Industrial Internet of Things Market Size, Share, Trends & Competitive Analysis By Type: Hardware, Software, Services; By Application: Manufacturing, Energy Management, Healthcare, Transportation, Agriculture, Others; By Technology: Sensor Nodes, Connectivity, Data Processing, Analytics; By End-User: Manufacturing, Healthcare, Energy, Agriculture, Automotive, Others; By Regions, and Industry Forecast, Global Report 2023-2030

The global Industrial Internet of Things market size was valued at USD 388.4 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 24.9% during the forecast period, reaching a value of USD 1121.3 billion by 2030.

Industrial Internet of Things market research report by Future Data Stats, offers a comprehensive view of the market's historical data from 2018 to 2021, capturing trends, growth patterns, and key drivers. It establishes 2022 as the base year, analyzing the market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2023 to 2030, leveraging data analysis techniques to project the market's growth trajectory, emerging opportunities, and anticipated challenges.


The Industrial Internet of Things (IIoT) revolutionizes traditional industries by seamlessly integrating physical devices with digital technologies. In essence, it entails the interconnectivity of machines, sensors, and systems within industrial settings, fostering a more intelligent and efficient ecosystem. Companies harness the power of IIoT to optimize operations, enhance decision-making processes, and achieve unprecedented levels of automation.

In practical terms, the Industrial Internet of Things empowers businesses to collect, analyze, and leverage data from various sources, enabling real-time insights and informed decision-making. This connectivity goes beyond simple automation, paving the way for predictive maintenance, improved resource utilization, and heightened overall efficiency. In essence, IIoT transforms industries by fostering a dynamic network of interconnected devices, laying the foundation for a smarter, more responsive industrial landscape.


Companies are leveraging IIoT technologies to streamline processes, optimize resource utilization, and minimize downtime, leading to improved overall performance. Additionally, the rising adoption of smart manufacturing practices and the integration of sensors and connectivity solutions contribute to the market's upward trajectory.

However, the landscape is not without its challenges. One notable restraint is the concern over cybersecurity in the IIoT ecosystem. As industries become more interconnected, the vulnerability to cyber threats grows. Organizations face the challenge of securing their networks and devices to prevent unauthorized access and protect sensitive data.



The hardware segment plays a pivotal role, encompassing the physical devices and sensors that form the backbone of the IIoT infrastructure. These devices facilitate data collection, communication, and process optimization, serving as the tangible elements that bridge the physical and digital realms within industrial environments.

Software is another critical facet, acting as the intelligence behind the IIoT system. This encompasses the applications, platforms, and analytics tools that process and interpret the vast amounts of data generated by the connected devices. IIoT software solutions enable real-time monitoring, data analysis, and decision-making, empowering industries to extract actionable insights and drive operational efficiency. The continuous evolution of IIoT software is a key factor propelling the market forward, as companies seek increasingly sophisticated tools to harness the full potential of their interconnected systems.

In tandem with hardware and software, services constitute a fundamental component of the IIoT market. These services encompass a wide range of offerings, including consulting, implementation, maintenance, and support. With the complexity of IIoT deployments, businesses often rely on specialized services to navigate the integration process successfully.


Manufacturing stands out as a dominant sector, where IIoT technologies drive automation, predictive maintenance, and improved production efficiency. With interconnected devices and real-time data analytics, manufacturers can optimize their processes, reduce downtime, and enhance overall productivity, marking the manufacturing segment as a significant force in the IIoT landscape.

Energy management is another pivotal application that influences the growth of the IIoT market. Industries are increasingly adopting IIoT solutions to monitor and manage energy consumption efficiently. Smart grids, sensors, and analytics tools enable real-time tracking and optimization of energy usage, contributing to sustainability goals and cost savings. The emphasis on energy efficiency positions the IIoT as a key enabler in the evolving landscape of energy management across various industrial sectors.

In the healthcare sector, the IIoT plays a transformative role, enhancing patient care, monitoring medical equipment, and streamlining healthcare operations. From connected medical devices to data-driven decision-making, the application of IIoT in healthcare leads to improved patient outcomes and operational efficiencies. Similarly, IIoT applications extend to transportation, agriculture, and various other sectors, highlighting the versatility and widespread impact of this technology across diverse industries.


Sensor nodes, as a fundamental component, form the sensory network capturing real-world data within industrial ecosystems. These nodes serve as the frontline data collectors, facilitating the monitoring of physical parameters and enabling industries to gain insights into their operational processes in real-time. The widespread deployment of sensor nodes is a critical factor driving the advancement of the IIoT market.

Connectivity is another dominant technological factor that propels the IIoT landscape forward. The seamless interconnection of devices and systems through various communication protocols ensures a cohesive network, allowing data to flow efficiently. From wired to wireless solutions, the choice of connectivity options influences the overall effectiveness of IIoT deployments. The evolution of robust and reliable connectivity technologies further enhances the scalability and reliability of industrial applications, fostering a connected and responsive ecosystem.

Data processing and analytics play a pivotal role in harnessing the potential of the Industrial Internet of Things. The sheer volume of data generated by interconnected devices necessitates sophisticated processing capabilities. Data processing technologies sift through the vast datasets, extracting meaningful information and facilitating real-time decision-making. Analytics tools, in turn, transform this processed data into actionable insights, empowering industries to optimize processes, predict maintenance needs, and drive informed strategic decisions.


Manufacturing stands out as a dominant force, leveraging IIoT to revolutionize production processes. From predictive maintenance to smart supply chain management, manufacturers employ interconnected devices and data analytics to enhance efficiency and drive innovation in the manufacturing sector, making it a key player in the IIoT market.

Healthcare is another significant end-user, adopting IIoT technologies to transform patient care and streamline operations. Connected medical devices, wearables, and smart healthcare infrastructure contribute to improved diagnostics, remote patient monitoring, and overall healthcare efficiency. The integration of IIoT in healthcare showcases its potential to positively impact patient outcomes and revolutionize the delivery of medical services.

Energy, agriculture, automotive, and other sectors further contribute to the diversity of end-users in the IIoT market. In the energy sector, IIoT facilitates smart grid management, optimizing energy distribution and consumption. Agriculture benefits from precision farming, where IIoT tools enable farmers to monitor crops, soil conditions, and machinery, leading to increased yields and sustainability. The automotive industry utilizes IIoT for predictive maintenance, supply chain optimization, and enhancing the overall driving experience.


In North America, the adoption of IIoT is propelled by a robust industrial base and a strong focus on technological innovation. Industries in the region leverage IIoT for enhanced automation, real-time monitoring, and efficient supply chain management, contributing to the market's growth. The presence of key market players and a supportive regulatory environment further fosters the expansion of the IIoT market in North America.

Europe exhibits a similar trend, with a well-established industrial infrastructure driving the uptake of IIoT technologies. The region emphasizes sustainability and smart manufacturing, leading to widespread implementation of IIoT for energy management, predictive maintenance, and improved operational efficiency. European countries' commitment to Industry 4.0 principles contributes to the continuous evolution and integration of IIoT solutions, making it a key player in the global market.


The initial disruption to the supply chain and manufacturing processes resulted in a temporary slowdown of IIoT implementation in various industries. However, the pandemic also accelerated the realization of the importance of digital transformation and resilient, connected ecosystems. As companies adapted to remote working conditions and sought ways to optimize operations, there was an increased emphasis on deploying IIoT solutions for remote monitoring, predictive maintenance, and ensuring business continuity.

The healthcare sector witnessed a notable surge in the adoption of IIoT applications to address the demands imposed by the pandemic, including remote patient monitoring and efficient healthcare delivery. Despite the initial challenges, the resilience and adaptability of IIoT technologies became evident as industries recognized the need for agile and responsive systems.



  • Honeywell acquires CyberHawk: This acquisition strengthens Honeywell's position in the industrial drone market, allowing them to offer more comprehensive drone-based inspection and monitoring solutions.
  • Schneider Electric acquires AVEVA: This major deal brings together Schneider Electric's expertise in industrial automation with AVEVA's software solutions for engineering and industrial operations, creating a leading player in the Industrial Software space.
  • PTC acquires Onshape: This acquisition adds cloud-based CAD capabilities to PTC's portfolio, catering to the growing demand for collaborative design and engineering tools.

New Launches:

  • Siemens Xcelerator: This comprehensive platform brings together Siemens' software and services offerings for the industrial sector, covering areas like design, engineering, manufacturing, and operations.
  • GE Predix Asset Performance Management: This cloud-based platform uses AI and analytics to predict and prevent equipment failures, helping companies improve uptime and maintenance efficiency.
  • Microsoft Azure Digital Twins: This platform allows companies to create digital representations of their physical assets, enabling them to monitor performance, simulate scenarios, and optimize operations.


