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Industrial Internet of Things (IIoT) Market Forecast (2021-2026)

  • ID: 3339361
  • Report
  • January 2022
  • Region: Global
  • 84 Pages
  • IndustryARC

Industrial Internet of Things (IIoT) Market Overview


Industrial Internet of Things (IIoT) market size was valued at US$ 123.89 billion in 2020, and it is estimated to grow at around CAGR 22.85% during 2021-2026. Increasing penetration of smart factories, smart utilities enabling high speed data transmission and data analytics for real-time control and monitoring is analyzed to drive the Internet of Things Market. Growing demand for edge computing and related digital age technologies such as Artificial Intelligence (AI), Machine Learning (ML) for industrial automation enabling convergence of IT and OT to provide unison among all associated systems and machines have contributed to the Industrial Internet of Things (IIoT) Market growth. Increasing integration of digitalization in operational processes and industrial control system including human machine interfaces (HMIs), supervisory control and data acquisition (SCADA) systems, distributed control systems (DCSs), and programmable logic controllers (PLCs) to optimize the processes leveraging smart sensors, remote access and control are contributing towards the growth of the market.

Report Coverage


The report: Industrial Internet of Things (IIoT) Market Forecast (2021-2026)” covers an in-depth analysis of the following segments of the Industrial Internet of Things (IIoT) Market.

By Offering: Hardware (Access points, Sensors, Actuators, Routers, Switches, Bridges, Clients, Controllers, Gateways, others), Software (Application Specific, Middleware & APIs, Data Analytics, Data Visualization, Cloud Platforms, Security, Others), Services (System Integration, IoT Data Management, Network Management Services, Device Management Services, Cyber Security Services, Others).

By Connectivity: Wired (Ethernet/IP, Modbus, Profinet, Others), Wireless (Zigbee, Bluetooth/Bluetooth Low Energy, Wi-Fi, GPS/GNSS, WLAN, WHART, others).

By application: Industrial automation (process automation, discrete automation), asset management, environmental monitoring, connected vehicle (Vehicle to vehicle, vehicle to pedestrian, vehicle to infrastructure, others), automated guided vehicles, connected healthcare (Fitness & heart rate monitor, Blood pressure monitor, blood glucose monitor, Pulse Oxymeter, smart pill dispenser, remote diagnosis/ surgery, others), others.

By Industry Vertical: Automotive, aerospace & defense, Healthcare, Food & beverages, Power, Utilities, Logistics & transportation, Oil & Gas, Electronics & semiconductor, Chemical, Agriculture, BFSI, Telecommunications, Others.

By Geography: North America(U.S., Canada and Mexico); Europe(U.K., Germany, Italy, France, Spain, Russia,Rest of Europe); APAC (China, Japan, South Korea, India, Australia,Rest of APAC); South America(Brazil, Argentina, Rest of Americas); RoW (Middle East & Africa).

Key Takeaways

  • Utility sector is estimated to account for the largest market share of 18% by 2026 due to the increasing convergence of digitalization with utility sector.
  • North America is estimated to dominate the market during 2021-2026 owing to early penetration of internet, high investments towards up-gradation of advanced technologies.
  • Increasing Penetration of smart manufacturing factories and increasing investments towards adoption of asset tracking sensors in logistics are analyzed to stimulate the market during forecast period 2021-2026.
  • Data Security issues is one of the challenges impeding the Industrial Internet of Things (IIoT) Market growth.

Industrial Internet of Things (IIoT) Market Segment Analysis - By Application

By application, Industrial Internet of Things (IIoT) Market has been segmented into Industrial automation, asset management, environmental monitoring, connected vehicle automated guided vehicles, connected healthcare and others. Industrial automation dominated the market in 2020 acquiring a share of 27% and is estimated to hold the major Industrial Internet of Things (IIoT) Market share of 29% by 2026 growing at a CAGR 20.45% during 2021-2026 owing to increasing deployments of Industrial Internet of Things (IIoT) network bridging the gap between connected consumers and connected infrastructure. For instance, in June 2020, Fibocom launched Wi-Fi 6 module to enhance optimization of IoT wireless solutions with 5G. Smart utility is analyzed to be the fastest growing market with a CAGR 23.78% during 2021-2026 owing to rapid growth in smart meter manufacturing. Increasing adoption of Industrial Internet of Things (IIoT) for large-scale smart utility, smart city initiatives has simplified deployment of smart meters and street lights by offering actionable insights to manage and control efficiently. For instance, In January 2021, Semtech Corporation announced that Alpha Omega, an IoT utility metering solution provider has incorporated LoRAWAN protocol into smart meters. Such technological advancements are anticipated to stimulate the market during 2021-2026.

Industrial Internet of Things (IIoT) Market Segment Analysis - By Industry Vertical

By industry vertical, Industrial Internet of Things (IIoT) Market has been segmented into Automotive, aerospace & defense, Healthcare, Food & beverages, Power, Utilities, Logistics & transportation, Oil & Gas, electronics & semiconductor, Chemical, Agriculture, BFSI, Telecommunications and Others. Utility sector dominated the market in 2020 acquiring a share of 17% and is estimated to hold the major share by 2026 with a CAGR 21.34% during the forecast period 2021-2026 owing to the increasing convergence of utility sector with digitalization to deliver an intelligent digital grid management system. Rising adoption of Industrial Internet of Things (IIoT) for smart utility initiatives such as advanced metering infrastructure and distribution automation has significantly triggered the market growth. Deployment of Industrial Internet of Things (IIoT) in utility sector accelerates energy saving enhancing safety and reducing maintenance costs and such benefits are set to drive the market. The growing demand for digital twins in renewable energy sector to optimize the operational performance is also propelling the Internet of Things Market growth. For instance, in April 2021, Tata Power Delhi Distribution launched narrowband IoT technology based smart meters to offer real-time two way communication with optimized energy consumption based on low power wide area network technology and such developments are anticipated to boost the market. Logistics and Warehousing sector is analyzed to be the fastest growing market with a CAGR 25.67% during 2021-2026 owing to increasing penetration of intelligent warehousing and rising adoption of cobots (collaborative robots) in the sector. Massive penetration of asset tracking tags optimizing asset management is also augmenting the IoT Market.

Industrial Internet of Things (IIoT) Market Segment Analysis - By Geography

By Geography, Industrial Internet of Things (IIoT) Market has been segmented into North America, Europe, APAC, South America and RoW. North America dominated the Industrial Internet of Things (IIoT) market in 2020 acquiring a share of 31% and is estimated to hold the major share with a CAGR 19.56% during 2021-2026 owing to early penetration of internet, presence of higher number of smart cities and high investments towards up-gradation towards latest technology in this region. In March 2021, Alps Alpine, a US based leading manufacturer of electronic components announced its partnership with Skyhook, a location technology provider to receive accurate and precise location positioning from their IoT device and services and such partnerships are analyzed to boost the Industrial Internet of Things (IIoT) Market in this region. APAC is estimated to be the fastest growing market with a CAGR 24.67% during the forecast period 2021-2026 owing to rapid urbanization and shift towards digitalization. Indian Government has launched Digital India” and Make in India” program to establish multiple industries and setup a robust digital infrastructure across the country and such government initiatives are anticipated to drive the IoT Technology market in this region.

Industrial Internet of Things (IIoT) Market Drivers


Increasing penetration of Industry 4.0 is augmenting the growth of the market

Increasing adoption of industrial IoTs for bridging IT and OT to optimize real time applications across various industry verticals is driving the Internet of Things Market. Massive and quick adoption of connected factories enabling interoperable, ubiquitous communication among smart connected devices to monitor and control real-time data for machine-to-machine (M2M) communications optimizing production yield, efficiency and quality have contributed to the Industrial Internet of Things (IIoT) Market growth. Increasing investments towards digital transformations in business organizations to generate new business outcomes utilizing artificial intelligence, machine learning platform is steering the Industrial Internet of Things (IIoT) Market. For instance, In May 2019, Cisco partnered with Linus Tech Tips and developed some new Meraki WiFi6 compatible access points and such new developments are augmenting the Internet of Things Market.

Increasing adoption of asset tracking sensors in logistics is driving the market

Rising adoption of asset tracking sensors to ensure complete integrity and quality during transportation is bolstering the demand for industrial internet of things (IIoT) market in supply chain. The growth in adoption of SCADA, hand-held scanners, bar codes and RFID tags and other data monitoring and data acquisition systems in freight operation, warehousing and last mile delivery to get real-time visibility on movement of goods is augmenting the market. Containers and packages being transported from one place to another can be tracked in real-time and hence real-time alerts can be sent for them if any unusual activity is noticed. Industrial Internet of Things (IIoTs) has helped to reduce pilferage i.e. sensor identifies and alerts stakeholders of fuel theft and unusual usage patterns. Delivery, scheduling and placement are being automated using Industrial IoT in transportation and logistics. For instance, Tech Mahindra and Honeywell collaborated to build factories for the future” leveraging industrial internet of things (IIoT) to scale-up autonomous factories faster. Such collaborations are set to drive the market between 2021 and 2026.

Industrial Internet of Things (IIoT) Market Challenges


Data Security issues is hampering the growth of the market

According to FBI report, financial losses caused by internet crime accumulated a total of US$ 4.2 Billion in US and the most common cyber-crimes were phishing, non-payment/non-delivery scams and extortion, with 28,500 complaints associated with COVID-19 fraud and thus adoption of robust security infrastructure has been inevitable. Enterprises that adopt Industrial Internet of Things (IIoT) face security and privacy issues. Enterprises hold sensitive and confidential data, which needs to be protected to avoid data breaches and cyber-attacks. Alarming growth in number of cyber-attacks, data leakage, false data injection in various industry verticals is hampering the adoption. However, with significant investments on cyber security is set to offset this challenge and promote healthy growth during the later stages of the forecast period 2021-2026.

Industrial Internet of Things (IIoT) Market Landscape


Product launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Industrial Internet of Things (IIoT) market. In 2020, the market of Industrial Internet of Things (IIoT) industry outlook has been fragmented by several companies. Industrial Internet of Things (IIoT) top 10 companies include:

1. Cisco systems Inc.

2. Hewlett Packard Enterprises

3. General Electric Company

4. Siemens AG

5. Semtech Corporation

6. Intel Corporation

7. Texas Instruments

8. IBM Corporation

9. Microsoft Corporation

10. Amazon Web Services

Acquisitions/Product Launches
  • In February 2021, Siemens collaborated with IBM to expand its industrial IoT, edge computing platform. Through the joint initiative, Siemens Digital Industries Software will apply IBM's open hybrid cloud approach, built on Red Hat OpenShift, to extend the deployment flexibility of MindSphere®, the industrial IoT as a service solution from Siemens. This will enable customers to run MindSphere on-premise, unlocking speed and agility in factory and plant operations, as well as through the cloud for seamless product support, updates and enterprise connectivity.
  • In August 2020, Semtech expanded it’s collaboration with Helium to provide LoRa technology based IoT devices with wireless wide area network infrastructure.Network grows to more than 1,000 cities across North America and Europe, offering connectivity for up to hundreds of millions of LoRa based devices

Relevant Report Titles:

IoT Communications Technology Market

Report Code: ESR 0205

IoT in Manufacturing Market

Report Code: ITR 37031

For more Information and Communications Technology Market reports, please click here
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1. IIoT Market – Market Overview
1.1. Definitions and Scope
2. IIoT Market – Executive Summary
2.1. Market Revenue, Market Size and Key Trends by Company
2.2. Key Trends by Type of Application
2.3. Key Trends Segmented by Geography
3. IIoT Market – Market Landscape
3.1. Market Share Analysis
3.2. Comparative analysis
3.2.1. Product Benchmarking – Top 10 Companies
3.2.2. Top 5 Financials Analysis
3.2.3. Market Value Split by Top 10 Companies
3.2.4. Patent Analysis – Top 10 Companies
4. IIoT Market - Market Forces
4.1. Market Drivers
4.2. Market Constraints and Challenges
4.3. Attractiveness of the market
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Customers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Degree of Competition
5. IIoT Market – Strategic Analysis
5.1. Value Chain Analysis
5.2. Opportunities Analysis
5.3. Product Life Cycle/Market Life Cycle Analysis
5.4. Suppliers and Distributors
6. Control Valves Market – By Component
6.1. Segment Type Size and Market Share Analysis
6.2. Application Revenue and Trend by Component
6.3. Product Segment Analysis by Component
6.3.1. Transmitters
6.3.2. Memory
6.3.2.1. DRAM
6.3.2.2. NAND Flash
6.3.2.3. Memory Cards
6.3.2.4. Multichip Packages
6.3.2.5. NOR Flash
6.3.2.6. Industrial SSDs
6.3.2.7. Others
6.3.3. Processors
6.3.4. Networking Components
6.3.4.1. Gateway & Routers
6.3.4.2. Others
6.3.5. Battery Management
6.3.5.1. Power Supply
6.3.5.2. Thin Film and Printed Batteries
6.3.5.3. Energy Harvesting Modules
6.3.5.4. Photovoltaic Panels
6.3.5.5. Thermoelectric Sources
6.3.5.6. Others
6.3.6. Device and Equipment
6.3.6.1. Tracking Devices
6.3.6.2. Handheld Scanners
6.3.6.3. Others
6.3.7. Cameras Systems
6.3.8. RFID
6.3.9. Control Systems
6.3.10. Camera systems
6.3.11. Yield Monitors
6.3.12. Robotics & Drones
6.3.13. Sensors & Actuators
6.3.13.1. Vibration
6.3.13.2. Temperature
6.3.13.3. Pressure
6.3.13.4. Heat
6.3.13.5. Position
6.3.13.6. Others
6.3.14. Display & Monitors
6.3.15. Others
7. IIoT Market – By Connectivity (Market Size – $Million/$Billion)
7.1. Segment Type Size and Market Share Analysis
7.2. Application Revenue and Trend by Component
7.3. Product Segment Analysis by Component
7.3.1. Wired Technologies
7.3.1.1. Ethernet
7.3.1.2. Modbus-TCP
7.3.1.3. Profinet
7.3.1.4. EtherCAT
7.3.1.5. Others
7.3.2. Wireless Technologies
7.3.2.1. Wi-Fi
7.3.2.2. Bluetooth Low Energy (BLE)
7.3.2.3. Others
7.3.3. Fieldbus Technologies
7.3.3.1. Profibus
7.3.3.2. Modbus-RTU
7.3.3.3. CC-Link
7.3.3.4. Others
8. IIoT Market – By Software (Market Size – $Million/$Billion)
8.1. Segment Type Size and Market Share Analysis
8.2. Application Revenue and Trend by Component
8.3. Product Segment Analysis by Component
8.3.1. Application Specific
8.3.1.1. Asset Performance Management
8.3.1.2. Operations Performance Management
8.3.1.3. Field Service Management
8.3.1.4. Manufacturing Solutions
8.3.1.5. Others
8.3.2. Middleware & APIs
8.3.3. Data Analytics
8.3.4. Data Visualization
8.3.5. Cloud Platforms
8.3.6. Security
8.3.7. Others
