Industrial Internet of Things (IIoT) Market Size, Share, Trends, Industry Analysis Report: By Deployment (On-Premises and Cloud), Component, End Use, Software, Connectivity Technology, Device and Technology, and Region (North America, Europe, Asia Pacific

The Industrial IoT market size is expected to reach USD 3,179.26 billion by 2034, according to a new study by Polaris Market Research. The report “Industrial Internet of Things (IIoT) Market Share, Size, Trends, Industry Analysis Report: By Deployment (On-Premises and Cloud), Component, End Use, Software, Connectivity Technology, Device and Technology, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Edge computing is a major IIoT market trend as it enables the processing and analysis of data closer to the source, reducing latency and bandwidth usage. This decentralization of computing power enhances real-time decision-making and operational efficiency, as devices can process data locally instead of relying solely on cloud infrastructure. Edge computing also supports applications in environments where connectivity to centralized data centers is limited or intermittent, further driving the adoption of IIoT in remote and industrial settings.

Robust cybersecurity has become a critical trend as the number of connected devices in the IIoT market ecosystem grows. The increased integration of IIoT devices across industries makes them vulnerable to cyberattacks, which can lead to operational disruptions, data breaches, and safety concerns. Cybersecurity advancements, including encryption, authentication protocols, and threat detection systems, are essential to safeguard sensitive data and maintain the integrity of IIoT systems. These advancements are becoming increasingly important as industries focus on securing their IIoT networks against evolving cyber threats.

Industrial Internet of Things Market Report Highlights

In terms of component, the solution segment dominated the Industrial IoT market share in 2024, reflecting the growing demand for integrated solutions that combine hardware, software, and analytics.

By end use, the logistics and transport segment is projected to experience the fastest growth during the forecast period due to the rising demand for real-time tracking, fleet management, and route optimization.

In 2024, Asia Pacific led the IIoT market revenue share, driven by rapid industrialization, urbanization, and the widespread adoption of advanced technologies across key sectors.

The North America IIoT market is anticipated to witness the fastest growth during the forecast period, supported by advancements in industrial automation, increased use of AI and machine learning, and a strong focus on digital transformation.

A few global key market players include ABB; Microchip Technology Inc.; Arm Limited; Cisco Systems, Inc.; IBM; GE Vernova; Intel Corporation; Siemens; Microsoft; and Rockwell Automation.

Polaris Market Research has segmented the industrial Internet of Things (IIoT) market report on the basis of deployment, component, end use, software, connectivity technology, device and technology, and region:

By Deployment Outlook (Revenue, USD Billion, 2020–2034)

On-Premises

Cloud

By Component Outlook (Revenue, USD Billion, 2020–2034)

Services

• Managed
• Professional

Solution

• Data Management
• Security Solutions
• Remote Monitoring
• Analytics
• Others

Platform

• Application Management
• Device Management
• Connectivity Management

By End Use Outlook (Revenue, USD Billion, 2020–2034)

Chemical

Metal & Mining

Oil & Gas

Energy & Power

Manufacturing

Healthcare

Agriculture

Logistics & Transport

Others

By Software Outlook (Revenue, USD Billion, 2020–2034)

Product Lifecycle Management

Manufacturing Execution Systems

SCADA

Outage Management Systems

Distribution Management Systems

Remote Patent Monitoring

Retail Management Software

Visualization Software

Transit Management Systems

Farm Management Systems

By Connectivity Technology Outlook (Revenue, USD Billion, 2020–2034)

Wired

• Ethernet
• Foundation Fieldbus (FF)

Wireless Technologies

• Wi-Fi
• Bluetooth
• Cellular Technologies
• Satellite Technologies

By Device and Technology Outlook (Revenue, USD Billion, 2020–2034)

Sensors

Radio Frequency Identification (RFID)

Industrial Robotics

Distributed Control Systems

Condition Monitoring

Smart Meters

Electronic Shelf Labels

Cameras

Smart Beacons

Interface Boards

Yield Monitors

Guidance & Steering

GPS/GNSS

Flow & Application Control Devices

Networking Technology

By Regional Outlook (Revenue, USD Billion, 2020–2034)

North America

• US
• Canada

Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Vietnam
• Australia
• Rest of Asia Pacific

Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa