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Industrial IoT Market Research Report By Component (Hardware, Solution & Service), By Deployment (On-Cloud, On-Premise), By Connectivity (Wired and Wireless), By End-User (IT & Telecom, Manufacturing, Healthcare, Retail, Oil & Gas, Automotive and Others) - Forecast 2034


ID: MRFR/ICT/1593-CR | 100 Pages | Author: Shubham Munde| February 2020

Industrial Internet Of Things Market Summary

As per Market Research Future Analysis, the Industrial IoT Market is projected to grow from USD 213.5 billion in 2025 to USD 432.6 billion by 2034, with a CAGR of 8.16% during the forecast period. The market was valued at USD 196.4 billion in 2024. Key drivers include low operational costs, advancements in technology, and increased adoption of cloud-based models. The COVID-19 pandemic has impacted various industries, affecting the growth of the Industrial IoT market. However, the demand for IoT technologies is expected to rise as industries recover and automate processes. The North American region is anticipated to hold the largest market share due to significant investments in R&D and digitalization.

Key Market Trends & Highlights

The Industrial IoT market is witnessing significant growth driven by technological advancements and increased adoption across industries.

  • Market size in 2025: USD 213.5 billion; projected to reach USD 432.6 billion by 2034.
  • CAGR during 2025-2034: 8.16%; market size in 2024: USD 196.4 billion.
  • Increase in IoT-connected devices from 13% to 25% between 2014 and 2021; expected to reach 43 billion by 2023.
  • Emerging technologies like AI and machine learning are expected to boost demand during 2024-2032.

Market Size & Forecast

2025 Market Size: USD 213.5 billion
2034 Market Size: USD 432.6 billion
CAGR 2025-2034: 8.16%
2024 Market Size: USD 196.4 billion

Major Players

General Electric (U.S.), Siemens AG (Germany), Accenture PLC (Ireland), Huawei Technologies CO. Ltd. (Japan), Robert Bosch GmbH (Germany), Intel Corporation (U.S.)

Industrial IoT Market Scope

Industrial IOT Market is projected to grow from USD 213.5 billion in 2025 to USD 432.6 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 8.16% during the forecast period (2025 - 2034). Additionally, the market size for Industrial IOT Market was valued at USD 196.4 billion in 2024.

The IoT or Internet of Things is the latest technology that builds a worldwide network of devices and machines that are capable of exchanging and communicating information with each other via the internet. The IoT can create data about various connected objects, can analyze the objects, and can take necessary decisions. Emerging technologies like robotics, machine learning, artificial intelligence, and analytics are expected to boost the industrial IOT marketdemand over the forecast period, i.e. 2024-2032. 

The increasing investments by various industry leaders in the industrial IOT marketwould galvanize the growth of the market in the future years. The increasing speed of industrialization and the emergence of automation to decrease the pressure on various production assemblies would likely offer newer industrial IOT market opportunities. According to the assumption of MRFR or Market Research Future, the industrial IOT market size would reach USD 184.67 Billion at a rate of 10.3% CAGR in the course of the forecast period 2024-2032. 

Figure 1: Industrial IoT Market Size, 2025-2034 (USD Billion)

Industrial IOT Market Overview 2025-2034

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Industrial IoT Market COVID-19 Analysis

The COVID-19 pandemic has impacted all the worldwide industries and countries. The oil, transport, gas, manufacturing, and many more industries are still bearing the brunt of its adverse effects. As a result of the lockdowns announced because of the death surge due to the pandemic, the gas and oil industry had witnessed a severe drop in daily demand. Since January 2020, oil prices have dropped by at least 50% in various countries and the US markets are experiencing a record of low demand. 

In April 2020, the International Energy Agency declared that the oil demand has dropped by 29 billion barrels on a daily basis. The decrease was further projected to become 23.1 million barrels on a daily basis by the end of 2020. Therefore, these changes in the industry are likely to affect the ongoing, existing, and potential growth of industrial IOT market size as in this scenario IoT could be considered as not necessary. Moreover, it could have been canceled or delayed in the coming future. 

