Industrial IoT Market Size Worth $2,580.89 Billion By 2032 | CAGR: 23.5%

The global industrial IoT market size is expected to reach USD 2,580.89 billion by 2032, according to a new study by Polaris Market Research. The report “Industrial IoT Market Share, Size, Trends, Industry Analysis Report, By Deployment (On-premises and Cloud); By Component; By End-use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The industrial Internet of Things (IIoT) market is experiencing remarkable growth driven by several factors. First, the availability of affordable processors and sensors that provide real-time access to information, combined with technological advancements, is expanding the market. This enables industries to enhance operational efficiency and foster collaboration among stakeholders, further fueling growth. Additionally, the convergence of digital and human workforces presents significant opportunities, as the integration of their strengths boosts productivity and innovation.

The advantages offered by IIoT solutions, such as automated quality assurance monitoring, improved power efficiency, increased productivity, and enhanced operational efficiency in the manufacturing industry, attract industries to adopt these technologies. Cost reduction, worker safety, and increased throughput are additional benefits that drive market expansion. Moreover, the growing adoption of IoT in various sectors, supported by advancements in wireless network technologies and the development of smart cities and transportation systems, further drives the demand for IIoT solutions.

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Integrating sophisticated analytics and technologies like Machine Learning (ML) and Artificial Intelligence (AI) empowers organizations to provide prescriptive and predictive analytical solutions. ML and AI enable continuous learning processes, making them valuable tools in the IIoT market and driving its growth. Lastly, the adoption of edge computing, which enables independent analysis and data management for IoT devices, ensures low latency and quick response times. This enhances decision-making and overall operational efficiency, contributing to the market's expansion.

Industrial IoT Market Report Highlights

• The solution segment had the largest market share in 2022 and is expected to maintain its dominance through innovative sector-specific information systems.
• The manufacturing segment had the largest market share in 2022 and is expected to lead due to the adoption of IIoT, Industry 4.0, and digital manufacturing technologies, driving operational optimization and cost reduction.
• North America's early adoption of industrial IoT technology, strong government support, and advanced technology usage will drive its continued market dominance.
• The global key market players include ABB, Atmel Corporation, ARM Holding Plc, Cisco Systems, Inc., International Business Machines Corporation (IBM), General Electric Company (GE), Intel Corporation, Siemens AG, Microsoft Corporation, Rockwell Automation, Inc.

Polaris Market Research has segmented the Industrial IoT market report based on deployment, component, end-use, and region:

Industrial IoT, Deployment Outlook (Revenue - USD Billion, 2019 - 2032)

• Observational Trials
• Interventional Trials
• Expanded Access Trials

Industrial IoT, Component Outlook (Revenue - USD Billion, 2019 - 2032)

• Services
  • Managed
  • Professional
• Solution
  • Data Management
  • Security Solutions
  • Remote Monitoring
  • Analytics
  • Others
• Platform
  • Application management
  • Device Management
  • Connectivity Management

Industrial IoT, End-use Outlook (Revenue - USD Billion, 2019 - 2032)

• Chemical
• Metal & Mining
• Oil & Gas
• Energy & Power
• Manufacturing
• Healthcare
• Agriculture
• Logistics & Transport
• Others

Industrial IoT, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Industrial IoT Market Report Scope