Industrial IoT
Industrial IoT Market by Application (Agriculture, Energy & Utilities, Healthcare), Component (Hardware, Services, Software), End-User Industry, Deployment Mode - Global Forecast 2025-2030
SKU
MRR-433AB1DC2863
Region
Global
Publication Date
February 2025
Delivery
Immediate
2024
USD 94.38 billion
2025
USD 103.39 billion
2030
USD 162.41 billion
CAGR
9.46%

The Industrial IoT Market size was estimated at USD 94.38 billion in 2024 and expected to reach USD 103.39 billion in 2025, at a CAGR 9.46% to reach USD 162.41 billion by 2030.

Industrial IoT Market
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The Industrial Internet of Things (IIoT) refers to the integration of networked sensors, instruments, and other devices with industrial applications, aiming to enhance manufacturing and industrial processes. IIoT's necessity is driven by the need for increased operational efficiency, predictive maintenance, and improved safety standards. Its applications span several industries, including manufacturing, energy, automotive, and healthcare, where it is used for industrial automation, asset management, and network management in smart factories. The end-use scope includes sectors like oil & gas, transportation, and utilities, which utilize IIoT for process optimization and resource management.

Key growth factors in the market include advancements in AI and machine learning, enabling smart data analysis and real-time insights, and increasing adoption of cloud platforms facilitating data storage and management. Potential opportunities arise from the growing demand for digital twins and edge computing, which help in real-time data processing and simulation for operational enhancements. Companies can capitalize on these opportunities by investing in robust cybersecurity solutions and scalable IoT platforms. Notable challenges include the high initial costs of IIoT solutions, interoperability issues between devices, and cybersecurity threats that can lead to data breaches and operational downtimes. Mitigating these challenges requires a focus on creating industry-wide standards and enhancing security protocols.

Innovation can thrive in areas like AI-driven predictive maintenance and the development of low-power wide-area networks (LPWAN) to support vast device connectivity. Additionally, research should focus on the integration of blockchain technology for secure data transactions and the enhancement of human-machine interfaces (HMIs) to improve user interactions. The market demonstrates a dynamic nature with a notable shift towards service-oriented models, underscoring the importance of providing value-added services alongside traditional product offerings. Businesses seeking growth should prioritize R&D in these innovative areas, establish partnerships for technological advancements, and focus on customer-centric solutions to propel market competitiveness.

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Market Dynamics

The market dynamics represent an ever-changing landscape of the Industrial IoT Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Evaluating the primary economic and industrial shifts fueling industrial IoT market opportunities
    • Core dynamics elevating interest and investment in industrial IoT platforms and networks
    • Assessing pivotal enablers and inhibitors impacting industrial IoT market penetration and traction
  • Market Restraints
    • Scarcity of skilled workforce competent in IoT technology hampers effective deployment
    • Variable connectivity infrastructure constraints can lead to inconsistent IoT performance
    • Limited interoperability between legacy systems and advanced IoT solutions can hinder integration
  • Market Opportunities
    • Evolving industrial IoT cybersecurity measures to protect connected devices in manufacturing environments
    • Integrating AI and machine learning with industrial IoT for smarter industrial automation solutions
    • Enhancing supply chain management through industrial IoT for real-time monitoring and optimization
  • Market Challenges
    • Meeting data privacy and compliance standards in industrial IoT applications
    • Mitigating the skills gap in IoT technology expertise for industrial sectors
    • Tackling the high costs associated with the deployment of industrial IoT infrastructure

Market Segmentation Analysis

  • Components: Expanding innovations in the software component of IIoT

    In the context of Industrial IoT (IIoT), software plays a significant role in managing and analyzing data. Industrial IoT software includes applications, platforms, and tools designed to collect, process, and interpret data from connected devices. Data analytics platforms in Industrial IoT (IIoT) serve to collect, process, and analyze data generated by connected devices and sensors. These platforms use algorithms and machine learning(ML) to derive actionable insights, helping businesses optimize operations, predict equipment failures, and improve decision-making processes. Data collection & standardization platforms collect data from various sources, such as sensors, machines, and legacy systems, and standardize it into a common format. Data visualization and reporting platforms allow users to create graphical representations of data, making complex information more accessible and understandable. These tools often provide dashboards and reports that help stakeholders monitor key metrics, track performance, and identify trends and anomalies. Network management software manages and monitors the networks connecting IIoT devices. It ensures network health, performance, and security by detecting issues, managing traffic, and overseeing device connections. Application & device development platforms provide tools and frameworks for developing IIoT applications and devices. Cybersecurity software protects IIoT systems from cyber threats. It includes tools for monitoring network traffic, detecting suspicious activities, and ensuring data integrity. Hardware in IIoT refers to the physical devices and components that collect, transmit, and process data. This includes sensors, machines, and gateways that are interconnected to form an industrial IoT network. Sensors are crucial devices that detect and also measure physical features such as temperature, pressure, and motion. Actuators convert electrical signals into physical actions, such as opening a valve or moving a robotic arm. Memory devices store data generated by IIoT systems. This includes volatile memory (such as RAM) for temporary storage and non-volatile memory (such as flash storage) for long-term retention. Logic devices, such as programmable logic controllers (PLCs), execute control algorithms and manage the operation of machinery. They process inputs from sensors and execute commands to actuators, playing a vital role in the industrial automation landscape. Edge devices process data locally at or near the source of data generation instead of sending it to a centralized cloud or data center. This reduces latency, enhances response times, and lowers bandwidth usage. Input/Output (I/O) modules interface between the control system and the physical devices such as sensors and actuators. Processors in IIoT systems perform computations, run algorithms, and manage data flow. Transducers convert one form of energy into another. Industrial IoT solutions refer to the comprehensive integration of software, hardware, and services that address specific industrial needs or challenges. System integration services bring together various components of an IIoT system, such as hardware, software, and networks, to ensure they work seamlessly. These services are critical for creating cohesive systems that operate efficiently and effectively. Consulting services provide expertise and advice to organizations looking to implement or optimize IIoT solutions. Maintenance and support services ensure the ongoing reliability and performance of IIoT systems. These services include regular system checks, troubleshooting, updates, and repairs, helping to prevent downtimes and extend the lifecycle of the equipment. Data storage services provide secure and scalable storage solutions for the data generated by IIoT devices. Cloud services offer infrastructure, platforms, and software hosted remotely, accessible through the internet. In the context of IIoT, they provide scalable computing power, storage, and various tools for data analytics, application development, and real-time monitoring, enabling organizations to leverage IIoT capabilities without substantial upfront investments in physical infrastructure.

  • Industry: Expansion of the oil and gas sector and need advanced predictive maintenance solutions

    In agriculture, there is a significant focus on efficient resource management, crop health monitoring, predictive analytics for yield improvement, and labor cost reduction. These needs primarily drive the applications of precision farming, automated irrigation, and livestock monitoring. In the automotive and transportation sector, IIoT caters to enhanced vehicle-to-everything (V2X) communication, predictive maintenance, fleet management, and supply chain optimization. Connected cars, smart logistics, and autonomous vehicle technologies exemplify the sector's end-usage. The banking, financial services, and insurance (BFSI) sector emphasizes enhanced security, improved customer experience, and predictive maintenance of ATMs and digital banking infrastructure. Applications include smart ATMs, secure transactions, and customer data analytics. In chemicals and material processing, the focus is on asset tracking, real-time production monitoring, and safety compliance. Automated chemical mixing and predictive process analytics are prominent applications. Energy and utility companies prioritize smart grid optimization, predictive maintenance, and efficient energy consumption, utilizing applications such as smart meters and grid management systems. Healthcare and pharmaceutical sectors leverage remote monitoring, predictive maintenance of medical devices, and inventory management in pharmacies. Smart devices, telemedicine, and pharma track-and-trace systems are critical applications. In IT and telecommunication, IIoT's primary needs are enhanced network reliability, real-time data processing, and scalable infrastructure, supporting data centers, IoT platforms, and smart city initiatives. For metal and mining, IIoT drives real-time asset tracking, workforce safety, and equipment health monitoring. Automated drilling, predictive maintenance, and worker safety management constitute the end-usage. Oil and gas companies focus on predictive maintenance, asset tracking, and safety compliance, with applications in remote monitoring of drilling sites and pipeline monitoring. Retail and consumer goods sectors emphasize customer experience, inventory management, and supply chain optimization, utilizing smart shelves, automated checkouts, and personalized marketing strategies. The semiconductor industry focuses on production efficiency, quality control, and predictive maintenance, with applications in automated fabrication plants and real-time quality analysis.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Industrial IoT Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

PESTLE Analysis

The PESTLE analysis offers a comprehensive tool for understanding and analyzing the external macro-environmental factors that impact businesses within the Industrial IoT Market. This framework examines Political, Economic, Social, Technological, Legal, and Environmental factors, providing companies with insights into how these elements influence their operations and strategic decisions. By using PESTLE analysis, businesses can identify potential opportunities and threats in the market, adapt to changes in the external environment, and make informed decisions that align with current and future conditions. This analysis helps companies anticipate shifts in regulation, consumer behavior, technology, and economic conditions, allowing them to better navigate risks and capitalize on emerging trends.

