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.

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.

North America drives the Industrial IoT market due to its advanced industrial sector, strong technology ecosystem, innovative startups, and supportive regulatory environment. With significant investments in research and development, the region fosters continuous innovation and adoption of IIoT technologies across various industries.

Microsoft is a prominent leader in Industrial IoT, offering top-tier services for securely connecting and managing extensive IoT device fleets. This connection between physical and digital realms is crucial for businesses across various sectors, enabling access to valuable data for optimizing processes. Azure IoT Operations provides a unified architecture and data plane, supporting seamless solution deployment and AI-driven decision-making.

Report Scope

Feature of the Report Details
Market Size in 2024 USD 80.8 Billion
Projected Market Size in 2033 USD 176.2 Billion
Market Size in 2023 USD 78.5 Billion
CAGR Growth Rate 7.5% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Component, Deployment, End User and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

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.

Global Industrial IoT Market 2024–2033 (By Billion)

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

The Industrial IoT Market is segmented as follows:

By Component

  • Hardware
  • Solution & Services

By Deployment

  • On-Cloud
  • On-Premise

By End User

  • IT & Telecom
  • Manufacturing
  • Healthcare
  • Oil &Gas
  • Automotive
  • Others

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America


  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America