Industrial IoT Market Dynamics

Drivers

The main three key factors that drive the growth of the global industrial IOT marketare – the low operational cost of IoT, the growth in various technical advancements, the high rate of adoption of the various cloud-based models of deployment. 

The connected and smart products are the necessary components in the smart manufacturing procedures and the connected supply chains. Moreover, the advantages offered by the low-cost connected devices have permitted the manufacturers to implement various industrial IOT market trendsto increase the overall productivity of the industry and also to decrease the amount of resource consumption. 

Also, because of low operating costs, many of the manufacturers tend to incorporate the industrial IOT market trendsapplications in various machines to develop the performance of the machines at a decreased cost. Also, the demand for data protection, low-cost information storage, and backup are important industrial IOT market opportunitiesfor SME or small and medium-sized enterprises. The cloud implementations made via industrial IOT market trendshelp the business organizations to deliver better services of IoT to unique industry verticals. 

Also, the growth in industrial IOT market size has permitted the major industry players to provide their end-users a much improved industrial IOT market opportunities. The emergence of smart sensors into various industrial machines has permitted the manufacturers to lower the operating expenses by at least 505 and it is expected to get lowered further in the course of the Industrial IOT Market Forecast period. Moreover, augmented reality and virtual reality offer end-users a complete 360 degree of any object before it’s got manufactured in real. Opportunities:  According to the industrial IOT market forecast, after years of anticipation, steady uptake, and hype, the IoT or internet of things is expected to emerge into mainstream business utilization. The industrial IOT market forecast also reveals that the number of industries that utilize IoT-related technologies has uplifted from 13% to 25% within 2014 to 2021. Also, by 2023, the global numbers of IoT-connected devices are presumed to uplift by at least 43 billion. Therefore, from 2018, the industrial IOT market share would experience a threefold growth. 

Restraints

The easiness in the availability of various substitutes in the industrial IOT market share is one of the most crucial restraints of the worldwide industrial IOT market growth. Also, the internet of things in underdeveloped countries can be considered as the significant industrial IOT market challenges of the worldwide agile IoT companies. 

Value Chain Analysis

According to the current report, the worldwide agile industrial IOT market share has been segmented depending on connectivity, deployment, region, components, organization size, and vertical. Based on the components, the worldwide agile IoT industry can be segmented into services, software, and hardware. Also, based on connectivity, the industrial IOT market growth can be further segmented into Wi-Fi, ZWave, RF, Li-Fi, LAN, BLE, and others. Based on vertical, the worldwide industrial IOT market growth can be divided into Public sector, Healthcare, BFSI, Government, etc. Based on deployment, the divisions are cloud and on-premises. Based on organization size the industrial IOT market key playerscan be segmented into small, medium, and large scale. 

Cumulative Growth Analysis

The IoT is basically the networking of various physical objects with the assistance of actuators, sensors, and various other devices that are capable of collecting and transmitting data about various objects. The information collected from these devices can be analyzed in the future to enhance the operations, products, and services of industrial IOT key players. Also, the best utilization of application of these technologies lies in various areas of optimization of energy like sensors that are deployed around the grid electricity that aid the utilities to monitor the utilization of energy remotely. It also adjusts the distribution and generation of energy flow to account for both peak times and peak downtimes of industrial IOT key players.

