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

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Industrial Internet Of Things Market Size 2025-2029

The Industrial Internet of Things (IoT) market size is forecast to increase by USD 195.8 billion at a CAGR of 14.8% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing adoption of industrial automation to enhance productivity and efficiency in various industries. This trend is further fueled by the evolution of global device managers, enabling seamless integration and management of IoT devices. However, despite these opportunities, there are challenges that require careful consideration. One major challenge is the lack of awareness and efficient management of IoT initiatives and investments. Companies must prioritize strategies to address this issue, such as implementing IoT management platforms and educating stakeholders on the benefits of IoT.
Effective navigation of these challenges will be crucial for businesses seeking to capitalize on the vast potential of the Industrial IoT market. By focusing on strategic planning and operational excellence, companies can successfully leverage IoT technologies to drive innovation, improve operational efficiency, and gain a competitive edge.

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

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The market encompasses the integration of electronic devices, sensors, and networking technology to optimize industrial processes and improve productivity. This market is experiencing significant growth due to the increasing affordability of sensors and semiconductors, enabling more devices to connect and exchange data in real-time. Big data analysis, machine learning, and AI are key drivers, allowing for predictive maintenance, workflow automation, and M2M communication. Technology advancements, such as power efficiency, worker safety, and standardization of IPv6, are also fueling market expansion. The automotive sector is a major adopter, with applications ranging from fleet management to autonomous vehicles. Blockchain and wireless technology are emerging trends, offering enhanced security and connectivity.
Cloud computing platforms, such as Microsoft Azure and Amazon Web Services, are essential for managing the vast amounts of data generated by IoT devices. Market incumbents are focusing on operational competence and productivity improvement, ensuring their solutions remain competitive in this rapidly evolving landscape. Overall, the Industrial IoT market is poised for continued growth, transforming industries and reshaping the digital-human workforce.

How is this Industrial Internet Of Things (IoT) Industry segmented?

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

  APAC

    Australia
    China
    India
    Japan
    South Korea


  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  South America

    Brazil


  Middle East and Africa

    UAE


  Rest of World (ROW)

By End-user Insights

The manufacturing segment is estimated to witness significant growth during the forecast period. The market is experiencing significant growth as manufacturers worldwide adopt this technology to enhance productivity and gain a competitive edge. Machines and electronic devices are connected to the Internet through software, enabling real-time data collection and analysis. This data is used for predictive maintenance, performance optimization, and worker safety. However, the IoT market faces challenges such as the need for increased investments, redesigning business models, security concerns, and interoperability issues. Favorable government policies and partnerships among industry players are addressing these challenges, leading to advancements in areas like M2M communication, AI, and edge computing. Key technologies include AWS IoT TwinMaker, AWS IoT SiteWise, Google, Ubisense, and Siemens Xcelerator.

Market dynamics are driven by the standardization of IPv6, machine learning, and Big Data. IoT applications span various industries, including machinery, food and beverage, chemicals and materials, and electrical and electronics. Market growth is further fueled by the adoption of cloud-based services, wireless technologies, and affordable processors. IoT is also transforming sectors like transportation, with applications in smart cities, transit managem

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.

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.

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...

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 IoT Market Report is Segmented by Component (Hardware, Software, Services, and More), End-User Industry (Agriculture, Retail and E-Commerce, Energy and Utilities, and More), Application (Asset Tracking and Fleet Management, Predictive Maintenance, Smart Metering, and More), Deployment Model (Cloud, On-Premises, and More), and Geography

According to Cognitive Market Research, the global Industrial Iot Gateway Market size will be USD 1362.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 10.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 545.04 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 408.78 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 313.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 68.13 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 27.25 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031.
The processor category is the fastest growing segment of the Industrial Iot Gateway industry

Market Dynamics of Industrial Iot Gateway Market

Key Drivers for Industrial Iot Gateway Market

Growing adoption of wireless smart networks and sensors to Boost Market Growth

As smart wearables and other smart consumer electronics like smart locks, smart meters, and smart lighting have become more and more popular in recent years, sensors like camera modules, proximity sensors, and accelerometers have entered the consumer electronics industry. Sensors that detect humidity, altitude, food calorie content, and human health are now quickly joining the rapidly growing array of sensors that go beyond motion and picture sensing. Because of the increased incidence of chronic illnesses, falls, and disabilities brought on by this demographic transition, preventive measures are required. From treating chronic illnesses like diabetes and heart conditions to tracking mental and physical activity, smart wearables provide solutions for a variety of healthcare areas. The demand for IoT nodes and gateways to support data transmission, analysis, and integration in healthcare systems is increased by these devices, which also improve patient management, illness management, and remote monitoring.

