Industrial Internet of Things Market Research Report 2024
Industrial Internet of Things Market Global Industry Analysis and Forecast (2024- 2032) By Offering (Software, Hardware, Platforms), Deployment (On-premise, Cloud-based) Connectivity Technology (Wired, Wireless), Vertical (Healthcare, Transportation, Agriculture, Oil & Gas, Energy, Manufacturing) And Region
Industrial Internet of Things Market Synopsis
Global Industrial Internet of Things Market was worth USD 86.37 Billion in 2023. As such, the forecast is that the market is expected to reach USD 148.29 Billion by 2032 with a CAGR of 6.19% from 2024 to 2032.
The Industrial Internet of Things (IIoT) refers to the use of connected devices, sensors, and systems in industrial settings, enabling real-time data collection, monitoring, and analysis. This network of intelligent devices enhances the efficiency and productivity of industrial processes by automating tasks, providing predictive maintenance, and improving asset utilization. The Industrial Internet of Things (IIoT) market is rapidly growing as industries adopt advanced digital technologies to improve operational efficiency, enhance productivity, and reduce downtime. IIoT integrates sensors, devices, and intelligent systems into manufacturing and industrial processes, offering real-time insights for better decision-making. The market is driven by sectors such as manufacturing, energy, automotive, and logistics, with applications in predictive maintenance, asset management, and supply chain optimization.
With the rise of Industry 4.0 and the push for smart factories, the IIoT market is expected to grow significantly over the coming years. Key growth regions include North America, Europe, and Asia-Pacific, where both established and emerging companies are expanding their IIoT offerings. Increased demand for automation and connected devices in industrial sectors is pushing the adoption of IIoT solutions. Challenges in the IIoT market include cybersecurity risks, high implementation costs, and the complexity of integrating legacy systems with new technologies. However, continued advancements in AI, machine learning, and edge computing are expected to help overcome these challenges, enabling widespread adoption of IIoT across industries.
Top Key Players Involved Are:
"ABB (Switzerland), General Electric (US), Emerson Electric Co. (US), Intel Corporation (US), Cisco Systems, Inc. (US), SAP SE (Germany), Honeywell International Inc. (US), Siemens (Germany), Huawei Technologies Co., Ltd. (China), Rockwell Automation (US), Arm Limited (UK), PTC (US), Dassault Systèmes (France), IBM (US), Robert Bosch GmbH (Germany), NEC Corporation (Japan), ANSYS, Inc. (US), Worldsensing (Spain), Arundo (Norway), Software AG (Germany), Texas Instruments Incorporated (US), KUKA AG (Germany), Dragos, Inc. (US), Google LLC (US), Microsoft Corporation (US), and Other Active Players."
Industrial Internet of Things Market Trend Analysis:
Rise in Demand for Automation in Industries
- The increasing demand for automation in industries is a key driver of growth in the industrial Internet of Things (IIoT) market. Companies are rapidly adopting IIoT solutions to streamline operations, reduce costs, and enhance productivity. Automated processes allow businesses to gather real-time data from interconnected devices, enabling predictive maintenance and optimizing overall performance.
- Industries such as manufacturing, energy, and transportation are increasingly relying on IIoT technologies to improve efficiency and minimize downtime. Automation reduces the reliance on manual labor, enhances precision, and enables better decision-making through advanced data analytics. This shift toward smarter, more efficient operations is propelling the demand for IIoT solutions across various sectors.
- As the global competitive landscape intensifies, industries are under pressure to innovate and boost efficiency. The IIoT provides the foundation for Industry 4.0, which emphasizes automation, data exchange, and digitalization. This growing trend is fueling investments in IIoT infrastructure, driving market growth and further expanding the adoption of connected devices and systems in industrial settings.
Predictive Maintenance of Machinery
- Predictive maintenance of machinery presents a significant opportunity for the growth of the Industrial Internet of Things (IIoT) market. As industries strive to minimize downtime and enhance operational efficiency, predictive maintenance uses IoT sensors and data analytics to monitor machinery health in real time. This technology enables early detection of potential equipment failures, allowing businesses to address issues before they escalate, reducing unplanned maintenance costs and improving overall productivity.
