The Industrial IoT Market

Report Code: ESR 0027 Report Format: PDF + Excel

Industrial IoT Market Overview

The Industrial IoT Market size is estimated to reach US$137.5 billion by 2030 after growing at a CAGR of 6.7% from 2024 to 2030.  The ecosystem of networked machines, sensors, devices, and systems in industrial settings that use Internet of Things (IoT) technology to improve productivity, safety, and operational efficiency is referred to as the Industrial Internet of Things (IIoT) market. Industries like manufacturing, energy, utilities, transportation, healthcare, and agriculture are all included in the IIoT. IoT devices gather real-time data on production processes, environmental conditions, equipment performance, and other pertinent aspects in industrial settings. After that, this data is sent, examined, and used to forecast maintenance requirements, improve operations, and facilitate well-informed decision-making.

Edge AI capabilities are being used more often in industrial IoT installations to process data closer to the source, allowing for real-time analytics, less latency, and better decision-making. This development enables enterprises to directly apply AI algorithms to edge devices, improving the IIoT systems' scalability, dependability, and efficiency. In the Industrial IoT sector, the use of digital twin technology is growing, allowing for virtual copies of real assets, workflows, and systems. Digital twins enable digital asset lifecycle management, performance optimization, and simulation-based analysis, enabling enterprises to improve operational efficiency and asset lifecycle management across several industrial domains.

Industrial IoT Market Report Coverage

The report: “Industrial IoT Market– Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Industrial IoT Industry.
By Offering: Services, Solutions, Platform.
By Deployment: On-Premises, Cloud.
By Connectivity: Wired, Wireless, Hybrid.
By End User: Chemical, Metal & Mining, Oil & Gas, Energy & Power, manufacturing, Healthcare, Agriculture,  Transportation & Logistics and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa)

Key Takeaways

  • The solution segment held the largest market share and is expected to continue dominating the market throughout the forecast period. 
  • North America holds the largest market share in Industrial IoT Market. The market is expected to develop more in the upcoming years due to the increasing adoption of cutting-edge technologies like artificial intelligence and cloud computing.
  • Cloud computing is becoming more and more popular in the industrial sector for several reasons. Many advantages to cloud computing are quite helpful for industrial processes. Its versatility and scalability enable enterprises to quickly increase their processing capacity and adjust to shifting business needs.
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Industrial IoT Market Segment Analysis – By Offering
The solution segment is anticipated to maintain its dominant position in the market for the duration of the forecast period to increase its market share, industry participants are concentrating on introducing cutting-edge information systems designed for different industries and sectors.
One such is the global networking and telecommunications corporation Ericsson AB, which unveiled IoT Accelerator Connect in February 2022. This solution offers plug-and-play access to cellular IoT connectivity, making IoT networking simple. It successfully facilitates the implementation of enterprise IoT projects and contributes to the growth of the solution segment by streamlining the onboarding process and device connectivity. The service sector, on the other hand, is anticipated to develop at the fastest compound annual growth rate between 2023 and 2032. The substantial rise in connected devices, which has produced a vast amount of data, is responsible for this expansion. In addition, the management of data flow and industry operations is largely dependent on centralized cloud services for Industrial Internet of Things (IIoT) applications. By offering real-time analytics tools, decentralized storage, and network-wide transaction processes, edge computing is predicted to revolutionize the sector.

Industrial IoT Market Segment Analysis – By End User
The manufacturing segment holds the largest share in the Industrial IoT Market during the forecast period. The expansion of IIoT usage to modernize manufacturing processes, improve supply chain management, and boost operational efficiency in factories and plants is what has propelled this dominant position. Manufacturers may reduce costs and increase productivity by using IIoT solutions to monitor equipment performance in real-time, perform predictive maintenance, maintain quality control, and manage inventories. Further accelerating digital transformation projects within the manufacturing sector and securing its leadership position in the IIoT market is the integration of IIoT with emerging technologies like robotics, cloud computing, and artificial intelligence.

Industrial IoT Market Segment Analysis – By Geography
North America held the largest share in the global Industrial IoT Market. The region's robust technical innovation ecosystem, sophisticated industrial infrastructure, and early adoption of Internet of Things technology across a range of industries are all credited for its leadership position. Businesses in North America use IIoT solutions to increase asset management, boost product quality, and optimize operational efficiency. In addition, encouraging government programs, advantageous laws, and substantial R&D expenditures all contribute to the expansion of the IIoT industry in North America. Because of its inventiveness and technological leadership, the area continues to dominate the worldwide IIoT sector.


Industrial IoT Market Drivers

Rapid Adoption of Industrial IoT in Manufacturing Sector
Globally, manufacturers are using IIoT technologies to increase productivity, stimulate innovation, and optimize operations. Manufacturers can obtain real-time insights into supply chain efficiency, equipment performance, and predictive maintenance requirements by incorporating IoT devices, sensors, and data analytics into their production processes. This adoption increases overall productivity and competitiveness, decreases downtime, and promotes flexible and responsive production procedures. Thus, one of the main factors driving the expansion of the worldwide IIoT market is the industrial sector's quick adoption of IIoT.

Growing Demand for Real-Time Data Solutions and Services.
All industries aim to use real-time data insights for predictive maintenance, improved decision-making, and operational efficiency. Through the gathering, analysis, and visualization of real-time data from connected devices made easier by IIoT solutions, businesses may enhance resource usage, identify abnormalities, and optimize operations. The need for IIoT-driven real-time data solutions and services is growing as organizations prioritize responsiveness and agility, which is fueling innovation and investment in the worldwide IIoT market.


Industrial IoT Market Challenges

Increased Chance of Device Theft and Data Breach
The proliferation of devices and sensors in industrial settings increases the attack surface for cyber threats, hence elevating the risk of illegal access, data theft, and system compromise. Via the targeting of susceptible IIoT devices, malicious actors run a serious danger to industrial infrastructure, intellectual property, and business continuity. They may also fail to secure sensitive data or interfere with vital operations. Strong cybersecurity safeguards, encryption guidelines, and ongoing monitoring are necessary to meet this challenge and protect IIoT deployments from device theft and data breaches.

Industrial IoT Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies which are adopted by the dominant players in this market. Industrial IoT top 10 companies include:
  1. ABB Group 
  2. Cisco Systems Inc 
  3. Siemens AG 
  4. Microsoft Corporation 
  5. Rockwell Automation Inc. 
  6. IBM Corporation 
  7. General Electric Company 
  8. Intel Corporation 
  9. Emerson Electric Co 
  10. Schneider Electric SE
Acquisitions/Technology Launches
  • In February 2024, the commercial launch of the 5G edge computing industrial Internet of Things cellular router solution, Digi IX40, was announced by Digi International. The Digi IX40 is designed to meet the needs of Industry 4.0 applications, including smart manufacturing, industrial automation, predictive maintenance, advanced robotics, and asset tracking.
  • In September 2023, the Leading provider of IoT and imaging solutions worldwide, Lexmark, announced a new collaboration with HARMAN Digital Transformation Solutions. Under this agreement, HARMAN will use Lexmark's IoT technology on targeted projects for clients in a range of industries as part of its IoT products portfolio.
  • In April 2023, Modern IoT Solutions from Qualcomm are launched to Support the Growth of the IoT Ecosystem and Allow New Industrial Applications. Offering best-in-class performance, scalability, and user-friendliness, the solutions seek to further extend IoT ecosystems.

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1. Industrial IoT Market- Market Overview
    1.1 Definitions and Scope
2. Industrial IoT Market - Executive Summary
    2.1 Key Trends by Offering
    2.2 Key Trends by Deployment
    2.3 Key Trends by  Connectivity
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3. Industrial IoT Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Industrial IoT Market - Startup companies Scenario Premium 
 Major startup company analysis:
    4.1 Investment
    4.2 Revenue
    4.3 Product portfolio
    4.4 Venture Capital and Funding Scenario
5. Industrial IoT Market – Industry Market Entry Scenario Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Industrial IoT Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Industrial IoT Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.1 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Industrial IoT Market – By Offering (Market Size -$Million/Billion)
    8.1 Solutions
        8.1.1 Data Management
        8.1.2 Security Solutions
        8.1.3 Remote Monitoring
        8.1.4 Analytics
        8.1.5 Others
    8.2 Services
        8.2.1 Managed Services
        8.2.2 Professional Services
    8.3 Platform
        8.3.1 Application Management
        8.3.2 Device Management
        8.3.3 Connectivity Management
9. Industrial IoT Market – By Deployment (Market Size -$Million/Billion)
      9.1 Cloud
      9.2 On Premises
10. Industrial IoT Market – By Connectivity (Market Size -$Million/Billion)
    10.1 Wired
    10.2 Wireless
    10.3 Hybrid
11. Industrial IoT Market – By End User (Market Size -$Million/Billion)
    11.1 Chemical
    11.2 Metal & Mining
    11.3 Oil & Gas
    11.4 Energy & Power
    11.5 Manufacturing
    11.6 Healthcare
    11.7  Agriculture
    11.8 Transportation & Logistics
    11.9 Others
12. Industrial IoT Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 South America
        12.2.1 Brazil
        12.2.2 Argentina
        12.2.3 Colombia
        12.2.4 Chile
        12.2.5 Rest of South America
    12.3 Europe
        12.3.1 UK
        12.3.2 Germany
        12.3.3 France
        12.3.4 Italy
        12.3.5 Netherlands
        12.3.6 Spain
        12.3.7 Russia
        12.3.8 Belgium
        12.3.9 Rest of Europe
    12.4 Asia-Pacific
        12.4.1 China
        12.4.2 Japan
        12.4.3 India
        12.4.4 South Korea
        12.4.5 Australia and New Zealand
        12.4.6 Indonesia
        12.4.7 Taiwan
        12.4.8 Malaysia
        12.4.9 Rest of APAC
    12.5 Rest of the World
        12.5.1 Middle East
        12.5.2 Africa
13. Industrial IoT Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Industrial IoT Market – Industry / Segment Competition landscape Premium 
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application/End User - Major companies
    14.6 Market Share by Key Product Type/Product Category - Major companies
15. Industrial IoT Market – Key Company List by Country Premium
16. Industrial IoT Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 ABB Group 
    16.2 Cisco Systems Inc 
    16.3 Siemens AG 
    16.4 Microsoft Corporation 
    16.5 Rockwell Automation Inc 
    16.6 IBM Corporation 
    16.7 General Electric Company 
    16.8 Intel Corporation
    16.9 Emerson Electric Co
    16.10 Schneider Electric SE

"*Financials would be provided on a best efforts basis for private companies"

List of Tables

Table 1 Industrial Internet of Things Market – Major Features
Table 2 Differences Between Wireless and Wired Networks
Table 3 IoT Standards and Protocols
Table 4 Real Time Comparison of Various Real- Time Technologies
Table 5 Power Classes of Bluetooth Transmitters
Table 6 Industrial Internet of Things Market: 20 Best Data Analytics Software Systems
Table 7 Primary Sources: Industrial Internet of Things Market (Partial List)
Table 8 Secondary Sources: Industrial Internet of Things Market (Partial List)

List of Figure

Figure 1 GEOGRAPHY – MARKET DATA
Figure 2 BY INDUSTRY VERTICAL – MARKET DATA
Figure 3 Industrial Internet of Things Revenue Share, By Company, 2018 (%)
Figure 4 Industrial Internet of Things Platform Revenue Share, By Company, 2018 (%)
Figure 5 Industrial Internet of Things Communication Revenue Share, By Company, 2018 (%)
Figure 6 Industrial Internet of Things Market, Number of Patents, 2014–2018*
Figure 7 Industrial Internet of Things Market, Number of Patents, By Country, 2014–2018*
Figure 8 Siemens Company
Figure 9 ABB Group
Figure 10 Schneider Electric
Figure 11 General Electric 
Figure 12 Rockwell Automation Inc.
Figure 13 EPS, By Company, 2015–2018 ($/Share)
Figure 14 Global Investments on Clean Energy, 2010 – 2018 ($Bn)
Figure 15 Optimize Return on Investment (ROI) from Disparate Sources of Value.
Figure 16 Global, Industrial Digitalization Solutions, By End User Industry, 2018 (%) 
Figure 17 Global IoT Connected Devices Installed Base, 2015-2018, (Billion Units) 
Figure 18 The Declining Price Trend of IoT Sensors, 2013–2019 ($) 
Figure 19 Number of Cyber Security Incidents in India 2014–2018
Figure 20 IIoT Challenges, 2018 (%)
Figure 21 Industrial Internet of Things (IIoT) Value Chain 
Figure 22 Global Industrial Fog Computing Market, 2018-2022 ($m)
Figure 23 Industrial Internet Of Things Market Growth Rate- By COMPONENT, 2021-2026 (%)
Figure 24 Sensors & Actuators Market Revenue 2018, ($M)
Figure 25 Sensors & Actuators, By Types Market Revenue 2018, ($M)
Figure 26 Display & Monitors Market Revenue 2018, ($M)
Figure 27 Others: By Component Market Revenue 2018, ($M)
Figure 28 Industrial Internet of Things Market Growth Rate- By Connectivity, 2018–2023 (%)
Figure 29CC-Link IE Communication Programming
Figure 30 Industrial Internet of Things Market, Growth Rate - By Software, 2018–2023 (%)
Figure 31 Industrial Internet of Things Market: Asset Performance Management (APM) 
Figure 32 Industrial Internet of Things Market: Middleware Services
Figure 33 Industrial Internet of Things Market: 10 Best Data Visualization Software
Figure 34 Industrial Internet of Things Market: Three Points of Cloud Platform for IaaS
Figure 35 Industrial Internet of Things Market: Six Principles of IoT Cyber Security
Figure 36 Industrial Internet of Things Market Growth Rate- By Services, 2021-2026 (%)
Figure 37 IIoT Market Growth Rate- By Application, 2021-2026 (%)
Figure 38 Benefits of IIoT – The Industrial Internet of Things Drivers
Figure 39 Most IoT Adopted Industry, Revenue (%)
Figure 40 Line Performance Optimization
Figure 41 Manufacturers Deploying IoT Tech
Figure 42 Organizations deploying IoT in operation for monitoring, smart metering, renewable plants supervision, and inventory intelligence
Figure 43 Failure mode or asset/machine/ component needs prognostics and health management
Figure 44 Typical maintenance budget divisions in the manufacturing industry 
Figure 45 Estimated spending on Connected Logistics Solution (2015–2018), USD (Billions)
Figure 46 Investments, Oil and Gas Industry, 2015-2018 ($Bn)
Figure 47 Midstream Activities
Figure 48 Downstream Activities
Figure 49 Global Share of IIoT Projects in Agriculture(%)
Figure 50 PRECISION FARMING REVENUE SHARE, 2018 (%)
Figure 51 Chemicals Industry, Revenue, By Country, 2018 (%)
Figure 52 Projected Europe IoT's GDP Impact by sector, 2025 
Figure 53 Revenue Generated, IoTs, In m (2018)
Figure 54 Top 10 IoT segments, 2018
Figure 55 IIOT Market CAGR, By Europe, 2021-2026 (%)
Figure 56 IoT Spending Forecast, By Industry, 2019
Figure 57 Chemical Market Size Breakdown
Figure 58 Breakdown of Primary Interviews, By Designation, %
Figure 59 Breakdown of Primary Interviews, By Region, %