Accelerated IoT adoption in healthcare sector to Drive Market Growth

An important IoT development in healthcare is the use of Internet-connected robots, or medical robotics, in surgery. These robots' sensors and cameras allow for accurate operations and real-time data transfer to surgeons for remote monitoring and corrections. IoT nodes and gateways play a critical role in facilitating smooth connectivity and real-time data transmission, which helps to direct surgical processes with precision and efficiency as medical robots continues to transform healthcare. Rewalk Robotics provides exoskeletons for mobility assistance, Diligent Robotics builds autonomous robots for healthcare jobs, Myomo develops neuro-robotic devices to help people with upper-limb paralysis, and Transenterix develops robotic surgery systems for minimally invasive operations.

Restraint Factor for the Industrial Iot Gateway Market

High power consumption by wireless sensor terminals and connected devices, will Limit Market Growth

Increased operating costs for companies implementing IoT solutions are closely correlated with high power usage. High-powered sensor nodes, LoRaWAN gateways, edge computing devices, and industrial IoT (IIoT) gateways are examples of devices that need to be replaced frequently or use a lot of electricity. This can result in higher maintenance costs, which lowers the overall cost-effectiveness of IoT deployments. Consequently, companies might be reluctant to spend money on IoT node and gateway solutions, which would impede the growth of the market. Excessive energy consumption by high-power IoT devices increases energy consumption and carbon emissions, which further deteriorates the environment. It is becoming increasingly necessary for governments and corporations to implement energy-efficient technologies in order to reduce their environmental impact and combat climate change.

Impact of Covid-19 on the Industrial Iot Gateway Market

The market for IoT gateway devices has...

The global industrial IoT market size was over USD 490.14 billion in 2024 and is forecast to experience a CAGR of over 23.5%, reaching USD 7.62 trillion by 2037. The solution segment is anticipated to hold a 56.1% market share, attributed to the integration of hardware, software, and analytics offering end-to-end functionality for industrial IoT ecosystems.

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.

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 foreign direct investments and government-led digitalization programs. Each region presents unique opportunities and challenges, shaping the competitive landscape and influencing the trajectory of the global market.

Component Analysis

The component segment of the 5G Industrial IoT market is composed of hardware, software, and services, each playing a pivotal role in enabling seamless co

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.

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

The IoT Devices Market Report is Segmented by Application Type (Connected and Smart Home, Medical IoT, Connected Car, Smart Cities, Industrial IoT, and More), Device Category (Smart Speakers and Displays, Wearables, Connected Consumer Appliances, and More), Connectivity Technology (WPAN [Bluetooth, Zigbee, Z-Wave], WLAN [Wi-Fi 4/5/6/6E/7], LPWAN [NB-IoT, LTE-M, Lora, Sigfox], Cellular [4G, 5G, C-V2X], and More), and Geography.

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.

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).

5G Industrial IoT Market touched USD 1.2 billion in 2024 and is expected to reach USD 7.3 billion in 2032, expanding at a CAGR of 25.4% till 2032

As per Cognitive Market Research's latest published report, the Global Industrial Internet of Things market size was USD 403.61 billion in 2022 and it is forecasted to reach USD 1219.3 billion by 2030. Industrial Internet of Things Industry's Compound Annual Growth Rate will be 21.7% from 2023 to 2030. What is Driving the Industrial Internet of Things Market?

The increasing adoption of automation techniques used in various sectors such as manufacturing, automobile, and transportation. Furthermore, increasing advances in technology and increasing R&D activities with increasing government support are all driving the industrial IoT market. Moreover, the growing need to improve operational competence and simplify complex manufacturing processes is supporting market growth. What is the Industrial Internet of Things IIOT?

Industrial Internet of Things (IIoT) refers to the application of the Internet of Things (IoT) technology in industrial settings. It involves connecting a vast network of sensors, devices, and machinery to the Internet, allowing for real-time data collection, analysis, and communication. This data is then used to improve efficiency, optimize operations, and drive innovation in the industrial sector. To meet customer demands in an increasingly complex manufacturing landscape, even more capable automation technology is required. Manufacturing businesses are focusing more on adopting the Industrial Internet of Things stand to gain on all levels, ranging from production efficiency, customer satisfaction, and overarching business decisions. IIoT technology can be used to monitor the performance of machines, predict maintenance needs, and improve supply chain management. In the energy sector, IIoT can help optimize power generation and distribution. IIoT offers numerous benefits, such as improved productivity, increased reliability, reduced downtime, and enhanced safety. IIoT has the potential to significantly improve manufacturing and industrial processes by enabling real-time data collection and analysis, which can drive efficiency, productivity, and innovation.