Industrial Internet of Things (IIoT) Market Size Worth USD 3,179.26 Billion by 2034 | CAGR: 23.5%
The Industrial IoT market size is expected to reach USD 3,179.26 billion by 2034, according to a new study by Polaris Market Research. The report “Industrial Internet of Things (IIoT) Market Share, Size, Trends, Industry Analysis Report: By Deployment (On-Premises and Cloud), Component, End Use, Software, Connectivity Technology, Device and Technology, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Edge computing is a major IIoT market trend as it enables the processing and analysis of data closer to the source, reducing latency and bandwidth usage. This decentralization of computing power enhances real-time decision-making and operational efficiency, as devices can process data locally instead of relying solely on cloud infrastructure. Edge computing also supports applications in environments where connectivity to centralized data centers is limited or intermittent, further driving the adoption of IIoT in remote and industrial settings.
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Robust cybersecurity has become a critical trend as the number of connected devices in the IIoT market ecosystem grows. The increased integration of IIoT devices across industries makes them vulnerable to cyberattacks, which can lead to operational disruptions, data breaches, and safety concerns. Cybersecurity advancements, including encryption, authentication protocols, and threat detection systems, are essential to safeguard sensitive data and maintain the integrity of IIoT systems. These advancements are becoming increasingly important as industries focus on securing their IIoT networks against evolving cyber threats.
Industrial Internet of Things Market Report Highlights
- In terms of component, the solution segment dominated the Industrial IoT market share in 2024, reflecting the growing demand for integrated solutions that combine hardware, software, and analytics.
- By end use, the logistics and transport segment is projected to experience the fastest growth during the forecast period due to the rising demand for real-time tracking, fleet management, and route optimization.
- In 2024, Asia Pacific led the IIoT market revenue share, driven by rapid industrialization, urbanization, and the widespread adoption of advanced technologies across key sectors.
- The North America IIoT market is anticipated to witness the fastest growth during the forecast period, supported by advancements in industrial automation, increased use of AI and machine learning, and a strong focus on digital transformation.
- A few global key market players include ABB; Microchip Technology Inc.; Arm Limited; Cisco Systems, Inc.; IBM; GE Vernova; Intel Corporation; Siemens; Microsoft; and Rockwell Automation.
Polaris Market Research has segmented the industrial Internet of Things (IIoT) market report on the basis of deployment, component, end use, software, connectivity technology, device and technology, and region:
By Deployment Outlook (Revenue, USD Billion, 2020–2034)
- On-Premises
- Cloud
By Component Outlook (Revenue, USD Billion, 2020–2034)
- Services
- Managed
- Professional
- Solution
- Data Management
- Security Solutions
- Remote Monitoring
- Analytics
- Others
- Platform
- Application Management
- Device Management
- Connectivity Management
By End Use Outlook (Revenue, USD Billion, 2020–2034)
- Chemical
- Metal & Mining
- Oil & Gas
- Energy & Power
- Manufacturing
- Healthcare
- Agriculture
- Logistics & Transport
- Others
By Software Outlook (Revenue, USD Billion, 2020–2034)
- Product Lifecycle Management
- Manufacturing Execution Systems
- SCADA
- Outage Management Systems
- Distribution Management Systems
- Remote Patent Monitoring
- Retail Management Software
- Visualization Software
- Transit Management Systems
- Farm Management Systems
By Connectivity Technology Outlook (Revenue, USD Billion, 2020–2034)
- Wired
- Ethernet
- Foundation Fieldbus (FF)
- Wireless Technologies
- Wi-Fi
- Bluetooth
- Cellular Technologies
- Satellite Technologies
By Device and Technology Outlook (Revenue, USD Billion, 2020–2034)
- Sensors
- Radio Frequency Identification (RFID)
- Industrial Robotics
- Distributed Control Systems
- Condition Monitoring
- Smart Meters
- Electronic Shelf Labels
- Cameras
- Smart Beacons
- Interface Boards
- Yield Monitors
- Guidance & Steering
- GPS/GNSS
- Flow & Application Control Devices
- Networking Technology
By Regional Outlook (Revenue, USD Billion, 2020–2034)
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Vietnam
- Australia
- Rest of Asia Pacific
- Latin America
- Argentina
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
- Rest of Middle East & Africa
Industrial Internet of Things (IIoT) Market Report Scope
|
Report Attributes |
Details |
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Market Size Value in 2024 |
USD 386.11 billion |
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Market Size Value in 2025 |
USD 475.18 billion |
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Revenue Forecast by 2034 |
USD 3,179.26 billion |
|
CAGR |
23.5% from 2025 to 2034 |
|
Base Year |
2024 |
|
Historical Data |
2020–2023 |
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Forecast Period |
2025–2034 |
|
Quantitative Units |
Revenue in USD billion and CAGR from 2025 to 2034 |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
|
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Regional Scope |
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Competitive Landscape |
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Report Format |
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