The IIoT market is booming as AI, big data analytics, and automation drive industrial process innovation and efficiency.

AUSTIN, TX, UNITED STATES, February 21, 2025 /EINPresswire.com/ -- The Industrial IoT (IIoT) Market size was USD 124.49 Billion in 2023 and is expected to reach USD 499.30 Billion by 2032, growing at a CAGR of 16.74% over the forecast period of 2024-2032.

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Keyplayers:
Siemens (MindSphere, Industrial Edge)
GE Digital (Predix, Proficy)
Honeywell (Sentience, Connected Plant)
Schneider Electric (EcoStruxure, Modicon PLC)
Rockwell Automation (FactoryTalk, Allen-Bradley)
Cisco Systems (IoT Operations Platform, IoT Network Infrastructure)
IBM (Watson IoT, Maximo)
Microsoft (Azure IoT, Dynamics 365)
Bosch (Bosch IoT Suite, Connected Industry)
Intel (Intel IoT Platform, Edge Insights)
Qualcomm (IoT Connectivity Solutions, Snapdragon IoT)
ABB (ABB Ability, Smart Sensor)
PTC (ThingWorx, Vuforia)
Dell Technologies (Edge Gateway, Dell IoT Solutions)
Amazon Web Services (AWS) (AWS IoT Core, AWS Greengrass)
Honeywell (Connected Logistics, Industrial Cybersecurity)
Oracle (Oracle IoT Cloud, Oracle Autonomous Database)
Hitachi Vantara (Lumada IoT, Smart Spaces)
SAP (SAP Leonardo, SAP IoT)
Moxa (IoT Gateways, Moxa Edge Computing Solutions)

By Component, Hardware Dominates the Market, and Services Set for Rapid Growth
In 2023, the Hardware segment dominated the IIoT market with a 46.7% share, driven by the essential role of sensors, actuators, and gateways in enabling real-time data collection and automation across industries like manufacturing, automotive, and logistics. These elements serve as the foundation for IoT ecosystems. The Service segment is expected to attain the highest CAGR during the forecast period, owing to the increasing expenditure by businesses in consulting, system integration, and maintenance services to facilitate IIoT adoption and optimize operations. The growing need for managed services and real-time analytics is also driving this segment’s growth.

By Deployment, On-Premise Dominates IIoT Market, Cloud Solutions Poised for Rapid Growth
In 2023, on-premise IIoT solutions led the market with a 58.2% share, as industries prioritized control, security, and reliability for sensitive data. Manufacturing and healthcare sectors preferred on-premise deployment to reduce risks and avoid any interruption in operation. Nevertheless, cloud-based IIoT solutions are expected to register the highest growth rate CAGR due to their scaling properties, cost-effectiveness, and implementation simplicity. Already seeing rapid adoption of 5G and edge computing, cloud-based platforms present an attractive option for real-time data processing, remote monitoring, and operational efficiency across business domains.

By Connectivity, Wired Connectivity Dominates IIoT Market, Wireless Set for Fastest Growth
In 2023, wired connectivity dominated the IIoT market with a 54.7% share, valued for its reliability and stability in industrial environments. Ethernet and fiber optics enable secure, low-latency data transfer for industries that include manufacturing and energy. Nevertheless, the fastest growth is expected from wireless connectivity facilitated through the implementation of 5G, Wi-Fi 6, and LPWAN technologies. These advancements allow for easy IIoT implementation for remote monitoring, mobile asset tracking, and dynamic industrial use cases, making wireless solutions more appealing for modern, data-driven applications.

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By Industry Vertical, Manufacturing & Automotive Dominate IIoT Market, Healthcare to Grow Fastest
In 2023, the manufacturing and automotive sectors led the IIoT market with a 38.2% share, leveraging IIoT for predictive maintenance, asset tracking, and quality control in smart factories and automated production lines. The industry leverages Industry 4.0 developments for increased efficiency and downtime reduction. Conversely, the healthcare sector is anticipated to witness the fastest CAGR during the forecast timeline, owing to the adoption of IIoT applications for patient monitoring, predictive analytics, & automation. The increasing use of smart medical devices and AI-powered healthcare solutions is translating into the rapid growth of IIoT-led hospital operations.

North America Dominates the IIoT Market, Asia-Pacific Set for Rapid Growth
North America dominated the IIoT market in 2023, accounting for 40.7% of the global share. The region's strong technological infrastructure, high Industry 4.0 adoption, and significant investments in smart factories and automation have contributed to its leadership. Companies such as General Electric (GE) and Caterpillar are leveraging IIoT for predictive maintenance and real-time asset tracking.

The Asia-Pacific region is projected to witness the highest CAGR between 2024 and 2032, driven by rapid industrialization, smart city initiatives, and advancements in robotics and connected devices. China’s "Made in China 2025" program is accelerating IIoT adoption in high-tech manufacturing, while Japanese automakers like Toyota are integrating IIoT for supply chain optimization and precision manufacturing. Indian companies, including Tata Steel, are also leveraging IIoT to enhance plant efficiency and energy management.

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