9. IIoT Market – By Service (Market Size – $Million/$Billion)
9.1. Segment Type Size and Market Share Analysis
9.2. Application Revenue and Trends by Application Type
9.3. Application Segment Analysis by Type
9.3.1. System Integration
9.3.2. IoT Data Management
9.3.3. Network Management Services
9.3.4. Device Management Services
9.3.5. Cyber Security Services
9.3.6. Others
10. IIoT Market – By Solution (Market Size – $Million/$Billion)
10.1. Segment Type Size and Market Share Analysis
10.2. Application Revenue and Trends by Application Type
10.3. Application Segment Analysis by Type
10.3.1. Component
10.3.2. Network Connectivity
10.3.3. Software
10.3.4. Services
11. IIoT Market – By Industry Vertical (Market Size – $Million/$Billion)
11.1. Segment Type Size and Market Share Analysis
11.2. Application Revenue and Trends by Application Type
11.3. Application Segment Analysis by Type
11.3.1. Energy
11.3.1.1. Smart metering
11.3.1.2. Smart Lighting
11.3.1.3. Smart Grid Asset Monitoring
11.3.1.4. Remote Infrastructure
11.3.1.5. Fault Detection
11.3.1.6. Energy Management & Maintenance
11.3.2. HealthCare
11.3.2.1. Electronic Healthcare Record
11.3.2.2. Remote Health Monitoring
11.3.2.3. Connected Healthcare facilities
11.3.2.4. Centralized patient & hospital system Monitoring
11.3.2.5. Robotics
11.3.2.6. Biosensor
11.3.2.7. Trackers & Fitness Bands
11.3.2.8. Smart Bed
11.3.2.9. Smart Pills
11.3.2.10. Predictive Medicine
11.3.2.11. Others
11.3.3. Transportation
11.3.3.1. Logistics
11.3.3.2. Asset & Freight Tracking
11.3.3.3. Predictive Asset Maintenance
11.3.3.4. Remote Fleet Monitoring
11.3.3.5. Warehouse Capacity Optimization
11.3.3.6. Route Optimization
11.3.3.7. Transportation Infrastructure
11.3.3.8. Intelligent Traffic Monitoring & Control
11.3.3.9. Parking & Ticketing Management
11.3.3.10. Others
11.3.4. Manufacturing
11.3.4.1. Manufacturing Operations Management
11.3.4.1.1. Asset management
11.3.4.1.2. Intelligent manufacturing
11.3.4.1.3. Performance optimization and monitoring
11.3.4.1.4. Inventory Management
11.3.4.1.5. Human machine interaction
11.3.4.1.6. Others
11.3.4.2. Production asset management & Maintenance
11.3.4.2.1. Production asset monitoring and tracking
11.3.4.2.2. Facility Safety & Security
11.3.4.2.3. Quality Control
11.3.4.2.4. Packing Optimization
11.3.4.3. Field Service & Diagnostic
11.3.4.4. Fault Detection & Maintenance
11.3.4.5. Predictive & Proactive Maintenance
11.3.4.6. Condition Monitoring
11.3.4.7. Facility Management
11.3.4.8. Asset and Resource Optimization
11.3.4.9. Remote Diagnosis
11.3.4.10. Logistics & Supply Chain Optimization
11.3.5. Oil & Gas
11.3.5.1. Upstream
11.3.5.2. Mid-Stream
11.3.5.2.1. Connecting pipeline networks
11.3.5.2.2. Leak detection
11.3.5.2.3. Storage
11.3.5.2.4. Safety and Alarms
11.3.6. Downstream
11.3.6.1. Refinery Crude oil Management
11.3.6.2. Facility Management
11.3.6.3. Others
11.3.7. Agriculture and Forestry
11.3.7.1. Farm vehicle tracking
11.3.7.2. Livestock Monitoring
11.3.7.3. Conservation monitoring
11.3.7.4. Storage Monitoring
11.3.7.5. Precision Framing
11.3.7.5.1. Plant & soil monitoring
11.3.7.5.2. Yield Monitoring
11.3.7.5.3. Field Mapping
11.3.7.5.4. Crop Scouting
11.3.7.5.5. Weather Tracking & Forecasting
11.3.7.5.6. Irrigation Management
11.3.7.5.7. Inventory Management