  • General Electric Company
  • Siemens AG
  • Cisco Systems, Inc.
  • IBM Corporation
  • Honeywell International Inc.
  • ABB Ltd
  • Schneider Electric SE
  • Rockwell Automation, Inc.
  • Bosch Rexroth AG
  • Huawei Technologies Co., Ltd.
  • Emerson Electric Co.
  • Intel Corporation
  • Microsoft Corporation
  • Mitsubishi Electric Corporation
  • SAP SE
  • PTC Inc.
  • Johnson Controls International plc
  • Fujitsu Ltd
  • Accenture plc
  • Hewlett Packard Enterprise (HPE)
  • Hitachi, Ltd.
  • Dell Technologies, Inc.
  • AT&T Inc.
  • Oracle Corporation

Table of Contents
Executive Summary
Market Overview
Key Players
Market Dynamics
Global Industrial Internet of Things Market Segmentation
By Type
By Application
By Technology
By End-User
By Region
Competitive Landscape
Company Profiles
SWOT Analysis
Market Trends
Emerging Technologies
Future Outlook

Industrial Internet of Things Market Segmentation

By Type:

  • Hardware
  • Software
  • Services

By Application:

  • Manufacturing
  • Energy Management
  • Healthcare
  • Transportation
  • Agriculture
  • Others

By Technology:

  • Sensor Nodes
  • Connectivity
  • Data Processing
  • Analytics

By End-User:

  • Manufacturing
  • Healthcare
  • Energy
  • Agriculture
  • Automotive
  • Others

By Geography:

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

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Primary Research


Desk Research


Company Analysis


•       Identify key opinion leaders

•       Questionnaire design

•       In-depth Interviews

•       Coverage across the value chain


•       Company Website

•       Company Annual Reports

•       Paid Databases

•       Financial Reports


•       Market Participants

•       Key Strengths

•       Product Portfolio

•       Mapping as per Value Chain

•       Key focus segment


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These participants include, but are not limited to:

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Secondary Research:

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  • Regional government and statistical databases for macro analysis
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•       Top executives of end-use industries

•       C-level executives of the leading Parenteral Nutrition companies

•       Sales manager and regional sales manager of the Parenteral Nutrition companies

•       Industry Consultants

•       Distributors/Suppliers


•       Annual Reports

•       Presentations

•       Company Websites

•       Press Releases

•       News Articles

•       Government Agencies’ Publications

•       Industry Publications

•       Paid Databases


Analyst Tools and Models:



·         Arriving at
Global Market Size

·         Arriving at
Market Size

·         Market Share
of Key Players

·         Key Market Players

·         Key Market Players

·         Market Share
of Key Players

·         Arriving at
Market Size

·         Arriving at
Global Market Size


Industrial Internet of Things Market Dynamic Factors


  • Growing demand for enhanced operational efficiency in industries.
  • Increasing adoption of smart manufacturing practices.
  • Integration of sensors and connectivity solutions.
  • Rise in the use of data analytics, machine learning, and artificial intelligence in the industrial sector.


  • Concerns over cybersecurity in the IIoT ecosystem.
  • Complexity of securing networks and devices.
  • Potential vulnerability to cyber threats.
  • Need for robust cybersecurity solutions and protocols.


  • Innovation in cybersecurity solutions for IIoT.
  • Emphasis on data analytics and machine learning.
  • Advancements in predictive maintenance technologies.
  • Continuous evolution of IIoT software and applications.


  • Ensuring secure and reliable connectivity.
  • Managing and processing vast amounts of data.
  • Addressing interoperability issues.
  • Overcoming resistance to change in traditional industries.

Frequently Asked Questions

The global Industrial Internet of Things market size was valued at USD 388.4 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 24.9% during the forecast period, reaching a value of USD 1121.3 billion by 2030.

The growth of the IIoT market is primarily driven by the demand for enhanced operational efficiency in industries, the integration of smart manufacturing practices, increased use of sensors and connectivity solutions, and the incorporation of data analytics, machine learning, and artificial intelligence in the industrial sector.

Current trends in the IIoT market include the evolution of cybersecurity solutions, emphasis on data analytics and machine learning, advancements in predictive maintenance technologies, and the continuous innovation in IIoT software and applications. These trends reflect the dynamic nature of the market and its response to emerging technological developments.

North America, Europe, and the Asia Pacific are expected to be key regions dominating the IIoT market. These regions exhibit strong industrial bases, technological innovation, and proactive adoption of IIoT solutions. However, the market's global nature means that various countries worldwide contribute significantly to its growth.

Challenges in the IIoT market include concerns over cybersecurity, the complexity of securing networks and devices, potential vulnerability to cyber threats, and addressing interoperability issues. Opportunities lie in the innovation of cybersecurity solutions, advancements in data analytics and machine learning, the continuous evolution of IIoT software, and addressing resistance to change in traditional industries.
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