Industrial IoT (IIoT) Market by Offering (Hardware, Platforms, Services, Solution), Connectivity Technology, Deployment, Software, Device and Technology, End User, and Geography - Global Industry Analysis, Opportunities and Forecast up to 2030

Industrial IoT (IIoT) Market by Offering (Hardware, Platforms, Services, Solution), Connectivity Technology, Deployment, Software, Device and Technology, End User, and Geography - Global Industry Analysis, Opportunities and Forecast up to 2030

Industrial IoT (IIoT) Market Size

The global industrial IoT (IIoT) market size was valued at $186.08 billion in 2024 and is projected to reach $312.07 billion by 2030, growing at a CAGR of 9.0% during the forecast period.

Industrial IoT (IIoT) Market Overview

Industrial Internet of Things (IIoT) refers to the extension and application of Internet of Things (IoT) technologies in industrial sectors and processes. It involves connecting industrial equipment, machines, sensors, and devices to collect and exchange data in real time. IIoT enables industries to monitor, analyze, and optimize operations through enhanced connectivity and data-driven insights. By integrating physical machinery with software and sensors, IIoT enhances automation, efficiency, and productivity in manufacturing, logistics, energy, and other industrial sectors. It facilitates predictive maintenance, remote monitoring, and control of equipment, thereby reducing downtime and operational costs. IIoT also supports smart decision-making processes by providing actionable insights derived from vast amounts of data, ultimately driving innovation, competitiveness, and operational excellence in industrial settings.

Industrial IoT (IIoT) Market Dynamics

• The industrial IoT (IIoT) market is expected to witness significant growth in the future due to increasing adoption of Industry 4.0, growing demand for predictive maintenance and asset management solutions, and smart manufacturing initiatives
• Additionally, the advancements in sensor technologies and connectivity infrastructure, cost savings and operational efficiency improvements, and expansion of Industrial Internet of Things (IIoT) in emerging markets are the prominent factors driving the growth of the market.
• However, the concerns over cybersecurity and data privacy, high initial deployment costs and ROI uncertainty, and integration challenges with legacy systems are restraining the market growth.
• On the contrary, the development of edge computing and real-time analytics capabilities, and enhanced product customization and quality control, and collaboration and partnerships between industry stakeholders are creating opportunities for market growth.

By End User, the Manufacturing Segment Constitutes Immense Share with Industrial IoT (IIoT) Market

The manufacturing segment holds a significant share within the industrial IoT (IIoT) market owing to its potential to revolutionize operational efficiency, productivity, and competitiveness. IIoT enables manufacturers to connect and monitor machinery, processes, and systems in real-time, facilitating predictive maintenance, reducing downtime, and optimizing resource utilization. By collecting and analyzing vast amounts of data from sensors and devices, manufacturers can gain valuable insights into their operations, enabling proactive decision-making and continuous improvement. This technology also supports the shift towards smart factories, where interconnected systems and automation streamline production processes and improve quality control. Furthermore, IIoT fosters innovation by enabling the integration of advanced technologies such as artificial intelligence and machine learning, further enhancing manufacturing capabilities.

By Geography, North America is Projected to Show Strong Presence in the Industrial IoT (IIoT) Market

North America is anticipated to show a robust presence during the forecast period due to the region’s highly developed industrial sector which is keen to leverage advanced technologies for operational efficiency and productivity gains. IIoT solutions offer North American industries opportunities to optimize processes, reduce downtime, and enhance overall equipment effectiveness through real-time data analytics and predictive maintenance capabilities. Moreover, stringent regulatory requirements and a strong focus on workplace safety and environmental sustainability further propel the adoption of IIoT solutions. Additionally, North America's robust infrastructure, including high-speed internet connectivity and widespread adoption of cloud computing, provides a solid foundation for deploying and managing IIoT devices and networks.

Key Target Audience:

• Manufacturing Companies
• Industrial Equipment Manufacturers
• Iot Platform Providers
• System Integrators
• Government and Regulatory Bodies

List of the Key Players Profiled in the Report Includes:

• ABB
• General Electric
• Emerson Electric Co.
• Intel Corporation
• Cisco Systems, Inc.
• SAP SE
• Honeywell International Inc.
• Siemens
• Huawei Technologies Co., Ltd.
• Rockwell Automation
• Arm Limited
• PTC

Recent Developments:

• In April 2023, Rockwell Automation from the United States launched FactoryTalk Optix, a new human-machine interface (HMI) platform. This cloud-based solution enables users across the Asia Pacific to develop, test, and implement applications directly through a web browser. FactoryTalk Optix is part of the FactoryTalk Design Hub's suite of core solutions, designed to streamline automation design for industrial organizations, improving productivity in their operations.
• In July 2023, Honeywell completed the acquisition of SCADAfence, a firm specializing in cybersecurity solutions for monitoring large-scale operational technology (OT) Internet of Things (IoT) networks. This acquisition supports Honeywell's focus on digital transformation, sustainability, and providing OT cybersecurity software-as-a-service solutions.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Offering:

• Hardware
• Platforms
• Services
• Solution

Market by, Connectivity Technology:

• Wired
• Wireless

Market by, Deployment:

• Cloud-based
• On-premise

Market by, End User:

• Agriculture
• Aviation
• Chemical
• Energy & Power
• Healthcare
• Logistics & Transportation
• Manufacturing
• Metals & Mining
• Oil & Gas
• Retail
• Smart Grids
• Others End Users

Market by, Software:

• Distribution Management Systems
• Farm Management Systems
• Manufacturing Execution Systems
• Outage Management Systems
• Product Lifecycle Management
• Remote Patent Monitoring
• Retail Management Software
• Supervisory Control and Data Acquisition (SCADA)
• Transit Management Systems
• Visualization Software

Market by, Device and Technology:

• Cameras
• Condition Monitoring
• Distributed Control Systems
• Electronic Shelf Labels
• Flow & Application Control Devices
• Global Positioning System / Global Navigation Satellite System (GPS/GNSS)
• Guidance & Steering
• Industrial Robotics
• Interface Boards
• Radio Frequency Identification (RFID)
• Sensors
• Smart Beacons
• Smart Meters
• Yield Monitors

Market by, Geography:

The industrial IoT (IIoT) market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

Scope of the Report:

The report “Global Industrial IoT (IIoT) Market: Industry Analysis, Opportunities and Forecast up to 2030” by Diligence Insights provides a detailed analysis of the present market and future outlook with market estimates and forecasts for all specified segments, encompassing both global and regional perspectives as outlined within the research framework. The study includes historical market data for the years 2022, 2023 and offers revenue estimations for 2024, and project forecasts spanning from 2025 to 2030. It places significant emphasis on the examination of market trends, key industry participants, supply chain developments, technological advancements, pivotal milestones, and prospective strategies. Comprehensive market assessments are carried out across major geographic regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As such, this report constitutes a valuable resource for current industry stakeholders, newcomers to the field, and potential investors.

The study offers an in-depth market analysis, drawing insights from industry experts across the value chain. A special focus has been made on 25 countries, including the United States, Canada, Mexico, the United Kingdom, Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, and South Africa, among others. The market data has been meticulously collected through extensive primary interviews and comprehensive secondary research. Market size determination is rooted in the revenue generated from sales across all the specified segments and sub-segments as defined within the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.

The report offers insights into the following aspects:

• Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.
• Analysis of the market structure by identifying various segments and sub-segments of the market.
• Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
• Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.
• Understand major player profiles in the market and analyze their business strategies.
• Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.