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Industrial IoT Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Industrial IoT Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Recent Developments

  • New Margo Initiative by Linux Foundation to Tackle IIoT Interoperability, Boost Efficiency and Sustainability

    The Margo initiative hosted by the Linux Foundation has been launched, addressing challenges in digital transformation within Industrial IoT IIoT ecosystems comprising companies such as ABB Process Automation, ABB Machine Automation, Capgemini, Microsoft, Rockwell Automation, Schneider Electric, including AVEVA and Siemens aiming to enhance interoperability at the edge crucial for improving efficiency and sustainability in industrial operations. By standardizing communication protocols among different systems and devices, this move is expected to result in improved efficiency, increased sustainability, and accelerated digital transformation [Published On: April 25, 2024]

  • Qt Group and Qualcomm Partner to Accelerate Industrial IoT Development with Enhanced GUI Tools and Processors

    Qt Group and Qualcomm have announced a collaboration aimed at enhancing the development of advanced graphical user interfaces (GUIs) and software quality assurance for industrial IoT devices. By combining Qt’s cross-platform development tools with Qualcomm's processors, IoT manufacturers can accelerate their time-to-market. This partnership allows software vendors to efficiently develop and test UI solutions on Qualcomm’s processors while also simplifying and speeding up the creation of Systems on Modules (SoMs) for embedded devices like robots and security cameras. [Published On: April 10, 2024]

  • Digi International Releases Digi IX40: 5G Edge Computing Router Enhances Industrial IoT With Secure, Scalable Connectivity

    Digi International Inc. has introduced the Digi IX40, a 5G edge computing industrial IoT cellular router tailored for Industry 4.0 applications. This solution supports advanced use cases such as robotics, predictive maintenance, asset monitoring, and smart manufacturing. Integrated with Digi Remote Manager, the IX40 enhances security, scalability, speed, reliability, and efficiency. It offers 5G connectivity and edge intelligence, connecting multiple machines in demanding environments while integrating cloud-based operational and information technology services. Its all-in-one design and powerful computing capabilities facilitate real-time data processing, remote monitoring, and precision analytics, essential for industries such as automation, utilities, renewable energy, oil and gas, and digital signage. [Published On: February 13, 2024]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Industrial IoT Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Industrial IoT Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Ansys, Inc., Arm Ltd., Cisco Systems, Inc., Dassault Systèmes SE, General Electric Company, Honeywell International Inc., Huawei Technologies Co., Ltd., Intel Corporation, International Business Machines Corporation, KUKA AG, NEC Corporation, PTC Inc., Robert Bosch GmbH, Rockwell Automation, Inc., SAP SE, Siemens AG, Sigfox S.A., Texas Instruments Incorporated, and Worldsensing SL.

Market Segmentation & Coverage

This research report categorizes the Industrial IoT Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Application
    • Agriculture
      • Greenhouse Automation
      • Livestock Monitoring
      • Precision Farming
    • Energy & Utilities
      • Asset Management
      • Power Quality Monitoring
      • Smart Grids
    • Healthcare
      • Clinical Workflow
      • Remote Patient Monitoring
        • Bedside Equipment
        • Wearable Devices
      • Telemedicine
    • Manufacturing
      • Asset Management
      • Predictive Maintenance
      • Process Automation
    • Retail
      • Customer Experience
      • Inventory Management
      • Supply Chain Optimization
    • Transportation
      • Fleet Management
      • Passenger Services
      • Traffic Management
  • Component
    • Hardware
      • Actuators
      • Connectivity Devices
      • Sensors
    • Services
      • Consulting
      • Managed Services
      • Professional Services
    • Software
      • Data Management
      • Real-Time Streaming Analytics
      • Remote Monitoring System
        • Data Management
        • Devices Management
  • End-User Industry
    • Healthcare & Medical Devices
      • Medical Devices
    • Manufacturing
      • Aerospace & Defense
      • Automotive
    • Oil & Gas
      • Exploration
      • Refining
    • Transportation & Logistics
      • Aviation
      • Railways
  • Deployment Mode
    • Cloud-Based
    • Hybrid
    • On-Premises
  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Industrial IoT Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Industrial IoT Market, by Application
  7. Industrial IoT Market, by Component
  8. Industrial IoT Market, by End-User Industry
  9. Industrial IoT Market, by Deployment Mode
  10. Americas Industrial IoT Market
  11. Asia-Pacific Industrial IoT Market
  12. Europe, Middle East & Africa Industrial IoT Market
  13. Competitive Landscape
  14. List of Figures [Total: 25]
  15. List of Tables [Total: 864 ]
  16. List of Companies Mentioned [Total: 20]
360iResearch Analyst Ketan Rohom
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Frequently Asked Questions
  1. How big is the Industrial IoT Market?
    Ans. The Global Industrial IoT Market size was estimated at USD 94.38 billion in 2024 and expected to reach USD 103.39 billion in 2025.
  2. What is the Industrial IoT Market growth?
    Ans. The Global Industrial IoT Market to grow USD 162.41 billion by 2030, at a CAGR of 9.46%
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