- The integration of IIoT devices in predictive maintenance solutions allows for continuous data collection from various machines and equipment. Advanced analytics tools process this data to predict wear and tear, optimize maintenance schedules, and extend the lifespan of machinery. This proactive approach is crucial in industries such as manufacturing, oil and gas, and transportation, where equipment reliability directly impacts performance and profitability.
- Predictive maintenance enhances safety by preventing hazardous equipment failures, ensuring compliance with safety regulations. As industries increasingly recognize these benefits, the demand for IIoT-based predictive maintenance solutions is expected to grow, driving innovation and investment in the IIoT sector. This opportunity is instrumental in expanding the global IIoT market across diverse industries.
Industrial Internet of Things Market Segment Analysis:
The Global Industrial Internet of Things Market is Segmented into Offering, Deployment, Connectivity Technology, Vertical, and Region.
By Vertical, the Healthcare segment is expected to dominate the market during the forecast period.
- The healthcare segment is expected to dominate the Industrial Internet of Things (IIoT) market during the forecast period due to its increasing adoption of advanced technologies to improve patient care, reduce costs, and enhance operational efficiency. IIoT solutions enable real-time monitoring, predictive maintenance, and remote patient management, making healthcare services more proactive and efficient. Devices like smart sensors and connected medical equipment allow healthcare providers to gather critical data, leading to better decision-making and personalized treatments.
- The growing focus on telemedicine, wearable health devices, and electronic health records (EHR) systems has fueled the demand for IIoT technologies in the healthcare sector. The integration of IIoT with artificial intelligence and big data analytics helps healthcare organizations optimize resource allocation and improve patient outcomes. As the global population ages and chronic diseases rise, the need for more efficient healthcare solutions will drive the healthcare segment to remain a key contributor to the IIoT market's growth.
By Offering, the Hardware segment held the largest share in 2023.
- The hardware segment dominated the Industrial Internet of Things (IIoT) market due to its critical role in deploying and maintaining IIoT infrastructure. Hardware components, including sensors, actuators, gateways, and communication modules, form the backbone of IIoT systems by collecting, processing, and transmitting data from industrial equipment. These components are essential for real-time monitoring, automation, and control, driving the demand for robust and reliable hardware solutions. As industries increasingly adopt IIoT technologies to enhance operational efficiency and productivity, the hardware segment has seen significant investment and growth.
- Advancements in hardware technology, such as the development of more efficient and cost-effective sensors and edge devices, have further fueled market expansion. These innovations support complex industrial applications by offering improved accuracy, durability, and connectivity. As the IIoT landscape continues to evolve, the hardware segment remains a cornerstone, driving the overall growth and adoption of industrial IoT solutions.
Industrial Internet of Things Market Regional Insights:
North America Expected to Dominate the Market Over the Forecast Period
- North America is poised to dominate the Industrial Internet of Things (IIoT) market over the forecast period due to its advanced industrial infrastructure and high level of technological adoption. The region boasts a strong presence of leading technology companies and innovative startups that drive the development and implementation of IIoT solutions. This is further supported by significant investments in research and development, fostering the creation of cutting-edge technologies and systems. Additionally, the presence of well-established industries such as manufacturing, aerospace, and energy, which are prime adopters of IIoT for enhancing efficiency and operational capabilities, contributes to the region's market leadership.
- Supportive government initiatives and policies aimed at promoting digital transformation and industrial automation are likely to boost IIoT adoption in North America. Programs that offer incentives for smart manufacturing and infrastructure modernization play a crucial role in accelerating the deployment of IIoT technologies. This combination of technological leadership, industrial readiness, and favorable regulatory environment positions North America as the dominant player in the IIoT market.
