INDUSTRIES

&

MARKETSIndustrial

IoT:

market

data&

analysisMarket

InsightsreportSeptember2023Table

of

ContentsOverviewAppendixSummary567Product

OverviewAuthor1617MarketDefinitionKeyTakeawaysMarket

NumbersRevenue9NumberofIndustrialIoTconnections122MARKET

INSIGHTSThis

report

is

part

ofour

Market

Insights

productGainabetterunderstandingofmarketsacross190+

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Market

Insightscom/outlook/3CHAPTER

1OverviewThe

Industrial

IoT

market

is

a

resultof

the

Industry

4.0Overview:

SummarySummaryOneofthekey

drivers

of

IndustrialInternet

of

Things(IIoT)growth

istheincreasing

focuson

Industry4.0,

which

aimsto

create

smart

factories

thatarehighlyautomated

andconnected.

IIoT

technologies

canhelp

to

enable

this

visionbyproviding

real-time

data

on

machineperformance,

production

output,andother

key

metrics,

enabling

manufacturers

to

optimize

theiroperations

andreduce

downtime.Thecompanies’

investment

inthe“smart

factories”

hasbeen

on

the

rise

especiallyasthelaborcostsare

risingandthepercentage

of

manualworkers

hasbeendecreasing.

Thebusinessstrategy

ofoffshoring

itsproduction

facilitieshasbeenshown

asnottheideal

solution

inthetimes

ofsupplychainissues.

A

lot

ofmanufacturers

areconsidering

returning

to“nearshoring”

or

bringingthefactories

closer

tothehome

basesandmitigatingthehigher

production

costsandsupplymanagement

risksbyimproving

theefficiency

of

theirmachinery

andoperations.5Sources:Market

Insights

2023Industrial

IoT

is

an

important

part

of

the

Internet

of

Things

marketOverview:

Market

DefinitionMarket

definitionTheIndustrialIoT(IIoT)

refers

to

useof

internettocontrol

and

optimize

theindustrialmachinery

environment

suchastheonefoundinfactories,warehouses,

andtransportationsystems.

IIoTinvolves

connecting

machines,equipment,andother

devices

tothe

internet

and

each

other,

allowing

themtogatherand

exchange

datainreal-time,

andhelpinmanagement

of

variousaspectsof

industrialoperations,

includingproduction

lines,inventorymanagement,

equipment

maintenance,andenergy

use.market

revenues

includespendingbyconsumers

(B2C),enterprises

(B2B)

aswellasgovernments

(B2G).

Revenues

are

allocatedtothe

country

where

themoney

isspent.Thekey

market

players

includeGeneral

Electric

(GE),Siemens,

Schneider

ElectricandBosch.TheInternetof

Things

market

compromise

ofrevenue,

numberof

IIoTconnections

andrevenue

growth

asthekey

performance

indicators.

Themarketconsistsof

pureIoT

revenues

generated

throughthesale

ofhardware

(suchassensors,

chips,andotherhardware),

platforms(IoT

platforms,security

softwareandothersoftware),

connectivity

(cellular,

LoRa,

SigFox

and

other

connectivity)andservices

(integration

&maintenance

of

equipment

&systems).

Asanexample,the

pureIoT

revenue

forasmart

security

camera

isonly

the

component

thatmakes

thecamera

"smart"

and

connected,

not

thefullproductprice.Reported6Sources:Market

Insights

2023Industrial

IoT

accounted

for

23.31%

of

the

Internet

of

Things

market

revenue

in2022Overview:

Key

Takeaways

and

inscope

/outof

scopeKeyTakeawaysInscopeOutof

scopeTheIndustrialIoTmarket

worldwide

is

forecasted

to

witness

asignificantgrowth

inrevenue,

with

projections

indicating

astaggering

figureofUS$276.00bn

by2023.Thismarket

includes:Thismarket

excludes:Thismarket

segment

is

expected

toexhibitastrong

annualgrowth

rate(CAGR2023-2028)

of

13.73%,

culminatinginamarket

volume

ofUS$525.20bn

by2028.?Remote

monitoring

Industrial?Telematics

devicesdevices?Fleet

management

system

devicesWhen

compared

globally,itisnoteworthy

thatintheUnitedStateswill

begenerated

thehighest

amountof

revenue,

with

anestimated

revenue

ofUS$66.28bn

by

2023.?Industrialsensors

fortemperature,humidityor

chemical

levels?Supplychainoptimization

devicesWorldwide,

theIndustrialIoT

market

iswitnessing

arapidadoption

ofsmartmanufacturingtechnologies,

revolutionizing

theway

industriesoperate

andboosting

productivity.7Sources:Market

Insights

2023CHAPTER

2Market

NumbersIndustrial

IoT

revenues

are

estimated

to

increase

at

a

CAGR(1)

of

18.6%

from2018

to

2028Market

Size:

Globalrevenue

forecast

inbillionUS$525.16475.33425.50375.67+18.6%(1)325.84276.01226.182022184.102021110.202019112.59202094.9920182023202420252026202720289Notes:(1)

CAGR:

Compound

Annual

GrowthRateMarket

Insights

2023Sources:With

revenue

of

US$

89.3

billion,

Asia

is

the

biggest

market

among

selectedregions

in

2022Market

Size:

Regional

Comparison

(1/2)revenue

forecast

inbillionUS$+16.3%(1)221.0+13.4%(1)153.3+14.9%(1)124.889.372.254.2+18.2%(1)16.82028+13.4%(1)9.320286.24.420222028202220222028202220282022EuropeAfricaAmericasAsiaAustralia&Oceania10

Notes:Sources:(1)

CAGR:

Compound

Annual

GrowthRateMarket

Insights

2023With

revenue

of

US$

54.6

billion,

the

United

States

is

the

biggest

market

amongselected

countries

in

2022Market

Size:

Regional

Comparison

(2/2)revenue

forecast

inbillionUS$+13.0%(1)113.7+16.2%(1)110.854.645.0+12.9%(1)18.3+15.6%(1)16.7+12.5%(1)12.320288.87.06.1202220282022202820222028202220282022ChinaUnited

StatesUnited

KingdomGermanyFrance11

Notes:Sources:(1)

CAGR:

Compound

Annual

GrowthRateMarket

Insights

2023Number

of

Industrial

IoT

connections

is

estimated

to

continue

increasing

from2018

to

2028Market

Size:

Globalvolumeforecast

inbillion1098765432109.58.47.15.95.04.23.52.92.22.01.42018201920202021202220232024202520262027202812

Notes:Sources:(1)

CAGR:

Compound

Annual

GrowthRateMarket

Insights

2023Asia

is

projected

to

have

the

most

Industrial

IoT

connections

in

2028Market

Size:

Regional

Comparison

(1/2)volumeforecast

inbillion3.53.32.93.02.42.52.01.51.00.50.02.31.92.11.72.01.51.81.41.71.31.41.11.10.91.00.80.70.51.20.40.41.00.60.80.10.60.20.10.70.10.40.60.20.10.60.30.10.10.10.30.10.10.00.10.10.10.10.10.10.00.020182019202020212022202320242025202620272028Australia&OceaniaEuropeAsiaAfricaAmericas13

Notes:Sources:(1)

CAGR:

Compound

Annual

GrowthRateMarket

Insights

2023With

volume

of

over

700

million,

the

United

States

has

the

highest

number

ofIndustrial

IoT

connections

among

selected

countries

in

2022Market

Size:

Regional

Comparison

(2/2)volumeforecast

inbillion1.81.61.41.21.00.80.60.40.20.01.71.51.51.71.31.21.11.01.00.80.80.70.70.60.60.50.50.30.40.30.30.30.20.20.20.20.20.20.10.30.20.20.20.00.10.10.10.30.20.10.10.10.10.10.10.10.10.10.12024UnitedStates0.120200.10.10.1201820192021202220232025202620272028FranceGermanyChinaUnited

Kingdom14

Notes:Sources:(1)

CAGR:

Compound

Annual

GrowthRateMarket

Insights

2023CHAPTER

3AppendixMARKET

INSIGHTSMarket

Insights

–

market

data,forecasts,

and

qualitative

insightsGainabetterunderstandingofmarketsacross190+

geographicalentities

–

onaglobal,regional,country,

and/orstatelevel.Access

ourdatavia

web

interface,

download(XLS,

PDF,PPT),

orreports.Benefitfromour

48-hour

customerservice

guarantee.?

10

sectors:

a