The global industrial IoT market size is anticipated to attain immense growth from 2023 to 2033. According to the research report published by FMI, the global market is predicted to surpass a valuation of US$ 442,934.4 million in 2023. It is expected to reach a valuation of US$ 1,392,133.7 million by 2033. The market is foreseen to capture a staggering CAGR of 12.1% from 2023 to 2033.
The adoption of IoT and artificial intelligence, along with government assistance, is boosting the growth of the industrial IoT industry.
The growth of the Industrial IoT market is driven by factors such as technological advancements in semiconductors and electronic devices. Moreover, increased use of cloud computing platforms, and standardization of IPv6.
| Attribute | Details |
|---|---|
| Industrial IoT Market Share (2022) | US$ 400,845.6 million |
| Industrial IoT Market Share (2023) | US$ 442,934.4 million |
| Industrial IoT Market Share (2033) | US$ 1,392,133.7 million |
| Industrial IoT Market Share (2023 to 2033) | 12.1% |
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The global industrial IoT industry size expanded at a striking CAGR of 10.0% from 2018 to 2022. In 2018, the global market size stood at US$ 273,286.8 million. In the following years, the market witnessed monumental growth, accounting for US$ 400,845.6 million in 2022.
Industrial IoT captures enormous volumes of data from connected systems, equipment, and gadgets. By analyzing this data, businesses gain insightful knowledge that is used to improve performance, spot trends, and find abnormalities. Businesses use these insights to make better decisions, run more efficiently, and discover new business prospects. The industrial IoT sector has grown significantly as a result of the development of key technologies including cloud computing, big data analytics, artificial intelligence (AI), and machine learning (ML). These technologies offer the tools and infrastructure required to manage and evaluate the copious amounts of data produced by IIoT devices. To derive actionable insights, and ultimately bolster industrial IoT demand and sales.
The adoption of AI and IoT technologies in the manufacturing industry has accelerated since the start of Industry 4.0. Production process optimization, early warnings, quality control, and machine failure prediction are all possible with AI and IoT-integrated systems.
Manufacturers may separate themselves from their competitors by acquiring precise data and developing unique AI applications, enhancing the demand for Industrial IoT. Since the market has grown in size, leading industry players have been able to provide their end users with considerably better industrial IoT features.
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These data transmission components may not be built into machinery in older industrial units, necessitating their external installation. Some legacy equipment may also require modifications to retrofit these components, resulting in additional costs, and hampering the sales of Industrial IoT. One of the significant limitations to the growth of the global market is the ease with which alternative substitutes are available. In addition, the Internet of Things in developing countries may be viewed as one of the critical industrial IoT industry problems facing global agile IoT vendors.
Over the last five years, AI and IoT technologies have swiftly penetrated the medical sector. Medical wearables have begun to include AI and Internet of Things (IoT) technology, resulting in a more connected hospital ecosystem. According to the industrial IoT sales forecast, the Internet of Things (IoT) is predicted to enter mainstream industry use after years of expectation.
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The interconnectedness of equipment throughout an industrial manufacturing complex creates security weaknesses, which could lead to operations being compromised. This is because it is impossible to tell where the data is coming from or going from a security standpoint. As a result, the most significant cybersecurity challenge for smart manufacturing on the factory floor is data visibility. For that reason, efficient demand for Industrial IoT should be met.
The global market is divided into three categories based on components, end-use, and region. Despite obstacles, the global IoT industry is predicted to develop at a reasonable rate from 2023 to 2033.
The global market is divided into three categories based on the components: services, software, and hardware. Hardware has the dominant market share and is expected to record a CAGR of 12.3% over the forecast period. In 2022, the hardware segment by components accounted for 53.6% shares in the global market. The backbone of the industrial IoT is networking technology, particularly wireless technology. By linking several machines and sensor nodes to the Internet, these technologies enable machine-to-machine communication. These technologies also allow for the collection of large volumes of data to improve decision-making.
The global market is divided into three categories based on the end-use: Aviation, transportation, oil & gas, power generation & utility, manufacturing, healthcare, and others. Manufacturing holds the dominant share in the market with a CAGR of 11.1% during the forecast period. In 2022, the manufacturing segment by end-use captured 34.6% shares in the global market. Manufacturing companies are rapidly adopting digital manufacturing technologies, and the Internet of Things (IIoT) plays a critical role in these cutting-edge technologies. The market is expected to develop significantly in the near future, owing to the strategic partnerships and alliances that stakeholders are forming. As well as the growing demand for Industrial IoT to provide flexibility, operational efficacy, and regulatory compliance.
Due to the existence of well-established economies in this region, the North American region is predicted to hold the dominant share of US$ 302.4 billion in the global market. This allows them to invest much in research and development. The growing acceptance of various smart connected devices and rapid digitalization throughout the IoT industry's verticals, and advancements in technological sectors have boosted the IoT industry's growing demand in the North American region. In 2022, North America captured 27.4% shares in the global market. The United States garnered 16.3% shares in the global market.
The United Kingdom has the second-prominent market size of US$ 142.7 billion in the market. In 2022, the United Kingdom captured 13.2% shares in the global market. Owing to the rapid developments of IOTs in these regions, the European and Asia Pacific regions are expected to see significant growth. The region's growing population, rising research and development investments, and international and domestic IT businesses increased focus on the growth of big data analytics and cloud-based services may boost the market's growth.
| Country | CAGR Share in Global Market (2022) |
|---|---|
| United States | 16.3% |
| United Kingdom | 13.2% |
| China | 12.8% |
| Japan | 7.3% |
| India | 14.3% |
The competitive landscape of the IoT industry provides details on the total economic profit of vendors and companies. The sales and revenues generated in this industry, the IoT share of the worldwide market, the business organization overview, the launch of new products, and the opportunities of the market.
Recent Developments Observed by FMI:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | US$ million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; The Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASEAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Components, End Use, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Trends include edge computing, AI-driven analytics, and convergence of IT and operational technology systems.
It enables predictive maintenance, real-time monitoring, and automation, leading to reduced downtime and optimized production.
Data security is critical due to vulnerabilities in connected systems; robust cybersecurity measures are essential to prevent breaches.
Industries like manufacturing, energy, healthcare, logistics, and agriculture are integrating IIoT solutions to enhance operational efficiency.
IIoT technologies improve supply chain visibility, tracking, and optimization, enabling better inventory management and reducing inefficiencies.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Components
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Components, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Components, 2023 to 2033
5.3.1. Hardware
5.3.2. Software
5.3.3. Services
5.4. Y-o-Y Growth Trend Analysis By Components, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Components, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By End Use, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End Use, 2023 to 2033
6.3.1. Aviation
6.3.2. Transportation
6.3.3. Oil & Gas
6.3.4. Power Generation & Utility
6.3.5. Manufacturing
6.3.6. Healthcare
6.3.7. Others
6.4. Y-o-Y Growth Trend Analysis By End Use, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By End Use, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. South Asia
7.3.5. East Asia
7.3.6. Oceania
7.3.7. MEA
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. The USA
8.2.1.2. Canada
8.2.2. By Components
8.2.3. By End Use
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Components
8.3.3. By End Use
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Components
9.2.3. By End Use
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Components
9.3.3. By End Use
9.4. Key Takeaways
10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Components
10.2.3. By End Use
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Components
10.3.3. By End Use
10.4. Key Takeaways
11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. India
11.2.1.2. Malaysia
11.2.1.3. Singapore
11.2.1.4. Thailand
11.2.1.5. Rest of South Asia
11.2.2. By Components
11.2.3. By End Use
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Components
11.3.3. By End Use
11.4. Key Takeaways
12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.2. By Components
12.2.3. By End Use
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Components
12.3.3. By End Use
12.4. Key Takeaways
13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. Australia
13.2.1.2. New Zealand
13.2.2. By Components
13.2.3. By End Use
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Components
13.3.3. By End Use
13.4. Key Takeaways
14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Components
14.2.3. By End Use
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Components
14.3.3. By End Use
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Components
15.1.2.2. By End Use
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Components
15.2.2.2. By End Use
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Components
15.3.2.2. By End Use
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Components
15.4.2.2. By End Use
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Components
15.5.2.2. By End Use
15.6. United Kingdom
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Components
15.6.2.2. By End Use
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Components
15.7.2.2. By End Use
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Components
15.8.2.2. By End Use
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Components
15.9.2.2. By End Use
15.10. India
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Components
15.10.2.2. By End Use
15.11. Malaysia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Components
15.11.2.2. By End Use
15.12. Singapore
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Components
15.12.2.2. By End Use
15.13. Thailand
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Components
15.13.2.2. By End Use
15.14. China
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Components
15.14.2.2. By End Use
15.15. Japan
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Components
15.15.2.2. By End Use
15.16. South Korea
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Components
15.16.2.2. By End Use
15.17. Australia
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Components
15.17.2.2. By End Use
15.18. New Zealand
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Components
15.18.2.2. By End Use
15.19. GCC Countries
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2022
15.19.2.1. By Components
15.19.2.2. By End Use
15.20. South Africa
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2022
15.20.2.1. By Components
15.20.2.2. By End Use
15.21. Israel
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2022
15.21.2.1. By Components
15.21.2.2. By End Use
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Components
16.3.3. By End Use
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. IBM Corporation
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Intel Corporation
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. Schneider Electric SE
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. General Electric Company
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Emerson Electric
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Huawei
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. Cisco
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. Rockwell Automation
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. ABB
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. Honeywell
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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Industrial IoT Market
