The Industrial IoT Market (IIoT or Industrial Internet of Things) is an Internet of Things (IoT) segment that incorporates the use of smart sensors to enhance manufacturing and industrial processes. While the term is more recent, sensors have been used in manufacturing, utilities, and other industrial applications for decades. Also known as Industry 4.0, Industrial IoT leverages the power of smart machines and real-time analytics to take advantage of the data that machines produce in industrial settings. The IIoT Industry encompasses industrial applications, including manufacturing, supply chain, robotics, medical devices, and software-defined production processes. It touches industries ranging from the automotive industry to oil & gas. The market consists of large traditional players who are increasingly creating IoT enabled equipment and a long tail of niche and emerging companies providing a broad range of IIoT solutions. These IIoT solutions include IIoT software that enables capabilities like data analytics and better predictive maintenance, and IIoT hardware that turn traditional equipment into smart connected devices, and IIoT services.
The Global Industrial IoT Market Size was $87B in 2019 and is forecast to grow at an average of 37% during the forecast period until 2023. By 2023, the global IIoT Market Size is forecast to reach $310B.
The Gartner Magic Quadrant for IIoT Platforms shows the key Industrial IoT platform vendors. PTC, Software AG, and Hitachi are ranked as IIoT platform "visionaries" in this vendor assessment due to their perceived completeness of Industrial IoT strategies. However, their ability to execute will be tested as their platforms and the market mature. The rest of the vendors are expected to be IIoT platform "niche" players targeting specific Industrial segments or application categories. To read more about this and other Industrial IoT Market trends, Industrial IoT Market Share, and IIoT Market Size, please visit T4's Market Research Platform here.
The Industrial IoT market size accelerated in 2019 as more and more industrial manufacturers prioritize digital transformations into IoT data-driven companies. The largest component of IIoT is manufacturing. The evolving application of IoT for predictive maintenance and asset management in the industrial and commercial markets will continue to be growth catalysts for the manufacturing segment. Increasing adoption of cloud computing in the industrial sector, technological advancements, growth in IoT, and heavy automation and industrialization are also driving the demand for Industrial IoT platforms and services. The competitive landscape for new industrial solutions is likely to continue to become more crowded as the IIoT Market Size grows.
The Industrial IoT market is not well defined with each research firm providing a different scope of what constitutes the market for this technology. There is intense disagreement about Industrial IoT Market Share and Industrial IoT Market Size, although research firms generally agree there is an explosion in IIoT growth. Some firms estimate the market for IIoT platforms alone and some include the hardware and services revenues as well. It can be difficult to distinguish traditional Industrial equipment from its IoT-enabled components. The Industrial IoT market consists of many traditional players whose traditional products have IoT components, as well as a long tail of niche and emerging players for whom there is little to no market data. For more in-depth, research T4 recommends exploring all available sources. T4 has aggregated and organized the data from these sources on the T4 Industry Research Platform. See each source’s view of the Industrial IoT market size and Industrial IoT market share on the T4 Platform.
T4 comprehensively aggregated hundreds of market research reports from dozens of publishers covering statistics and trends in the Industrial IoT Market and the broader IoT market. This includes Industrial IoT Market Share, Industrial IoT Market Size by device, technology, application area, and region, as well as many additional statistics. The Industrial Internet of Things Industry falls under T4's Internet of Things (IoT) industry coverage. Industries related to IIoT in the T4 taxonomy include Internet of Medical Things (IoMT), IoT Industrial and Commercial Electronics, Smart City, Smart Home, Smart Utilities, IoT Infrastructure, Data Analytics, Supply Chain Software, Logistics Software, and IoT Services. You can find reports covering these industries on T4’s Platform.
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