Industrial IoT - Worldwide
Worldwide- The Industrial IoT market worldwide is forecasted to witness a significant growth in revenue, with projections indicating a staggering figure of US$*******,*******.** by ****.
- This market market is expected to exhibit a strong annual growth rate (CAGR *********) of *****%, culminating in a market volume of US$*******,*******.** by ****.
- When compared globally, it is noteworthy that United States will be the primary driver of revenue in this market, with an estimated revenue of US$*******,*******.** by ****.
- Worldwide, the Industrial IoT market is witnessing a rapid adoption of smart manufacturing technologies, revolutionizing the way industries operate and boosting productivity.
- Key regions:
- United Kingdom,
- India,
- South Korea,
- China,
- France
Definition:
The Industrial IoT (IIoT) refers to use of internet to control and optimize the industrial machinery environment such as the one found in factories, warehouses, and transportation systems. The IoT market is defined by revenues generated specifically from components and services that enable connectivity and intelligence. IIoT involves connecting machines, equipment, and other devices to the internet and each other, allowing them to gather and exchange data in real-time, and help in management of various aspects of industrial operations, including production lines, inventory management, equipment maintenance, and energy use.
The Industrial IoT market is defined by revenues generated specifically from components and services that enable connectivity and intelligence. These include hardware (e.g., sensors, chips, and other IoT-specific components), platforms (e.g., IoT platforms, security software), connectivity solutions (e.g., cellular, LoRa, SigFox), and services (e.g., equipment/system integration and maintenance).
For example, in the case of a smart security camera, only the IoT-related portion of the product contributes to the IoT revenue. This includes the components and features that make the camera "smart" and capable of connecting to the internet (such as IoT sensors or connectivity modules), but not the full price of the camera itself.
Additional information:
The Internet of Things market compromise of revenue and revenue growth as the key performance indicators. Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.
The key market players include General Electric (GE), Siemens, Schneider Electric and Bosch.
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- Remote monitoring Industrial devices
- Industrial sensors for temperature, humidity or chemical levels
- Supply chain optimization devices
- Telematics devices
- Fleet management system devices
Revenue
Volume
Analyst Opinion
One of the key drivers of Industrial Internet of Things (IIoT) growth is the increasing focus on Industry 4.0, which aims to create smart factories that are highly automated and connected. IIoT technologies can help to enable this vision by providing real-time data on machine performance, production output, and other key metrics, enabling manufacturers to optimize their operations and reduce downtime.
The companies’ investment in the “smart factories” has been on the rise especially as the labor costs are rising and the percentage of manual workers has been decreasing. The business strategy of offshoring its production facilities has been shown as not the ideal solution in the times of supply chain issues. A lot of manufacturers are considering returning to “nearshoring” or bringing the factories closer to the home bases and mitigating the higher production costs and supply management risks by improving the efficiency of their machinery and operations.
Global Comparison
Methodology
Data coverage
The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.
Modeling approach/ Market size:
The segment size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.
Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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