Dublin, March 05, 2021 (GLOBE NEWSWIRE) -- The "Industrial IoT (IIoT) Market by Component, Application (Robotics, Maintenance, Monitoring, Resource Optimization, Supply Chain, Management), Industry (Aerospace, Automotive, Energy, Healthcare, Manufacturing, Retail), and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Global industrial IoT (IIoT) market is expected to reach $263.4 billion by 2027, growing at a CAGR of 16.7% during the forecast period of 2019 to 2027.
This market is majorly driven by the factors such as extensive government support in encouraging digitalization across the industrial sector, rise in adoption of industrial IoT devices, and growing incorporation of cloud computing platforms. In addition, the use of industrial IoT for predictive maintenance and rising number of data centers provides significant opportunities for the industrial IoT providers.
Based on component, the IIoT solutions segment is estimated to emerge as the largest shareholder during the forecast period in the overall industrial IoT market in 2020. The large share of this segment is mainly attributed to the increasing adoption of IoT enabled industrial automation and control systems.
The growing need for real-time communication, following compliance with cybersecurity standards, and engaging IoT devices to the cloud-based platforms for performing operational analysis among the organizations is driving the growth of the segment. Further, this segment is also attributed to register fast growth during the forecast period owing to the growing investments and demands for customized IIoT solutions by the industries.
Based on application, the smart robotics segment is expected to witness rapid growth during the forecast period. The fast growth of this segment is attributed to the rapid proliferation of industrial automation under the fourth industrial revolution 'Industry 4.0'.
Besides, lack of skilled and reduction in the number of employees due to pandemic COVID-19 forced industries and organization to change their existing strategy and reduce dependency. As a result, the significant investment for smart robotics and associated IoT is on the rise, which is expected to drive the smart robotics application with the fastest growth rate over the coming year.
Based on industry vertical, the manufacturing segment is estimated to account for the largest share of the overall industrial IoT market in 2020. However, the healthcare segment is expected to grow with fastest CAGR during forecast period. Increasing demand for value-based healthcare facilities and adoption of newer technologies across the healthcare industry is driving the market for industrial IoT in healthcare. In addition, the proliferation of smart devices for health monitoring and fitness-related issues is giving rise to increase in adoption of IoT technology in the industry.
Geographically, Asia Pacific region is estimated command the largest share of the overall industrial IoT market in 2020. Moreover, Asia-Pacific is also expected to witness rapid growth during the forecast period, driven by the factors such as increasing adoption of automation and advanced technologies across a wide range of industries in China and Japan to counter the rising labor costs; favorable government initiatives across the region; and investments by major IIOT companies.
Key questions answered in the report:
Which are the high growth market segments in terms of the components, applications, industry vertical, and countries?
What is the historical market for industrial IoT across the globe?
What are the market forecasts and estimates from the period of 2019-2027?
What are the major drivers, restraints, and opportunities in the global industrial IIoT market?
Who are the major players in various countries and what share of the market do they hold?
What are the recent developments in the global industrial IoT market?
What are the different strategies adopted by the major players in the global industrial IoT market?
What are the geographical trends and high growth countries?
Who are the local emerging players in the global industrial IoT market and how do they compete with the other players?
Key Topics Covered:
2. Research Methodology
2.1. Research Approach
2.2. Data Collection & Validation
2.3. Market Assessment
2.4. Assumptions for the Study
3. Executive Summary
3.2. Market Analysis, by Component
3.3. Market Analysis, by Application
3.4. Market Analysis, by Industry Vertical
3.5. Market Analysis, by Geography
3.6. Competitive Analysis
4. Market Insights
4.2.1. Extensive Government Support for Industry Automation
4.2.2. Increasing Adoption of Cloud Computing Technology
4.2.3. Rising Adoption of the Industrial IoT
4.3.1. Lack of Standardization
4.3.2. High Investments
4.4.1. Industrial IoT for Predictive Maintenance
4.4.2. Increase in The Number of Data Centers
4.5.1. Vulnerability Issues with IoT Devices
4.5.2. Lack of Skilled Workforce
4.6.1. The Emergence of Edge Computing
4.7. Impact of The Covid-19 Pandemic on the Industrial IoT Market
5. Industrial IoT Market, by Component
5.2.1. Industrial Automation & Control Systems
5.2.2. Product Lifecycle Management (PLM)
5.2.3. Network Components
5.2.4. Sensors & Actuators
5.2.5. Data Management & Analytics
5.3.1. Professional Services
5.3.2. Managed Services
5.4.1. Wireless Technologies
5.4.2. Wired Technologies
6. Industrial IoT Market, by Application
6.2. Predictive Maintenance
6.3. Remote Monitoring
6.4. Production Flow Management
6.5. Logistics & Supply Chain Optimization
6.6. Asset & Resource Optimization/Management
6.7. Plant Maintenance
6.8. Inventory Management
6.9. Smart Robotics
7. Industrial IoT Market, by Industry Vertical
7.5. Energy & Utilities
7.6. Oil & Gas
7.8. Aerospace & Defense
8. Industrial IoT Market, by Geography
9. Competitive Landscape
9.2. Key Growth Strategies
9.3. Competitive Benchmarking
9.4. Market Share Analysis
10. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
10.1. General Electric Company (GE Digital)
10.2. IBM Corporation
10.3. PTC, Inc.
10.4. Microsoft Corporation
10.5. Cisco Systems, Inc.
10.6. Robert Bosch GmbH
10.7. Dassault Systemes
10.8. ABB Ltd.
10.9. Huawei Technologies Co., Ltd.
10.10. Kuka AG
10.11. Rockwell Automation, Inc.
10.12. Schneider Electric SE
10.13. Siemens AG (Siemens Digital Industries Software)
10.14. Intel Corporation
For more information about this report visit https://www.researchandmarkets.com/r/txcnlf
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