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In 2023, the Industrial IoT Market was valued at $105.4 billion. It is projected to grow to $408.2 billion by 2031, achieving a compound annual growth rate (CAGR) of 19.3% from 2024 to 2031.
The Internet of Things (IoT) is a groundbreaking technology that connects physical objects to the Internet, allowing them to communicate with each other over a designated network. The number of devices linked to the Internet is expected to surge significantly in the coming years.
According to research, by 2025, the number of connected IoT devices is projected to reach 41.6 billion, producing approximately 80 zettabytes of data. This surge highlights IoT’s potential to capture a substantial share in the information technology market. With its ability to transform traditional manual systems into automated, data-driven solutions, IoT adoption across various industries is expected to grow even more in the coming years.
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The global IoT market is heavily influenced by the widespread adoption of IoT solutions, which are closely linked to technological advancements. The increasing use of cloud-based IoT devices has revolutionized the market, pushing companies to compete in offering innovative solutions to different sectors. Additionally, extensive government initiatives to digitalize industries and businesses are a significant driver behind IoT’s rapid expansion. Factors such as affordable sensors, greater computing power, and enhanced mobile connectivity—especially with the rollout of 5G—are also expected to accelerate the growth of IoT technology.
The global COVID-19 pandemic disrupted many industries, leading to a temporary decline in market growth. However, the healthcare technology sector is expected to experience rapid growth in the coming years due to the advantages IoT-based sensor technologies provide in diagnosing and treating patients. The pandemic has fueled robust investment in IoT across healthcare, insurance, and education sectors. Post-pandemic, the healthcare industry is predicted to further adopt IoT technologies due to the increasing demand for value-based healthcare services and the growing use of smart devices for health monitoring and fitness.
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Currently, China, the U.S., and Western Europe are forecasted to dominate global IoT spending throughout the projected period, influenced by the pandemic’s impact. China, which was severely affected by COVID-19, is expected to recover strongly from 2021 onward, with rising IoT spending. Chinese businesses have recognized the vital role IoT plays in pandemic control and its potential to mitigate market disruptions. As a result, China is anticipated to become a global leader in IoT technology during the forecast period.
While IoT growth in Western markets is expected to remain positive, the Asia-Pacific region still lags in adopting this disruptive technology. However, various initiatives led by technology leaders and local governments aim to promote IoT adoption at both commercial and consumer levels. Projects such as smart cities and digital education platforms are among the efforts to foster IoT usage, especially in the post-COVID-19 era. The rapid digitization of healthcare and education infrastructure, coupled with the availability of IoT devices, is expected to create new opportunities for growth in the global IoT market.
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Industrial IoT Market Research Summary
| Particulars | Details |
| Number of Pages | 430 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR | 19.3% |
| Market Size (Value) | $408.2 Billion by 2031 |
| Segments Covered | By Component
By Industry Vertical
|
| Countries Covered | North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, Poland, Netherlands, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Israel, Rest of Middle East & Africa) |
| Key Companies Profiled | ABB Ltd. (Switzerland), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co, Ltd. (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systèmes (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.) |
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