Industrial IoT (IIoT): Global Markets

Report Highlights

The global market for IIoT is estimated to increase from $147.2 billion in 2023 to reach $391.8 billion by 2028, at a compound annual growth rate (CAGR) of 21.6% from 2023 through 2028.

Report Includes

• 47 data tables and 52 additional tables
• An overview of the global markets for the Industrial Internet of Things (IIoT).
• Analyses of global market trends, with historical market revenue data (sales figures) for 2022, estimates for 2023, forecasts for 2024 and 2026, and projections of compound annual growth rates (CAGRs) through 2028.
• An estimate of the actual market size, revenue forecasts, and a corresponding market share analysis based on component/offering type, connectivity technology, deployment type, size of enterprise, industry vertical and region.
• Discussion of the major factors influencing the growth of this market, including opportunities and challenges, emerging technologies and future prospects.
• Analysis of market growth opportunities with a holistic review of the Porter’s Five Forces model, a value chain analysis and case studies.
• Insight into the ESG/sustainability trends related to IIoT, including consumer attitudes, the impact of ESG on company performance and the ESG practices of leading IIoT companies.
• Overview of the emerging technologies and key patents related to IIoT.
• An analysis of the IIoT industry structure and competitive landscape, including company market shares, M&A and the outlook for venture funding.
• Company profiles of major players within the industry, including General Electric, Siemens, Huawei Technologies Co. Ltd., Cisco Systems Inc., and Intel Corp.

Report Scope

This report examines the IIoT industry. Definitive and detailed estimates and forecasts of the global market are provided, followed by a detailed analysis of the offerings, connectivity, deployment, organization size, industry vertical, and regions. The market size includes the markets of software’s, platforms, solutions, and services, as well as hardware. It also focuses on the regulations and government-supported programs impacting this market. Regionally, the focus of the study will be the markets of North America, Europe, Asia-Pacific and the rest of the World (RoW).

The report provides an overview of the global IIoT market and analyzes market trends. Using 2022 as the base year, the report provides estimated market data for the forecast period 2023 through 2028.

Revenue forecasts for this period are segmented into:

• Offerings: hardware; solutions & platforms; and services. Hardware includes network components, sensors & actuators, and other hardware. Solutions & platforms includes remote monitoring and management solutions, data management solutions, device management solutions, network management platforms, and other. Services includes professional and managed services.
• Connectivity: wired and wireless. Wired connectivity includes industrial Ethernet and Foundation Fieldbus. Wireless connectivity includes Wi-Fi, Bluetooth, cellular, and satellite technologies.
• Deployment: on-premise and cloud.
• Organization Size: small & medium enterprises (SMEs) and large enterprises.
• Industry Vertical: manufacturing, energy & utilities, healthcare, automotive, public sector/government, transportation & logistics, agriculture, and other industries.
• Region: North America is segmented into the U.S., Canada, and Mexico; Europe is segmented into the U.K., France, Germany, and Rest of Europe; Asia-Pacific is segmented into China, Japan, India, and Rest of Asia-Pacific; Rest of world is segmented into Middle East, Africa, and South America.

The report also analyzes the market from the manufacturers’ viewpoint and the final consumer's. Several technical issues arising from the utilization of IIoT technologies are discussed, and solutions are indicated. The IIoT market is made up of several IoT components, concentrated firms, and emerging companies with minimal to no market data. There are also a number of smaller companies that compete in the market for IIoT products and services.

Please note that the report does include the costs of hardware components that make up the connected IoT devices and subscription prices of IIoT platforms as well as the revenue generated through solutions and services while estimating the global IIoT market values.

Analyst Credentials

Masaratjahan Kudle – Associate Consultant – Technology Research
Masaratjahan Kudle is a highly skilled market research consultant with six years of experience in the technology domain. She has a strong background in data analysis and is highly skilled in gathering and interpreting market intelligence to drive business growth. Masaratjahan has worked with numerous clients throughout her career, helping them make informed decisions about their market strategies. She holds a Computer Science and Engineering degree.