Industrial Internet of Things Market Top Key Players:
- ABB (Switzerland)
- General Electric (US)
- Emerson Electric Co. (US)
- Intel Corporation (US)
- Cisco Systems, Inc. (US)
- SAP SE (Germany)
- Honeywell International Inc. (US)
- Siemens (Germany)
- Huawei Technologies Co., Ltd. (China)
- Rockwell Automation (US)
- Arm Limited (UK), PTC (US)
- Dassault Systèmes (France)
- IBM (US)
- Robert Bosch GmbH (Germany)
- NEC Corporation (Japan)
- ANSYS, Inc. (US)
- Worldsensing (Spain)
- Arundo (Norway)
- Software AG (Germany)
- Texas Instruments Incorporated (US)
- KUKA AG (Germany)
- Dragos, Inc. (US)
- Google LLC (US)
- Microsoft Corporation (US), and Other Active Players
Key Industry Developments in the Industrial Internet of Things Market
- In July 2023, Honeywell acquired SCADAfence, a company that specializes in providing cybersecurity solutions for monitoring extensive operational technology (OT) Internet of Things (IoT) networks. This strategic move aligns with Honeywell’s emphasis on digitalization, sustainability, and OT cyber security SaaS solutions.
- In April 2023, Rockwell Automation (US) recently introduced a new human-machine interface (HMI) platform called FactoryTalk Optix. This cloud-enabled platform allows users in the Asia Pacific region to design, test, and deploy their applications directly from a web browser. FactoryTalk Optix is one of the five core solutions in FactoryTalk Design Hub, which aims to help industrial organizations simplify and enhance their automation design capabilities, making their work processes more productive.
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Global Industrial Internet of Things Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 86.37 Bn. |
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Forecast Period 2024-32 CAGR: |
6.19% |
Market Size in 2032: |
USD 148.29 Bn. |
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Segments Covered: |
By Offering |
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By Deployment |
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By Connectivity Technology |
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By Vertical |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Industrial Internet of Things Market by Offering
4.1 Industrial Internet of Things Market Snapshot and Growth Engine
4.2 Industrial Internet of Things Market Overview
4.3 Software
4.3.1 Introduction and Market Overview
4.3.2
Frequently Asked Questions
What would be the forecast period in the Industrial Internet of Things Market research report?
The forecast period in the Industrial Internet of Things Market research report is 2024-2032.
Who are the key players in the Industrial Internet of Things Market?
ABB (Switzerland), General Electric (US), Emerson Electric Co. (US), Intel Corporation (US), Cisco Systems, Inc. (US), SAP SE (Germany), Honeywell International Inc. (US), Siemens (Germany), Huawei Technologies Co., Ltd. (China), Rockwell Automation (US), Arm Limited (UK), PTC (US), Dassault Systèmes (France), IBM (US), Robert Bosch GmbH (Germany), NEC Corporation (Japan), ANSYS, Inc. (US), Worldsensing (Spain), Arundo (Norway), Software AG (Germany), Texas Instruments Incorporated (US), KUKA AG (Germany), Dragos, Inc. (US), Google LLC (US), Microsoft Corporation (US), and Other Active Players.
What are the segments of the Industrial Internet of Things Market?
The Industrial Internet of Things Market is segmented into Offering, Deployment, Connectivity Technology, Vertical and Region. By Offering, the market is categorized into Software, Hardware, and Platforms. By Deployment, the market is categorized into On-premise and cloud-based. By Connectivity Technology, the market is categorized into Wired and Wireless. By Vertical, the market is categorized into Healthcare, Transportation, Agriculture, Oil & Gas, Energy, and Manufacturing. By Region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Industrial Internet of Things Market?
The Industrial Internet of Things (IIoT) refers to the use of connected devices, sensors, and systems in industrial settings, enabling real-time data collection, monitoring, and analysis. This network of intelligent devices enhances the efficiency and productivity of industrial processes by automating tasks, providing predictive maintenance, and improving asset utilization.
How big is the Industrial Internet of Things Market?
Global Industrial Internet of Things Market was worth USD 86.37 Billion in 2023. As such, the forecast is that the market is expected to reach USD 148.29 Billion by 2032 with a CAGR of 6.19% from 2024 to 2032.
