Industrial IoT Market Analysis

Component (Solution, Hardware, Services, Platform)

Based on component, the solution segment is poised to account for industrial IoT market share of more than 56.1% by the end of 2037. Solutions offer integrated platforms that combine hardware, software, and analytics to deliver end-to-end functionality. It further encompasses predictive maintenance systems, digital twins, and real-time monitoring platforms that optimize industrial processes. Moreover, the increasing focus on interoperability and seamless connectivity has made solutions more attractive, as they provide comprehensive frameworks for managing IoT ecosystems. For instance, in April 2024, ABB, Capgemini, Microsoft, Rockwell Automation, Schneider Electric, and Siemens announced a collaboration for a new initiative to deliver interoperability for Industrial IoT ecosystems.

End use (Manufacturing, Metal & Mining, Smart Grids, Energy & Power)

Based on end use, the manufacturing segment is projected to register considerable growth in the industrial IoT market by 2037. The segment’s early adoption of advanced technologies such as smart factories and industry 4.0, supported by government initiatives ensures that manufacturing remains at the forefront of IIoT innovation. In June 2023, ABB Measurement & Analytics China Technology Center and E Surfing IoT announced a collaboration to unveil a joint digitalization and industrial IoT lab. It is intended to support manufacturing industries with end-to-end industrial IoT solutions that help with real-time, data-driven decisions for safer, smarter, and more sustainable operations.

Our in-depth analysis of the market includes the following segments:

Component	Hardware Solution Remote Monitoring Data Management Analytics Security Solutions Others Services Professional Managed Platform Connectivity Management Application Management Device Management
End Use	Aviation Metal & Mining Chemical Manufacturing Energy & Power Smart Grids Oil & Gas Healthcare Logistics & Transport Intelligent Signaling System Video Analytics Incident Detection System Route Scheduling Guidance System Agriculture Precision Farming Livestock Monitoring Smart Greenhouses Fish Farming Retail Point of Sales Interactive Kiosks Self-Checkout Systems Others
Software	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
Connectivity Technology	Wired Technology Ethernet Modbus Profinet CC-Link Foundation Fieldbus Wireless Technology Wi-Fi Bluetooth Cellular Technologies 4G/LTE 5G Satellite Technologies
Device and Technology	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

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of the industrial IoT market was over USD 487.7 billion.

The market size for the industrial IoT market is projected to reach USD 6260.2 billion by the end of 2037 expanding at a CAGR of 23.5% during the forecast period i.e., between 2025-2037.

The major players in the market are Honeywell International Inc., International Business Machines (IBM) Corporation, Microsoft Corporation, Rockwell Automation, Inc., and others.

In terms of component segment, the solution segment is anticipated to garner the largest market share by 2037 and display lucrative growth opportunities during 2025-2037.

The market in North America is projected to hold the largest market share of 36.7% by the end of 2037 and provide more business opportunities in the future.

Industrial IoT Market Analysis