Industrial Internet Of Things Industry Developments

  • Q2 2024: Siemens launches Industrial Edge Management System for IIoT Siemens announced the launch of its new Industrial Edge Management System, enabling manufacturers to manage IIoT devices and applications at scale, enhancing real-time data processing and operational efficiency.
  • Q2 2024: Rockwell Automation acquires Clearpath Robotics to expand IIoT capabilities Rockwell Automation completed the acquisition of Clearpath Robotics, aiming to integrate advanced autonomous mobile robots into its industrial IoT portfolio for smarter manufacturing environments.
  • Q2 2024: ABB and Microsoft announce strategic partnership for AI-powered IIoT solutions ABB and Microsoft entered a strategic partnership to co-develop AI-driven industrial IoT solutions, focusing on predictive maintenance and energy optimization for manufacturing clients.
  • Q2 2024: Honeywell unveils new IIoT-enabled plant in Texas Honeywell opened a new manufacturing facility in Texas equipped with advanced IIoT sensors and analytics platforms, designed to showcase next-generation smart factory operations.
  • Q2 2024: Industrial IoT startup Tulip raises $50M Series C to scale platform Tulip, a provider of IIoT manufacturing software, secured $50 million in Series C funding to accelerate product development and expand its global customer base.
  • Q3 2024: Schneider Electric launches EcoStruxure Automation Expert 2024 for IIoT Schneider Electric released the latest version of its EcoStruxure Automation Expert platform, featuring enhanced IIoT integration and edge computing capabilities for industrial automation.
  • Q3 2024: Bosch partners with AWS to deliver cloud-based IIoT analytics Bosch announced a partnership with Amazon Web Services to offer cloud-based analytics and machine learning services for industrial IoT deployments, targeting manufacturing and logistics sectors.
  • Q3 2024: Emerson appoints new Chief Digital Officer to lead IIoT strategy Emerson named a new Chief Digital Officer to spearhead its industrial IoT strategy, focusing on expanding digital transformation initiatives across its global operations.
  • Q4 2024: GE Vernova wins $100M contract for IIoT-enabled grid modernization GE Vernova secured a $100 million contract to deploy IIoT-enabled solutions for grid modernization, including smart sensors and predictive analytics for utility clients.
  • Q4 2024: Siemens and SAP announce joint IIoT platform for manufacturing Siemens and SAP launched a joint IIoT platform designed to integrate shop-floor data with enterprise resource planning systems, enabling seamless digital workflows for manufacturers.
  • Q1 2025: Hitachi opens new IIoT R&D center in Japan Hitachi inaugurated a new research and development center focused on industrial IoT technologies, aiming to accelerate innovation in smart manufacturing and connected infrastructure.
  • Q1 2025: Industrial IoT startup Element Analytics raises $30M Series B Element Analytics, specializing in IIoT data integration and analytics, raised $30 million in Series B funding to expand its product offerings and grow its engineering team.

Scope of report and segmentation table:

    • Base year – 2017
    • Forecast period – 2017-2023
    • Historical data - 2017
Attribute/Metric Details
Market Size 2024 196.4 (USD Billion)
Market Size 2025 213.5 (USD Billion)
Market Size 2034 432.6 (USD Billion)
Compound Annual Growth Rate (CAGR) 8.16% (2025 - 2034)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year 2024
Market Forecast Period 2025 - 2034
Historical Data 2019 - 2023
Market Forecast Units USD Billion
  Key Vendors   General Electric (U.S.) Siemens AG (Germany) Accenture PLC (Ireland) Huawei Technologies CO. Ltd. (Japan) Robert Bosch GmbH (Germany) Intel Corporation (U.S.)
  Key Market Opportunities   According to the industrial IOT market forecast, after years of anticipation, steady uptake, and hype, the IoT or internet of things is expected to emerge into mainstream business utilization.
  Key Market Drivers   The connected and smart products are the necessary components in the smart manufacturing procedures and the connected supply chains.


Frequently Asked Questions (FAQ):

The market is going to achieve a valuation of USD 432.6 Billion by 2034.

The market is going to achieve its growth from 2025 to 2034.

The factors driving the market are directed towards the emergence of novel technologies such as data analytics, robotics, machine learning, and artificial intelligence.

Rockwell Automation, Inc. (U.S.), General Electric Company (U.S.), Intel Corporation (U.S.) are the top 3 key players investing in the market share significantly.

IBM has been a great contributor to the market share.

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