Global Industrial Internet of Things Market

The Global Industrial Internet of Things Market size was calculated at USD 65.26 Billion in 2021 and is estimated to achieve USD 116.70 Billion by 2028, growing at a CAGR of 6.79 % from 2022 to 2028. Advancement in technologies has allowed key performers to deliver improved Industrial Internet of Things (IIOT) offerings to their end-users. Integration of smart sensors into industrial machines enabled the manufacturers to decrease the operational cost by 50%, which is predicted to decline further during the forecast period. An expansion in technological investments in growing regions and the emergence of big data analytics has widely pushed the global industrial internet of things market development of Industrial Internet of Things. Further, the advancement in demand from the healthcare industry and the initiation of industry-specific media in the extended region are predicted to fuel the growth of the IIoT market.

What is the Industrial Internet of Things?

The Industrial Internet of Things is the subpart of the IIOT idea. It consists of interconnected devices such as sensors, instruments that in further incorporated with the computer networks to serve the applications. The applications include high movements in the automation industry by utilizing cloud computing. A considerable amount of data is collected and transmitted to a central cloud-based service, amassed with other data and then shared with end-users.

Growth Drivers

The fast adoption of artificial intelligence (AI) and the Internet of Things (IoT) in the manufacturing sector

Since the beginning of Industry 4.0, the penetration of AI and IoT technologies in the manufacturing sector has grown rapidly. AI- and IoT-integrated procedures optimize manufacturing operations, send early alerts, contribute to quality control, and forecast machinery failures. Manufacturers can create innovative AI applications to distinguish themselves from their opponents by gathering precise data.

Low operating cost

Smart and connected products are necessary elements in the associated supply chain and smart manufacturing processes. Further, the advent of low-cost connected devices has enabled manufacturers to adopt IoT technologies to lower resource consumption and increase overall productivity. Moreover, several manufacturers choose to implement IoT applications in machines to maximize efficiency with reduced costs due to low operational costs.

Opportunities

Increasing application of AI and IoT in the medical sector during the pandemic

AI and IoT technologies have rapidly penetrated the medical industry over the last five years. Using AI and IoT technologies, medical wearables have created medical wearables, resulting in an integrated hospital ecosystem. For instance, a wearable device paired with intelligent algorithms can monitor glucose levels and automatically deliver the correct insulin dosage to diabetes patients through constant glucose monitoring. The beginning of the COVID-19 pandemic resulted in an impulsive enlargement in demand for technologies such as mobile personal emergency response systems (mPERS) to encourage remote patient monitoring. These procedures support keeping an eye on patient condition 24/7 without the physical involvement of hospital staff, thereby mitigating the risk of infection.

Restraints

Incompatibility of inheritance equipment with communication grids

Machines operating in the industrial sector need built-in components to facilitate M2M communication. These components are connected to a wired or wireless network, such as Wi-Fi or an RFID module. The connected components accumulate appropriate data from equipment and transfer it to a central computer for storage and examination. Machinery in old industrial units might not be equipped with these data transmission components, requiring them to be externally fitted. Some legacy equipment may also need alterations to retrofit these components, resulting in increased expenditure. It acts as a major hindrance for organizations operating old machinery. The influence of this restraint is expected to decrease gradually in the next few years, as most industries have started to recognize the advantages of M2M communication. A rare association has already started developing solutions to integrate its legacy equipment with communication networks. For example, General Electric co. has developed field agents or gateways connected straight to industrial equipment to encourage network connectivity.

Pre Covid-19 Impact on Global Industrial Internet of Things Market

Before the Covid-19 outbreak, due to the Development of investments have been created by the IoT industry to design new IoT based products because IoT is used in multiple devices and applications of different industries such as Wearable devices, healthcare, consumer electronics and others as these allows devices to enhance efficiency, safety and benefits in decision- making which advances productivity. Hence these elements contribute entirely to the industrial internet of things to expand globally.

Covid-19 Impact on Global Industrial Internet of Things Market

During The COVID-19, the pandemic has especially affected the industrial IoT market. With the pandemic surviving in North America and growing Asian countries, the manufacturing sector meets unexpected challenges. One of the largest globally, the US automotive industry has stagnated since the third quarter of 2020. Different automotive businesses have decreased their manufacturing movements across the region, generating technologies such as IoT, AI, and Blockchain ineffective in their manufacturing units. Mexico is a big inheritor of the automotive industry in North America. However, the extremely decreased production of automobiles has resulted in massive losses for the Mexican automotive sector.

Post Covid-19 Impact on Global Industrial Internet of Things Market

After the Covid-19 outbreak, due to Growing demand for edge computing and related digital age technologies such as Artificial Intelligence, Machine Learning for industrial automation, allowing the intersection of IT and OT to provide unison among all associated methods and machines have donated to the Industrial Internet of Things (IIoT) Market growth. The growing integration of digitalization in operating processes and industrial control systems, including human-machine interfaces, supervisory control and data acquisition systems, distributed control systems, and programmable logic controllers to optimize the processes leveraging smart sensors, remote access, and managing are donating towards the growth of the market.

Software Segmental Analysis

Based on software segmental analysis, the market is classified into Distribution of Management systems, Farm Management systems and Remote Patient Monitoring Systems. The market for farm management software is anticipated to expand at the highest CAGR during the forecast period. The increasing adoption of accuracy farming globally is predicted to propel the growth of farm management systems. Accurateness farming helps farmers make inconceivable judgments to examine and diagnose due to the lack of collected data without adequate tools.

Technology Segmental Analysis

Based on Technology segment analysis, Camera, Conditioning Monitoring and Industrial Robotics. Networking technologies calculated for the largest market share in 2019. Networking technologies, specifically wireless technology, are the backbone of IIoT. Multiple machines and sensor nodes are connected to the internet operating these technologies to enable machine-to-machine transmission. These technologies also allow the display of enormous volumes of data for improved decision-making.

Vertical Segmental Analysis

Based on the vertical segment, the market is bifurcated into Agriculture, Energy & Power and Healthcare. The energy & Power segment is monopolizing the market shares by volume. This growth can be accounted for the substantial growth in the Energy and Power industry.

Regional Segmental Analysis

Based on regional segment analysis, the market is classified into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. The Asia Pacific is the main hub for industrial manufacturing and has evolved into a global focal point for important investments and business expansions. The growing population, increasing investments for R&D activities, and the increasing emphasis of international and trained IT organizations on the Development of big data analytics and cloud-based benefits in the region are anticipated to propel the growth of this market.

Competitors Analysis

The Companies include Cisco Systems, Inc., GE, Honeywell, Intel Corporation, IBM Corporation, ABB, Rockwell Automation, Siemens AG, Bosch, Huawei Technology Co. Ltd., and other prominent players in the global Industrial Internet of things. Key Stakeholders

• Market research and consulting firms
• Industrial Internet of things Associations
• Local Governments
• Regulatory bodies
• Industrial Internet of things providers
• Suppliers
• Retailers
• Service Providers

Recent developments

• In April 2021, Intel, in collaboration with John Deere, delivered its AI technology to solve a costly, age-old problem in the manufacturing welding process. Deere is directing a computer vision solution to automatically spot common faults in the mechanical welding process in its manufacturing structures.
• In February 2021, Cisco partnered with Newark, an Avnet Company, to offer industrial IoT network solutions to customers across North America for short and non-carpeted circumstances.
• In March 2021, Plataine partnered with SAP to incorporate IIoT and AI-based software for digital manufacturing as part of its business offering. Plataine’s cloud-based IIoT and AI-based software for digital manufacturing are currently general on SAP Store, which recently merged with SAP App Center as the single digital marketplace for SAP and partner offerings.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 65.26 Billion
The revenue forecast in 2028	USD 116.70 Billion
Growth Rate	CAGR of 6.79 % from 2022 to 2028.
Historical data	2018 – 2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Cisco Systems, Inc., GE, Honeywell, Intel Corporation, IBM Corporation, ABB, Rockwell Automation, Siemens AG, Bosch, and Huawei Technology Co. Ltd. Are the key players.

Market Modelling

By software

• Distribution of Management systems
• Farm Management Systems
• Remote Patient Monitoring Systems

By Technology

• Camera
• Conditioning Monitoring
• Industrial Robotics

By Vertical

• Agriculture
• Energy & Power
• Healthcare

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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