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.

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 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.

Country-wise Insights

Scope of the Report

With a CAGR of 23.5%, Industrial Internet of Things (IIoT) Market will reach USD 3,179.26 billion by 2034

Global industrial IoT Market size was valued at USD 304.5 Billion in 2024 and is forecasted to reach USD 1,195.6 Billion by 2034 at a CAGR of 14.7%. Industrial IoT report classifies global market by share, trend, and on the basis of type, application, and region | Industrial IoT (IIoT) Market | Indu...

Discover BCC Research's report on Industrial IoT Market report provides an overview of the industry and analyzes market trends Using 2022 as the base year.

The Industrial Internet of Things Market Report is Segmented by Component (Hardware, Software, and Services and Connectivity), Deployment Model (On-Premises, Cloud, and Hybrid/Edge-Cloud), Connectivity Technology (Wired, Short-Range Wireless, Cellular, and LPWAN), End-User Vertical (Discrete Manufacturing, Process Manufacturing, Oil and Gas, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

The global industrial IoT market size was valued at over USD 276.6 billion in 2025 and is expected to expand at a CAGR of around 13.3%, surpassing USD 964.16 billion revenue by 2035, driven by increasing focus on automation and smart manufacturing.

Industrial Internet of Things (IoT) Market Outlook

The Industrial Internet of Things (IoT) market size is projected to grow from $263 billion in 2023 to an impressive $1,110 billion by 2032, reflecting a compound annual growth rate (CAGR) of 17.3%. This robust growth trajectory can be attributed to several key factors, including technological advancements, the increasing availability of affordable sensors, and the widespread adoption of smart manufacturing solutions. The integration of IoT technologies in industrial settings is transforming operations, enabling real-time data collection and analysis, and facilitating predictive maintenance, thus significantly reducing downtime and operational costs. Additionally, the push for enhanced operational efficiencies, coupled with the demand for real-time monitoring and control, is driving the market forward.

One of the major growth drivers in the Industrial IoT market is the technological evolution in sensor and network technologies. The decreasing costs of sensors and connectivity solutions have made IoT implementations more financially feasible for industries across the board. As sensors become more advanced and capable of capturing high-quality data, industries are increasingly relying on IoT to gather insights and enhance decision-making processes. Furthermore, advancements in big data analytics and cloud computing capabilities allow for the meaningful processing and storage of the vast amounts of data generated by IoT devices, facilitating real-time analytics and predictive maintenance, which are inherently transforming industrial operations and efficiencies.

Another significant factor propelling the market is the increasing demand for smart manufacturing practices. Industries are moving towards digital transformation to remain competitive and meet the demands of globalization. Smart manufacturing, powered by IoT devices and solutions, enables factories to operate with greater efficiency, flexibility, and intelligence. IoT connects machines, systems, and humans, allowing for seamless communication and collaboration. This connectivity is crucial for implementing smart manufacturing processes, such as just-in-time production and agile manufacturing, which not only cut costs but also enhance the quality and customization of products. These capabilities are persuading industries to adopt IoT as a strategic tool for boosting operational performance.

Moreover, government initiatives and policies aimed at encouraging the adoption of innovative technologies in industrial sectors are also instrumental in driving the IoT market. Numerous governments across the globe are investing heavily in IoT infrastructure and offering incentives to companies that adopt IoT solutions. For example, initiatives like Industry 4.0 in Germany and Made in China 2025 emphasize the use of IoT technologies to modernize manufacturing processes. These governmental efforts are creating a conducive environment for the growth of the Industrial IoT market by encouraging technological adoption and fostering innovation across industries.

In terms of regional outlook, North America currently leads the industrial IoT market, with a significant share attributed to the presence of major industry players and high adoption rates across various sectors. The region's strong foothold is further supported by significant investments in research and development, as well as government support for IoT adoption. Meanwhile, the Asia Pacific region is expected to witness the highest growth rate over the forecast period, driven by rapid industrialization, the proliferation of smart factories, and favorable government initiatives. Countries like China, Japan, and India are at the forefront of this growth, as they increasingly leverage IoT solutions to enhance their manufacturing capabilities and improve overall industrial productivity.

The concept of an Open IoT Platform is gaining traction as industries seek more flexible and scalable solutions to manage their IoT ecosystems. An Open IoT Platform provides a unified framework that enables seamless integration of various IoT devices, applications, and services. This approach not only enhances interoperability but also allows organizations to customize their IoT solutions to meet specific business needs. By leveraging open standards and APIs, companies can avoid vendor lock-in and ensure that their IoT systems can evolve with technological advancements. The adoption of Open IoT Platforms is expected to accelerate as businesses recognize the benefits of a more collaborative and adaptab

Snapshot img

Industrial Internet Of Things (IoT) Market Size 2025-2029

The industrial internet of things (IoT) market size is valued to increase USD 195.8 billion, at a CAGR of 14.8% from 2024 to 2029. Growth in industrial automation will drive the Industrial Internet of Things (IoT) market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 43% growth during the forecast period.
By End-user - Manufacturing segment was valued at USD 28.50 billion in 2023
By Component - Hardware segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 262.15 billion
Market Future Opportunities: USD 195.80 billion
CAGR : 14.8%
APAC: Largest market in 2023

Market Summary

The market encompasses a dynamic and continuously evolving landscape, driven by the integration of core technologies such as artificial intelligence, machine learning, and advanced sensors into industrial processes. IoT applications span various sectors, including manufacturing, transportation, energy, and healthcare, with a growing emphasis on improving operational efficiency and productivity. According to recent studies, the industrial automation segment is expected to dominate the market, accounting for over 40% of the total IoT spending. The evolving global device manager market is another significant factor, with an increasing number of organizations recognizing the need for efficient management of their IoT initiatives and investments.
However, the market faces challenges, such as the lack of awareness and understanding of IoT technologies among businesses and the need for robust security measures to protect against cyber threats. Despite these challenges, opportunities abound, including the potential for predictive maintenance, real-time data analysis, and enhanced supply chain visibility. With the increasing adoption of IoT technologies, the market is poised for significant growth, offering numerous benefits to businesses across industries.

What will be the Size of the Industrial Internet Of Things (IoT) Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Industrial Internet Of Things (IoT) Market Segmented and what are the key trends of market segmentation?

The industrial internet of things (IoT) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Manufacturing
  Automotive and transportation
  Energy and utilities
  Healthcare
  Others


Component

  Hardware
  Software
  Services
  Platforms


Connectivity

  Wired
  Wireless


Deployment

  On-cloud
  On-premises


Organization Size

  Large Enterprises
  Small and Medium Enterprises (SMEs)


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By End-user Insights

The manufacturing segment is estimated to witness significant growth during the forecast period.

In the dynamic and evolving market, data visualization dashboards play a pivotal role in making informed business decisions. IoT sensors are integrated into various industries, including machinery, food and beverage, chemicals and materials, and electrical and electronics, to monitor equipment performance and optimize processes. High-performance computing and distributed ledger technology facilitate real-time data processing and secure transactions. Operational efficiency improvements are achieved through the implementation of manufacturing execution systems, software-defined networking, and data acquisition systems. Time series databases and edge computing devices enable sensor data fusion, while cloud computing platforms offer scalability and flexibility. Anomaly detection methods and network security protocols ensure data security and privacy.

