(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Industrial IoT Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Industrial IoT Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023
The global industrial IoT market has been witnessing a huge growth over the last few years. The factors responsible for the growth of industrial IoT include increasing adoption of cloud computing in the industrial sector, growth in IoT and heavy automation and industrialization. However, security & privacy issues and data management are restraining the market for industrial IoT on a global scale.T he global industrial IoT market is expected to reach approximately USD 751.3 billion by 2023, growing at a CAGR of 23.88% from 2017 to 2023. The market is divided into various segments based on component, deployment, connectivity, and end-user.
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By component the global industrial IoT market is segmented into hardware, software and service. Software is expected to be the fastest growing segment during the forecast period with a CAGR of 25.65%. Software plays a major role in the development of industrial IoT systems. Every component which is integrated or deployed in the organization for various applications needs to relate to an information grid to exchange information. The software deployed at various levels of the information grid does the work of collecting, analyzing, and interpreting the raw data provided by different components of the system. Software is a necessary and irreplaceable element of every industrial IoT system. The hardware segment is expected to have the highest market share by component during the forecast period.
Internet of things is a web of software and hardware devices in a connected environment where the exchange of information takes place to achieve the highest level of accuracy. Increasing number of connected devices, increasing capabilities of hardware components, and maximum utilization of available resources are some of the major factors fueling the hardware market segment
The hardware segment is further segmented into sensors and RFID, industrial robotics, smart meters, camera systems, 3D printing, flow and application control devices, distributed control systems, and others. Industrial robotics sub-segment is expected to be the fastest growing segment under hardware during the forecast period with a CAGR of 26.2%. Robots play a crucial role in any manufacturing process.
These machines are vital to the manufacturing processes of complex equipment and devices such as semiconductors, automotive, and healthcare equipment. Such processes require high degrees of efficiency with negligible product defects. Sensors and RFID are expected to have the largest market share in the hardware segment during the forecast period. Sensors & RFID are the key constituents of Industrial Internet of Things. Many companies have already started deploying IoT enabled sensors in their organizations. These sensors help to distribute accurate and reliable data which plays major role in automation, monitoring systems, and effective operation.
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The software segment is further segmented into manufacturing execution system (MES), product lifecycle management (PLM) systems, SCADA systems, distribution management system, retail management software, and others. MES segment holds the largest market share and is expected to grow with a CAGR of 29.08% during the forecast period. Industrialization and integration of connectivity in the manufacturing industry are some of the key drivers for the market.
By deployment, the global industrial IoT market is segmented into on-cloud, on-premise, and hybrid. A hybrid subsegment is expected to grow at the fastest rate with a CAGR of 26.26% during the forecast period. Some companies which require an extra level of security or deal with sensitive data, are reluctant to upload data on cloud and prefer on-premise solutions where it can customize the security and other aspects based on consumer requirements. On-cloud segment accounts for the highest market share by deployment during the forecast period. Easy accessibility to the data and information, easy sharing, low cost, and growing application scope are some of the major driving factors supporting the market growth. The rise in implementation of connected devices and the Internet of Things has facilitated cloud computing.
By connectivity, the global industrial IoT market is segmented into wired and wireless. Wired segment is expected to have the highest market share by connectivity during the forecast period. The growth of cloud computing and integration of new products and services have affected the demand for wired connectivity systems, but these are still in demand among end-users. The demand for wired connectivity is majorly driven by the need for reliable, fast, and secure connections. Wired connectivity is also important whenever the company deals with large-scale operation centers. Wireless segment is expected to grow at the fastest rate during the forecast period at a CAGR of 26.12%. In the last couple of years, wireless connectivity market has seen a rapid increase in demand. A wide application area and some advantages over wired connectivity including flexibility and portability of connected devices are some of the major factors driving the growth of wireless connectivity.
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By end-user the global industrial IoT market is segmented into IT & telecommunication, manufacturing, healthcare, retail, oil & gas, energy & power, automotive, and others. Manufacturing segment is expected to have both the highest and the fastest growing market segment by end-user at a CAGR of 27.94% during the forecast period. Growing population has led to an increase demand for products, which in turn has saturated the manufacturing industry. To meet the growing demand, the need of efficient manufacturing system has become mandatory which can only be achieved by integration of latest technologies including the Internet of Things with the manufacturing process.
Key Players
The key players of industrial IoT market include General Electric Company (US), Siemens AG (Germany), Cisco Systems (US), IBM Corporation (US), Rockwell Automation, Inc. (US), AT & T Inc. (US), Accenture Plc. (Ireland), Huawei Technologies Co. Ltd. (China), Robert Bosch GmbH (Germany), and Intel Corporation (US).
Global Industrial IoT Market Analysis & Forecast, from 2017 to 2023
• To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the industrial IoT market
• To provide insights into factors affecting the market growth
• To analyze the industrial IoT market based on Porter's five force analysis
• To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries— North America, Europe, Asia-Pacific, and the rest of the world
• To provide country-level analysis of the market with respect to the current market size and future perspective
• To provide country-level analysis of the market for a segment on the basis of component, deployment, connectivity, end-user and region.
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the industrial IoT market
Target Audience
• Software Development companies
• Application development companies
• Companies dealing with IoT
• Sensor Manufacturers
• Electronic Manufacturing Companies and Suppliers
• Research Institutions
• Government
• Network infrastructure integrators
Key Findings
• The global industrial IoT market is expected to reach 751.3 billion by 2023.
• By component, hardware led the market, generating the highest revenue of USD 89 billion in 2017 and is expected to grow at 23.04% CAGR. Hardware segment is also expected to hold the highest revenue in 2023.
• By deployment, the on-cloud segment led the market, generating the highest revenue of USD 98.7 billion in 2017 and is expected to grow at 24.17% CAGR. On-cloud segment is also expected to hold the highest revenue in 2023
• By connectivity, wired was leading the market by generating the highest revenue of USD 120.7 billion in 2017 and is expected to grow at 22.13% CAGR.
• By end-user, manufacturing market segment was leading the market by generating the highest revenue of USD 50.6 billion in 2017 and is expected to be the fastest growing market growing at a 27.94% CAGR.
• Geographically, Asia-Pacific has been projected to hold the largest market share in the global industrial IoT market followed by North America. Asia-Pacific is also expected to be the fastest growing region for industrial IoT market with a CAGR of 28.48%.
Regional and Country Analysis of Industrial IoT Market Estimation and ForecastGeographically, Asia-Pacific is dominating the industrial IoT market due to large-scale industrialization in countries including China, India, and Japan. Asia-Pacific is also the fastest growing region, accounting for a 40.05% share of the overall market where major contribution is witnessed from countries like China and Japan, due to increasing adoption of advanced IoT technologies like cloud robotics in various industries and improvement in network infrastructure.
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The report on the global industrial IoT market also covers the following country-level analysis:
• North America
US
Canada
• Europe
UK
Germany
France
Italy
The Netherlands
Sweden
Rest of Europe
• Asia-Pacific
China
Japan
India
South Korea
Taiwan
Australia
Rest of Asia-Pacific
• Rest of the World
About Us
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation.
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Darlene Dooley
Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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