11.3.7.5.8. Others
11.3.8. Chemicals
11.3.8.1.1. Equipment monitoring and predictive analytics
11.3.8.1.2. Energy management
11.3.8.1.3. Process management and control
11.3.8.1.4. Safety management
11.3.8.1.5. Production simulation
11.3.8.1.6. Supply chain visibility
11.3.9. Others
12. IIoT Market – By Geography (Market Size – $Million/$Billion)
12.1. IIoT - Americas Segment Research
12.2. Americas Market Research (Market Size – $Million/$Billion)
12.2.1. Segment type Size and Market Size Analysis
12.2.2. Revenue and Trends
12.2.3. Application Revenue and Trends by Type of Application
12.2.4. Company Revenue and Product Analysis
12.2.5. Americas Product type and Application Market Size
12.2.5.1. U.S
12.2.5.2. Canada
12.2.5.3. Mexico
12.2.5.4. Brazil
12.2.5.5. Argentina
12.2.5.6. Others
12.3. IIoT - Europe Segment Research
12.4. Europe Market Research (Market Size – $Million/$Billion)
12.4.1. Segment Type Size and Market Size Analysis
12.4.2. Revenue and Trends
12.4.3. Application Revenue and Trends by type of Application
12.4.4. Company Revenue and Product Analysis
12.4.5. Europe Segment Product type and Application Market Size
12.4.5.1. U.K.
12.4.5.2. Germany
12.4.5.3. France
12.4.5.4. Italy
12.4.5.5. Spain
12.4.5.6. Rest of Europe
12.5. IIoT – APAC Segment Research
12.6. APAC Market Research (Market Size – $Million/$Billion)
12.6.1. Segment Type Size and Market Size Analysis
12.6.2. Revenue and Trends
12.6.3. Application Revenue and Trends by Type of Application
12.6.4. Company Revenue and Product Analysis
12.6.5. APAC Segment – Product type and Application Market Size
12.6.5.1. Japan
12.6.5.2. China
12.6.5.3. South Korea
12.6.5.4. India
12.6.5.5. Australia and New Zealand
12.6.5.6. Rest of APAC
12.7. IIoT – RoW Segment Research
12.8. RoW Market Research (Market Size – $Million/$Billion)
12.8.1. Segment Type Size and Market Size Analysis
12.8.2. Revenue and Trends
12.8.3. Application Revenue and Trends by Type of Application
12.8.4. Company Revenue and Product Analysis
12.8.5. RoW Segment – Product type and Application Market Size
12.8.5.1. Middle East
12.8.5.2. Africa
13. IIoT Market - Market Entropy
13.1. New Product Launches
13.2. M&As, Collaborations, JVs and Partnerships
14. IIoT Market – Industry/Segment Competition Landscape
14.1. Market Share Analysis
14.2. Best Practices for Companies
15. IIoT Market Company Analysis
15.1. Market Share, Company Revenue, Products, M&As, Developments
15.1.1. Intel Corporation
15.1.2. ARM
15.1.3. Atmel
15.1.4. Synopsys
15.1.5. Melexis
15.1.6. Cisco Systems, Inc.
15.1.7. General Electric
15.1.8. Rockwell Automation, Inc.
15.1.9. ABB
15.1.10. Huawei
15.1.12. Company 12 and more
*”Financials of private companies will be provided on a best-efforts basis"
16. IIoT Market – Appendix
16.1. Abbreviations
16.2. Sources
17. IIoT Market – Research Methodology
17.1. Research Methodology
17.1.1. Company Expert Interviews
17.1.2. Industry Databases
17.1.3. Associations
17.1.4. Company News
17.1.5. Company Annual Reports
17.1.6. Application Trends
17.1.7. New Products and Product Database
17.1.8. Company Transcripts
17.1.9. R&D Trends
17.1.10. Key Opinion Leaders Interviews
17.1.11. Supply and Demand Trends
Note: Product cover images may vary from those shown

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