The Report Covers Global Industrial IoT Market Size & Trends and It is Segmented by Type (Hardware, Software, Services, and Connectivity), End-User Vertical (Manufacturing, Transportation, Oil, and Gas), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD Million) for all the Above Segments.

The global market for industrial Internet of Things (IIoT) was sized at over 544 billion U.S. dollars in 2022. The market is expected to grow in size in the coming years, reaching some 3.3 trillion U.S. dollars by 2030.

The global Industrial Internet of Things (IIoT) Market is expected to rise USD 3179.26 billion by 2034 And anticipated to grow at a CAGR of 23.5%.

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.

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%

Country-wise Insights

Country	CAGR Share in Global Market (2022)
United States	16.3%
United Kingdom	13.2%
China	12.8%
Japan	7.3%
India	14.3%

Scope of the Report

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

The global Industrial Internet of things (IIoT) market size reached USD 289.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 847.0 Billion by 2033, exhibiting a growth rate (CAGR) of 12.7% during 2025-2033. The market is driven by the growing number of smart cities, as they leverage IIoT to enhance efficiency, sustainability, and quality of life through interconnected systems and real-time data analytics, rising use of edge computing, and increasing reliance on 5G technology.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 289.0 Billion
Market Forecast in 2033	USD 847.0 Billion
Market Growth Rate 2025-2033	12.7%

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2025-2033. Our industrial IoT market report has categorized the market based on component and end user.

The Global Industrial Internet of Things (IIOT) Market is estimated to grow at a CAGR of around 23.5% during the forecast period 2023-28. Honeywell, Intel, IBM, ABB, Telefonica are top industry players.

The global Industrial Internet of Things (IIoT) Market is poised to reach USD 3179.26 billion by 2034, growing at a CAGR of 23.5% from 2024 to 2034.

In 2021, the global agricultural industrial internet of things (IIoT) market value is expected to stand at approximately 4.02 billion U.S. dollars, with 2.23 billion U.S. dollars coming from North America alone. The agricultural IIoT market, especially the North American regional market, is anticipated to grow over the next few years. The following segments are included in the market: Agricultural Management Platforms, Supply Chain & Inventory Management Solutions, GPS Services & Field Mapping Services, Agricultural Monitoring Services, and Micro-farming Solutions.

Industrial IoT market report focuses on ecosystem, industry, and region. As per BIS Research analysis on Industrial internet of things (IIOT), the market is expected to grow at a CAGR of 8.67% during the forecast period from 2019 to 2024.

Industrial Internet of Things (IIoT) Market size was valued at USD 75.39 Billion in 2024 and is projected to reach USD 134.85 Billion by 2031, growing at a CAGR of 7.54% during the forecasted period 2024 to 2031.

The Industrial Internet of Things (IIoT) market is driven by the increasing adoption of automation and smart manufacturing processes, aiming to enhance operational efficiency and reduce costs. The integration of advanced technologies like AI, machine learning, and cloud computing in industrial settings fosters predictive maintenance, real-time monitoring, and optimized resource utilization. Growing demand for connected devices and industrial sensors, along with advancements in communication technologies such as 5G, boosts the market. Additionally, rising awareness of sustainability and energy efficiency, coupled with regulatory support for smart infrastructure development, further accelerates IIoT adoption.

The global industrial IoT market size was valued at over USD 490.14 billion in 2024 and is expected to grow at a CAGR of more than 23.5%, surpassing USD 7.62 trillion by 2037. North America industry is poised to dominate majority revenue share of 36.7% by 2037, owing to its early adoption of IoT in the region.

The size and share of the market is categorized based on Type (Wired Technology, Wireless Technology, Field Technology) and Application (Manufacturing, Energy, Oil &Gas, Metal & Mining, Healthcare, Retail, Transportation, Medical, Other) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

In 2021, the global agricultural industrial internet of things (IIoT) market value is expected to stand at approximately 4.02 billion U.S. dollars. The agricultural IIoT market is anticipated to grow over the next few years, reaching almost seven billion U.S. dollars by 2025, as smart farming is becoming widely adopted. The agricultural IIoT market consists of the following segments: Agricultural Management Platforms, Supply Chain & Inventory Management Solutions, GPS Services & Field Mapping Services, Agricultural Monitoring Services, and Micro-farming Solutions.

The global industrial IoT market size was a value of USD 87.31 billion in 2024 & expected to grow at a CAGR of 6.7%, to reach USD 157.31 billion by 2034.

By Application:The USA Industrial Internet of Things market is segmented by application into manufacturing, energy and utilities, and transportation. In 2023, the manufacturing segment dominated the market, as the adoption of IIoT in manufacturing is driven by the need for operational efficiency, predictive maintenance, and real-time monitoring.

Asia Pacific Industrial IoT Market is projected to reach USD 52.7 billion by 2032, growing at a CAGR of 8% from 2024-2032.

Cities like San Francisco, San Jose, and Los Angeles in California dominate the IIoT market due to their strong tech ecosystems and high concentration of innovative companies. San Francisco leads with significant investments in R&D, San Jose is home to numerous tech giants and startups focusing on IIoT innovations, and Los Angeles benefits from its diverse industrial base and skilled workforce.

By Component:The USA Industrial Internet of Things market is segmented by components into hardware, software, and services. In 2023, the hardware segment held the largest market share, driven by the increasing deployment of sensors, actuators, and connectivity devices. The demand for robust and reliable hardware solutions is essential for the effective implementation of IIoT systems.

5G Industrial IOT Market size was valued at USD 2241.12 Million in 2023 and is projected to reach USD 22963.67 Million by 2031, growing at a CAGR of 37.24% from 2024 to 2031.

Key Market Drivers:

Technological Advancements: The Industrial IoT industry is being driven by significant advancements in technology, particularly 5G. 5G provides major advantages over previous generations of wireless technology, such as faster data transfer speeds, lower latency, and the capacity to connect a large number of devices at once. These features are critical for industrial applications that demand real-time data processing, remote monitoring, and control over equipment and processes.
Economic Benefits: The economic benefits of integrating 5G Industrial IoT solutions are significant. Companies that implement real-time monitoring and predictive maintenance can drastically reduce downtime and maintenance costs, resulting in increased operational efficiency and production. Automation and data-driven decision-making enabled by 5G IoT can help companies streamline supply chains, optimize resource usage, and improve quality control, resulting in cost savings and increased profitability. These economic incentives motivate firms to invest in 5G IoT technology in order to compete on a global scale.
Industry-Specific Demands: 5G Industrial IoT capabilities are highly sought after in specific industries. For example, smart factories serve the manufacturing industry by interconnecting machines and systems, allowing for seamless communication and automation. The logistics and transportation industries can benefit from 5G IoT for real-time tracking and fleet management, resulting in faster deliveries and lower operational expenses. Similarly, the energy sector can use 5G IoT to control smart grids and monitor remote assets.
Supportive Regulatory Environments: Government regulations and regulatory frameworks that encourage adoption of new technologies are driving the 5G Industrial IoT market. Many governments are actively investing in the construction of 5G infrastructure and providing incentives for digital transformation projects. Regulatory support for spectrum allocation, standardization, and cybersecurity measures makes it easier to implement and integrate 5G IoT technologies.

The market size of industrial Internet of Things (IIoT) in Russia was measured at nearly billion Russian rubles in 2019. The revenue was expected to decrease by 11 percent in the following year 2020 and reach the pre-pandemic level only in 2024.