhibit 73: Chart on Market share by geography 2022-2027 (%)
• Exhibit 74: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison
• Exhibit 75: Chart on Geographic comparison
• Exhibit 76: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 77: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 78: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 79: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027
• Exhibit 81: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 82: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 83: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 85: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 86: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 87: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 89: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027
• Exhibit 93: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 94: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 95: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 97: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 98: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 99: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 101: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 102: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 103: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027
• Exhibit 109: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 110: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 111: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027
• Exhibit 113: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 114: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 115: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 116: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography
• Exhibit 117: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges
• Exhibit 118: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 119: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 120: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 121: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 122: Vendors covered

• 12.2 Market positioning of vendors
• Exhibit 123: Matrix on vendor position and classification

• 12.3 ABB Ltd.
• Exhibit 124: ABB Ltd. - Overview
• Exhibit 125: ABB Ltd. - Business segments
• Exhibit 126: ABB Ltd. - Key offerings
• Exhibit 127: ABB Ltd. - Segment focus

• 12.4 Cisco Systems Inc.
• Exhibit 128: Cisco Systems Inc. - Overview
• Exhibit 129: Cisco Systems Inc. - Business segments
• Exhibit 130: Cisco Systems Inc. - Key news
• Exhibit 131: Cisco Systems Inc. - Key offerings
• Exhibit 132: Cisco Systems Inc. - Segment focus

• 12.5 Dassault Systemes SE
• Exhibit 133: Dassault Systemes SE - Overview
• Exhibit 134: Dassault Systemes SE - Product / Service
• Exhibit 135: Dassault Systemes SE - Key news
• Exhibit 136: Dassault Systemes SE - Key offerings

• 12.6 General Electric Co.
• Exhibit 137: General Electric Co. - Overview
• Exhibit 138: General Electric Co. - Business segments
• Exhibit 139: General Electric Co. - Key news
• Exhibit 140: General Electric Co. - Key offerings
• Exhibit 141: General Electric Co. - Segment focus

• 12.7 Honeywell International Inc.
• Exhibit 142: Honeywell International Inc. - Overview
• Exhibit 143: Honeywell International Inc. - Business segments
• Exhibit 144: Honeywell International Inc. - Key news
• Exhibit 145: Honeywell International Inc. - Key offerings
• Exhibit 146: Honeywell International Inc. - Segment focus

• 12.8 Intel Corp.
• Exhibit 147: Intel Corp. - Overview
• Exhibit 148: Intel Corp. - Business segments
• Exhibit 149: Intel Corp. - Key news
• Exhibit 150: Intel Corp. - Key offerings
• Exhibit 151: Intel Corp. - Segment focus

• 12.9 International Business Machines Corp.
• Exhibit 152: International Business Machines Corp. - Overview
• Exhibit 153: International Business Machines Corp. - Business segments
• Exhibit 154: International Business Machines Corp. - Key offerings
• Exhibit 155: International Business Machines Corp. - Segment focus

• 12.10 Microsoft Corp.
• Exhibit 156: Microsoft Corp. - Overview
• Exhibit 157: Microsoft Corp. - Business segments
• Exhibit 158: Microsoft Corp. - Key news
• Exhibit 159: Microsoft Corp. - Key offerings
• Exhibit 160: Microsoft Corp. - Segment focus

• 12.11 NEC Corp.
• Exhibit 161: NEC Corp. - Overview
• Exhibit 162: NEC Corp. - Business segments
• Exhibit 163: NEC Corp. - Key news
• Exhibit 164: NEC Corp. - Key offerings
• Exhibit 165: NEC Corp. - Segment focus

• 12.12 Qualcomm Inc.
• Exhibit 166: Qualcomm Inc. - Overview
• Exhibit 167: Qualcomm Inc. - Business segments
• Exhibit 168: Qualcomm Inc. - Key news
• Exhibit 169: Qualcomm Inc. - Key offerings
• Exhibit 170: Qualcomm Inc. - Segment focus

• 12.13 Robert Bosch GmbH
• Exhibit 171: Robert Bosch GmbH - Overview
• Exhibit 172: Robert Bosch GmbH - Business segments
• Exhibit 173: Robert Bosch GmbH - Key news
• Exhibit 174: Robert Bosch GmbH - Key offerings
• Exhibit 175: Robert Bosch GmbH - Segment focus

• 12.14 Rockwell Automation Inc.
• Exhibit 176: Rockwell Automation Inc. - Overview
• Exhibit 177: Rockwell Automation Inc. - Business segments
• Exhibit 178: Rockwell Automation Inc. - Key news
• Exhibit 179: Rockwell Automation Inc. - Key offerings
• Exhibit 180: Rockwell Automation Inc. - Segment focus

• 12.15 Siemens AG
• Exhibit 181: Siemens AG - Overview
• Exhibit 182: Siemens AG - Business segments
• Exhibit 183: Siemens AG - Key news
• Exhibit 184: Siemens AG - Key offerings
• Exhibit 185: Siemens AG - Segment focus

• 12.16 Texas Instruments Inc.
• Exhibit 186: Texas Instruments Inc. - Overview
• Exhibit 187: Texas Instruments Inc. - Business segments
• Exhibit 188: Texas Instruments Inc. - Key news
• Exhibit 189: Texas Instruments Inc. - Key offerings
• Exhibit 190: Texas Instruments Inc. - Segment focus

• 12.17 Yokogawa Electric Corp.
• Exhibit 191: Yokogawa Electric Corp. - Overview
• Exhibit 192: Yokogawa Electric Corp. - Business segments
• Exhibit 193: Yokogawa Electric Corp. - Key offerings
• Exhibit 194: Yokogawa Electric Corp. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist
• Exhibit 195: Inclusions checklist
• Exhibit 196: Exclusions checklist

• 13.3 Currency conversion rates for US$
• Exhibit 197: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 198: Research methodology
• Exhibit 199: Validation techniques employed for market sizing
• Exhibit 200: Information sources

• 13.5 List of abbreviations
• Exhibit 201: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

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