Industrial IoT Market - Industry analysis, Trends, Estimation & Forecast, 2016 - 2024

November 2017

 ERC 7905

Industrial internet of things (IIoT) is a part of internet of things (IoT). The utilization of IoT for industrial applications is referred as IIOT. IIoT incorporates machine learning, big data technology, harnessing the sensor data, machine-to-machine (M2M) communication and automation technologies, in order to improve operational efficiency, accuracy and optimum resource utilization. According to General Electric, a major market player, 46% percentage of the global economy can be benefited from the usage of IIOT.

Industrial IoT Market Determinants

Technological progressions in electronics and semiconductor industry is a key element driving the global IIoT market for growth. Further, growing adoption of cloud computing and reduced cost of automation deployment are also expected to boost the market. Accenture estimates that the IIoT could add $14.2 trillion to the global economy by 2030. However, lack of standardization and security & privacy of data might hinder the market growth. Predictive maintenance is expected to offer lucrative opportunities for the market.

Industrial IoT Market Segment Analysis

The global IIoT market is segmented on the basis of component, end user, and geography. By component, the global IIoT market is segmented as hardware, software, and services. The end user segment is further classified as aviation, oil & gas, transportation, power generation, manufacturing, healthcare and others. Geographically, the market is categorized as North America, Europe, Asia-Pacific, and Rest of the World. Energy production is one of the key segments of this market and expected to grow with a healthy growth rate in the upcoming years. Honeywell and Aereon have collaborated to Leverage Industrial Internet of Things (IIoT) for Oil and Gas sector, in January 2017.


Collaboration has emerged out as a key strategy, adopted by market leaders to establish a strong foothold within the market. Key players across the world are collaborating with other market leaders to provide exclusive IIoT solutions to the end users. The market is having a stiff competition and would experience many mergers and acquisitions in the near future. For instance, Altizon announced a partnership with SNic, a leading global channel partner for Rockwell & Siemens, for provision of real-time data and enhancement of accuracy within manufacturing industry.


Top players of the market are ABB, Cisco Systems, Inc., Dassault Systèmes, General Electric, Honeywell International Inc., Huawei Technology Co., Ltd., IBM Corporation, Intel Corporation, Robert Bosch GmbH, Rockwell Automation, Inc., Siemens AG, and Texas Instruments Inc.

Global IIoT Market Segmentation

By Component

• Hardware
o Robotic System
o Connectivity Devices
o Sensors
• Software
o Analytics
o IoT Platforms
o Embedded Software
• Service
o Managed Services
o Professional Service

By End User
• Oil & Gas
• Transportation
• Aviation
• Energy Production
• Healthcare
• Manufacturing
• Others

By Geography
• North America
• Europe
• APAC
• Rest of the World

Key Market Players
• ABB
• Cisco Systems, Inc.
• Dassault Systèmes
• General Electric
• Honeywell International Inc.
• Huawei Technology Co., Ltd.
• IBM Corporation
• Intel Corporation
• Robert Bosch GmbH
• Rockwell Automation, Inc.
• Siemens AG
• Texas Instruments Inc.

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    What Information does this report contain?

    • What was the market size of the industrial iot market in 2016 and the expected market size by 2024, along with the growth rate?
    • An in-depth analysis of the current impacting factors, opportunities and challenges/restraints in the market
    • Which are the largest revenue generating products, services or regions and their comparative growth rate?
    • Which technology is in trend and how would it evolve during the forecast period (2016 - 2024)?
    • Which are the leading companies in the industrial iot market and their competitive positioning basis their market share, product portfolio, strategic attempts and business focus?

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