Industrial IoT Market Size, Share, Growth Analysis, By Component, Technology, Connectivity, Software, Vertical, and Region - Industry Forecast 2024-2031

Global Industrial Internet of Things (IIoT) Market was valued at USD 102.48 Billion in 2022 and is expected to rise from USD 109.86 Billion in 2023 to reach a value of USD 191.6 Billion by 2031, at a CAGR of 7.2% during the forecast period (2024-2031).

The Industrial Internet of Things (IIoT) represents a transformative landscape characterized by the interconnection of devices, sensors, machines, and systems within industrial settings. Distinct from the consumer-focused Internet of Things (IoT), IIoT aims to bolster operational efficiency, productivity, and safety in various industries. Leveraging the power of data collection, exchange, and analysis, IIoT enables seamless communication across components, facilitating real-time monitoring, predictive maintenance, and informed decision-making. The urgency for such solutions has been particularly pronounced in the wake of the COVID-19 pandemic, prompting industries to prioritize remote monitoring and resilience. As organizations increasingly embrace automation and digitization, the IIoT market is set for exponential growth, with significant traction across manufacturing, energy, transportation, and healthcare sectors. The integration of smart sensors, cloud computing, and edge computing technologies allows for the extensive analysis of data generated by industrial assets, driving proactive maintenance and predictive insights. Nevertheless, challenges like cybersecurity threats, interoperability, and data privacy concerns loom. Despite these hurdles, the global IIoT market is on an upward trajectory, fueled by continuous investments in technological advancements, regulatory compliance, and infrastructure development. Notably, the U.S. Industrial IoT Market is expected to experience a sustainable compound annual growth rate (CAGR) in the upcoming forecast period, underscoring its pivotal role in the future of industrial innovation.

Top-down and bottom-up approaches were used to estimate and validate the size of the global industrial internet of things (iiot) market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

global industrial internet of things (iiot) Market Segmental Analysis

Global Industrial Internet Of Things (IIOT) Market is segmented by Component, By Technology, By Connectivity Technology, By Software, By Vertical and Region. Based on Component, the market can be segmented into Hardware, Solution, Service, Platform. Based on Technology, the market can be segmented into Sensor, Radio Frequency Identification (RFID), Industrial Robotics, Distributed Control System and Other. Based on Connectivity Technology, the market is segmented into Wired Technology and Wireless Technology. Based on Software, the market is segmented into Visualization Software, SCADA, Distribution Management System, Farm Management Systems and Other. Based on Vertical, the market is segmented in to Manufacturing, Energy, Oil & Gas, HealthCare, Retail, Transportation, Metal & Mining, Agriculture. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Driver of the global industrial internet of things (iiot) Market

One of the key market drivers for the global Industrial Internet of Things (IIoT) market is the widespread adoption of Internet Protocol version 6 (IPv6), which addresses the limitations of its predecessor, IPv4, by providing a virtually limitless pool of 128-bit addresses. As the number of internet-connected devices surges globally, the ability to uniquely identify and connect an unprecedented volume of IoT devices becomes crucial for industries seeking operational efficiencies and innovation. The transition to IPv6 not only facilitates this exponential growth but also supports an open architecture conducive to IoT development, significantly boosting the demand for IIoT technologies across various sectors.

Restraints in the global industrial internet of things (iiot) Market

The high cost associated with the implementation and integration of Industrial Internet of Things (IIoT) devices represents a significant market restraint. Specifically, in applications such as machine-to-machine (M2M) communication, existing industrial machinery often lacks necessary built-in components for data collection and transmission. Upgrading older machinery to enable IIoT functionality requires substantial investment in new sensors and connectivity hardware, which can deter companies from adopting these technologies. This financial burden, compounded by potential operational disruptions during the upgrade process, may inhibit the growth of the IIoT market, particularly among small to mid-sized enterprises with limited budgets.

Market Trends of the global industrial internet of things (iiot) Market

The global Industrial Internet of Things (IIoT) market is witnessing a robust upward trend, primarily driven by the manufacturing sector, which is a key contributor to market share and investment. Decision-makers are increasingly embracing IIoT solutions due to their potential to enhance operational efficiency, reduce downtime, and enable data-driven decision-making. Key applications in industrial automation, quality control, production scheduling, and supply chain management highlight the sector's focus on maximizing profit margins while minimizing costs. As Industry 4.0 revolutionizes manufacturing processes, adoption rates are anticipated to surpass other industries, indicating a strong momentum for IIoT integration across both discrete and process manufacturing landscapes.