Global Industrial IoT Market size was valued at USD 80.8 Billion in 2024 and is expected to reach USD 176.2 Billion by 2033, at a CAGR of 7.5% during the forecast period 2024 – 2033.
Industrial IoT Market: Overview
The Industrial Internet of Things (IIoT) refers to the application of Internet of Things (IoT) technology in industrial settings. It involves connecting various physical devices, machines, sensors, and systems used in industries to the Internet or private networks, enabling them to collect, exchange, and analyze data.
The notable shift towards edge computing, where data processing occurs closer to the data source, enabling faster response times and reducing bandwidth requirements.
Additionally, there’s an increasing emphasis on cybersecurity measures to protect IIoT systems from cyber threats and ensure data integrity and privacy. Moreover, the integration of artificial intelligence (AI) and machine learning (ML) technologies into IIoT solutions is enabling predictive maintenance, anomaly detection, and optimization of industrial processes.
Furthermore, the emergence of 5G technology is enhancing connectivity, enabling high-speed data transmission and enabling more widespread adoption of IIoT applications. Lastly, there’s a growing focus on sustainability, with IIoT being leveraged to monitor and optimize energy consumption, reduce waste, and improve overall resource efficiency in industrial operations.
By component, the hardware segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. In the hardware component market for Industrial IoT, key trends include the miniaturization of sensors and actuators, the adoption of edge computing devices for real-time processing, and industrial-grade hardware, and the integration of advanced connectivity technologies such as 5G and LPWAN.
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By deployment, the hardware segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Cloud adoption in the Industrial IoT market is increasing rapidly, driven by demand for scalable and cost-effective solutions. Edge-to-cloud integration, hybrid cloud deployments, and the rise of industry-specific cloud platforms.
By end user, the manufacturing segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Manufacturing drives the Industrial IoT market due to its need for increased efficiency, reduced downtime, predictive maintenance, and enhanced productivity. IIoT enables real-time monitoring, automation, and data-driven decision-making, optimizing processes and unlocking new opportunities for cost savings and innovation in the manufacturing sector.
CMI has comprehensively analyzed Industrial IoT market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Industrial IoT industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Industrial IoT Market:
- Siemens AG
- General Electric Company
- IBM Corporation
- Cisco Systems Inc.
- Microsoft Corporation
- Bosch Group
- Schneider Electric SE
- Rockwell Automation Inc.
- Honeywell International Inc.
- ABB Ltd.
- Huawei Technologies Co. Ltd.
- Intel Corporation
- Oracle Corporation
- SAP SE
- Hitachi Ltd.
- Amazon Web Services
- PTC Inc.
- Dell Technologies Inc.
- Accenture plc
- Emerson Electric Co.
- Others
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