Remote monitoring systems and digital twin technology provide insights into industrial processes, enabling predictive maintenance models and process optimization techniques. Industrial control systems and energy management systems are enhanced through IoT integration, leading to significant energy savings. Low-power wide-area networks facilitate seamless connectivity, while machine learning algorithms and real-time data processing optimize performance and reduce downtime. Despite the numerous benefits, cybersecurity threats pose a challenge to IoT adoption. Data stream mining and big data analytics help businesses gain valuable insights from the vast amounts of data generated by IoT devices. System integration services ensure seamless implementation of IoT solutions, while smart factory impl

Industrial IoT Market by Component (Hardware, Platform, Services, Connectivity), Industry (Agriculture, Manufacturing, Energy & Utilities, Oil & Gas, Aerospace, Retail, Transportation & Logistics, Others) Geography - Global Forecast to 2031

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 IoT Market size was valued at USD 4.0 Bn in 2022 and is projected to grow from USD 177.51 Bn in 2025 to USD 654.84 Bn by 2032, with CAGR of 20.5%.

Industrial IoT (IIoT) Market Outlook

According to our latest research, the global Industrial IoT (IIoT) market size reached USD 276.6 billion in 2024, reflecting robust adoption across multiple industries. The market demonstrates a strong growth trajectory, registering a CAGR of 10.7% from 2025 to 2033. By 2033, the Industrial IoT market is forecasted to achieve a value of USD 692.3 billion, driven by rapid advancements in connectivity technologies, increasing automation initiatives, and the proliferation of smart manufacturing practices. As per our latest research, the primary driver behind this impressive growth is the escalating demand for real-time data analytics and connected assets across industrial sectors, enabling enterprises to enhance operational efficiency and reduce downtime.

The growth of the Industrial IoT (IIoT) market is propelled by the accelerating adoption of Industry 4.0 initiatives worldwide. Enterprises are increasingly leveraging IIoT solutions to transform traditional manufacturing and industrial processes into smart, data-driven operations. The integration of advanced sensors, edge computing, and AI-powered analytics enables organizations to collect and analyze vast amounts of operational data in real time. This transformation is not only improving productivity but also facilitating predictive maintenance, minimizing unplanned outages, and optimizing resource utilization. Furthermore, the shift towards digitalization is supported by significant investments from both public and private sectors, as governments and industry leaders recognize the long-term benefits of IIoT in achieving sustainable growth and global competitiveness.

Another key factor fueling the expansion of the IIoT market is the evolution of connectivity technologies. The widespread deployment of high-speed 5G networks, along with advancements in wireless protocols such as Wi-Fi 6 and LPWAN (Low Power Wide Area Networks), is enabling seamless communication between billions of industrial devices. This connectivity revolution is vital for the proliferation of IIoT applications, as it ensures reliable, low-latency data transfer across geographically dispersed assets. The adoption of cloud and edge computing architectures further enhances the scalability and flexibility of IIoT solutions, allowing enterprises to process and analyze data closer to the source and respond to operational anomalies in real time. These technological advancements are fostering innovation in asset tracking, process automation, and workforce management, thereby accelerating the market’s growth.

The increasing focus on sustainability and energy efficiency is also shaping the Industrial IoT market. Companies are deploying IIoT-enabled solutions to monitor energy consumption, optimize supply chains, and reduce their carbon footprint. In sectors such as energy & utilities and oil & gas, IIoT platforms are being used to enhance grid reliability, detect leaks, and improve asset integrity. This trend is further supported by stringent regulatory requirements and the growing emphasis on environmental, social, and governance (ESG) standards. As a result, IIoT is becoming a critical enabler for organizations striving to achieve their sustainability goals while maintaining operational excellence and cost-effectiveness.

From a regional perspective, Asia Pacific is emerging as the fastest-growing market for Industrial IoT, owing to rapid industrialization, government-led digitalization initiatives, and a burgeoning manufacturing sector. North America continues to hold the largest market share, driven by early adoption, technological innovation, and the presence of leading IIoT vendors. Europe is also witnessing substantial growth, particularly in countries with strong industrial bases and supportive regulatory frameworks. Meanwhile, Latin America and the Middle East & Africa are gradually embracing IIoT solutions, with increasing investments in infrastructure modernization and smart city projects. The regional outlook underscores a global shift towards intelligent, connected industries, with each region contributing uniquely to the market’s expansion.

