Lucintel Expects the Industrial IoT Market to Reach $403 Billion by 2027

According to a new market report published by Lucintel, The future of the industrial IoT market looks promising with opportunities in the manufacturing, transportation, energy, retail, healthcare, and other industries. The global industrial IoT market is expected to reach an estimated $403.3 billion by 2027 with a CAGR of 20% from 2021 to 2027. The major drivers for this market are increasing demand for automation in manufacturing industry, increasing adoption for IoT and AI, rising awareness for safety and security, and standardization of IPv6.

In this market, manufacturing will remain the largest end use industry during the forecast period due to predicative maintenance, demand for technology advancement and need for improved operation efficiency in various industries. Within industrial IoT market, wireless connectivity will remain the largest segment due to increasing usage of Wi-Fi, bluetooth, and cellular and satellite technologies.

Asia Pacific will remain the largest region over the forecast period, supported by growing urbanization, increasing internet penetration, and growing adoption of IoT in various industries in the region.

Emerging trends, which have a direct impact on the dynamics of the market, include growing adoption of artificial intelligence in IoT applications, edge computing, and blockchain technology in IoT. PTC, SAP, Cisco, General Electric, Siemens, IBM, Intel Corporation, Huawei, Microsoft are among the major industrial IoT companies.