CHICAGO, June 24, 2024 /PRNewswire/ — The industrial IoT market is valued at USD 194.4 billion in 2024 and is projected to reach USD 286.3 billion by 2029; it is expected to grow at a CAGR of 8.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. Increasing adoption of IPv6, growing adoption of cloud platforms, increased IoT-related government initiatives and R&D activities worldwide, rise in demand for automation in industries, and global rise in internet penetration.
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Browse in-depth TOC on “Industrial IoT Market”
132 – Tables
69 – Figures
243 – Pages
Industrial IoT Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 194.4 billion
Estimated Value by 2029
$ 286.3 billion
Growth Rate
Poised to grow at a CAGR of 8.1%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Offering, Software, Connectivity Technology, Deployment, Vertical and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Maintenance and updates of IIoT systems
Key Market Opportunities
Predictive maintenance of machinery
Key Market Drivers
Rise in demand for automation in industries
The industrial IoT market for platforms segment is expected to grow at the highest CAGR during the forecast period.
The platforms segment is expected to experience the highest growth rate during the forecast period. The IIoT platform landscape is still maturing compared to hardware. As IIoT adoption grows, the need for robust platforms to manage and analyze the increasing data volume becomes more critical. IIoT generates vast amounts of data, driving the demand for secure storage, powerful analytics tools, and centralized management capabilities offered by platforms. This demand is expected to accelerate the growth of the platform segment. As industries shift towards data-driven decision-making, platforms become more valuable for extracting insights from IIoT data and optimizing processes. This focus on data utilization will further fuel the growth of the platform segment.
The manufacturing sector holds the largest market share in the industrial IoT market for the Asia Pacific.
The manufacturing sector holds the largest market share in the industrial IoT market for the Asia Pacific region, making it a global manufacturing hub. Countries like China, Japan, and South Korea are leading the way in this sector. Industrial IoT provides significant benefits such as predictive maintenance, process optimization, and improved quality control, all of which are crucial for manufacturers.
Asia Pacific is projected to experience the highest growth rate during the forecast period. Many Asian countries are undergoing rapid urbanization, leading to increased investments in smart city initiatives that heavily depend on industrial IoT. Multiple governments in the Asia Pacific region are encouraging the adoption of industrial IoT across various industries through subsidies and infrastructure development plans. The developing economies in the region offer significant potential for industrial IoT solutions as they construct new infrastructure and modernize existing industries.
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Agricultural sector in North America holds the largest market share in industrial IoT market during the forecast period.
The agriculture sector holds the largest market share in the North American industrial IoT industry. Agriculture in North America has significant potential for industrial IoT adoption and growth due to several factors. Industrial IoT enables data-driven farming practices such as precision irrigation, soil monitoring, and targeted crop management. It can optimize resource utilization (water, fertilizers, pesticides), reduce waste, and improve overall farm productivity. Farmers can use industrial IoT for remote monitoring of crops, livestock, and environmental conditions.
Key Players
Some of the leading companies operating in the industrial IoT companies 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), among others.
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