5G Industrial IoT Market Outlook

According to our latest research, the global 5G Industrial IoT market size reached USD 10.7 billion in 2024, driven by rapid digital transformation and the increasing adoption of Industry 4.0 solutions. The market is projected to expand at an impressive CAGR of 29.4% from 2025 to 2033, reaching a forecasted value of USD 94.3 billion by the end of 2033. This robust growth is primarily fueled by the demand for ultra-reliable, low-latency communication networks and the proliferation of connected devices in industrial environments. As per our latest research, the 5G Industrial IoT market is witnessing accelerated investments from both private and public sectors, aiming to enhance operational efficiency and enable real-time data-driven decision-making across various industries.

The growth of the 5G Industrial IoT market is being propelled by several powerful factors, foremost among them the rapid evolution of manufacturing and production systems toward smart, connected operations. The integration of 5G technology with industrial IoT platforms enables ultra-low latency, massive device connectivity, and unprecedented reliability, which are critical for real-time automation and control in complex industrial settings. As manufacturers strive to improve productivity, reduce costs, and enhance safety, the implementation of 5G-enabled IoT solutions is becoming central to their digital transformation strategies. The ability to seamlessly connect sensors, machines, and control systems in real-time is unlocking new levels of efficiency and innovation, setting the stage for sustained market expansion over the coming years.

Another significant growth driver for the 5G Industrial IoT market is the increasing emphasis on predictive maintenance and asset management across energy, utilities, automotive, and logistics sectors. With the rollout of 5G networks, organizations can collect, analyze, and act on vast amounts of data from distributed assets and equipment, enabling predictive maintenance and minimizing unplanned downtime. This capability is crucial for industries where equipment reliability directly impacts operational continuity and profitability. Moreover, the ability of 5G-enabled IoT solutions to facilitate remote monitoring, diagnostics, and real-time alerts is transforming traditional maintenance approaches, leading to substantial cost savings and improved asset utilization.

The expansion of 5G Industrial IoT is also being catalyzed by government initiatives and regulatory support for smart infrastructure development worldwide. Several countries are investing heavily in 5G infrastructure to foster innovation in manufacturing, transportation, and utilities, recognizing the strategic importance of digitalization for economic growth. Public-private partnerships, favorable policy frameworks, and incentive programs are accelerating the deployment of 5G networks in industrial zones and smart cities. This supportive ecosystem is encouraging enterprises of all sizes to adopt 5G-enabled IoT solutions, further fueling market growth and technological advancements.

The advent of 5G for Industrial Automation is revolutionizing how industries operate, offering unprecedented opportunities for enhancing efficiency and productivity. By enabling ultra-fast, reliable communication between machines, 5G facilitates real-time data exchange and automation, which are critical for modern industrial processes. This technology supports the seamless integration of IoT devices, allowing industries to automate complex tasks and optimize operations with minimal human intervention. As industries increasingly adopt 5G for Industrial Automation, they can expect to see significant improvements in operational efficiency, cost reduction, and overall productivity, making it a cornerstone of future industrial strategies.

From a regional perspective, Asia Pacific is emerging as the dominant force in the 5G Industrial IoT market, supported by aggressive 5G rollouts in China, South Korea, and Japan, as well as significant investments in smart manufacturing initiatives. North America and Europe are also witnessing rapid adoption, driven by strong industrial bases and a focus on innovation and digital transformation. Meanwhile, Latin America and the Middle East & Africa are poised for steady growth, benefiting from increasing for

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

The global industrial IoT market size attained a value of USD 87.31 Billion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 6.70% to reach USD 167.00 Billion by 2034.

The global market for industrial Internet of Things (IIoT) platforms and apps for manufacturing industries was sized at 4.4 billion U.S. dollars in 2021. The market is expected to grow in size in the coming years, reaching the size of 22.3 billion U.S. dollars in 2025.

The 5G IoT market report segments the industry into By Technology (Ultra-Reliable Low-Latency Communications (URLLC), Low-Power Wide-Area Network (LPWAN)), By End-User Industry (Manufacturing, Supply Chain, Healthcare, Retail, Smart Cities, Automotive), and By Geography (North America, Europe, Asia, Australia and New Zealand, South America, Middle East and Africa).

Industrial IoT Platform Market Outlook

The global Industrial IoT Platform market is expected to experience robust growth over the coming years, with the market size projected to escalate from approximately USD 8.5 billion in 2023 to an impressive USD 15.3 billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.8%. This growth is largely propelled by the increasing adoption of IoT solutions across various industry verticals to enhance operational efficiency, reduce costs, and boost productivity. The integration of advanced technologies such as artificial intelligence, machine learning, and big data analytics with IoT platforms is further contributing to the acceleration of market expansion.

One of the primary growth factors driving the Industrial IoT Platform market is the escalating demand for automation across industries. As businesses strive to maintain competitiveness, the need for streamlined operations and real-time data monitoring is more crucial than ever. Industrial IoT platforms provide enterprises with the capability to gather and analyze vast amounts of data from connected devices, facilitating informed decision-making and proactive maintenance. This demand is particularly pronounced in the manufacturing sector, where efficiency and uptime are paramount, thus significantly contributing to the market's upward trajectory.

Moreover, the proliferation of smart devices and the expansion of internet connectivity infrastructure are significant catalyzers for the market's growth. The surge in the number of connected devices in industrial settings has led to an exponential increase in data generation, necessitating sophisticated platforms for data management and analytics. Furthermore, the roll-out of high-speed 5G networks is expected to bolster IoT platform adoption by providing the necessary bandwidth and speed for seamless data transfer and communication. Consequently, this will enable industries to harness higher quality and more timely insights from their IoT ecosystems.

The trend towards digital transformation in industries is another critical growth factor for the Industrial IoT Platform market. Companies across various verticals are embarking on digitalization journeys to enhance their operational capabilities and customer experiences. Industrial IoT platforms serve as a cornerstone for these digital transformation strategies, offering scalable solutions that integrate seamlessly with existing systems. Additionally, governmental initiatives to promote smart manufacturing and Industry 4.0 are providing a fertile ground for the market's expansion by creating conducive environments for IoT platform investments and deployments.

Regionally, the Asia Pacific region is poised to witness substantial growth in the Industrial IoT Platform market. The rapid industrialization, coupled with strong government support for smart manufacturing initiatives in countries like China, Japan, and India, is expected to drive market demand. North America and Europe will also continue to hold significant market shares, driven by the presence of key industry players and a high level of technological advancement. Meanwhile, the Middle East & Africa and Latin America markets are anticipated to grow steadily, as infrastructure improvements and increasing industrial activities stimulate demand for advanced IoT solutions.

Component Analysis

The Industrial IoT Platform market is segmented into hardware, software, and services components. Each component plays a pivotal role in the overall functioning of the IoT ecosystem within industrial settings. The hardware segment encompasses the physical devices and equipment necessary for IoT connectivity, such as sensors, actuators, and gateway devices. These components are crucial for capturing and transmitting data from industrial processes, forming the backbone of any IoT setup. With continuous advancements in sensor technology and wireless communication, the hardware segment is expected to experience steady growth, as industries seek to enhance data collection capabilities and connectivity infrastructure.

Software is another critical component of the Industrial IoT Platform market, as it facilitates the integration, management, and processing of data collected through hardware devices. Software solutions in this domain include analytics platforms, device management systems, and application enablement software. The growing complexity and volume of data generated by IoT devices necessitate sophisticated software solutions capable of providing actionable insights and real-time monitoring. As industries increasin

Global Industrial IoT (IIoT) Market value is expected to reach USD 1,700 billion by 2030, growing at a CAGR of 24% during the forecast period 2023 to 2030. Industrial IoT (IIoT) Market size was valued at more than USD 300 billion in 2022 representing total IIoT spending.: