Industrial IoT Market Share

North America Market Analysis

North America in industrial IoT market is expected to capture around 36.7% revenue share by the end of 2037. Industries such as manufacturing, oil and gas, and automotive leverage industrial IoT for efficiency, predictive maintenance, and sustainability. An established industrial base and significant investments in innovation also drive the market significantly. In February 2022, Lantronix Inc. launched its application-specific industrial IoT solutions to address concerns in Industry 4.0, Security, and Transport markets with its G520 Series Smart cellular IoT devices and services.

U.S. dominates the North America industrial IoT market owing to early adoption of cutting-edge technologies. Industries such as aerospace, automotive, and manufacturing utilize industrial IoT for real-time monitoring, automation, and operational optimization. Additionally, the strong presence of global technology leaders and an innovation-driven economy make the U.S. a hub for IIoT advancements.

Canada industrial IoT market is growing steadily with several collaborative approaches, including public-private partnerships, ensuring a robust IIoT adoption across key sectors. Government programs, including the Innovation Superclusters program, draw funding and foster collaboration to boost industries' digital transformation. As per Budget 2022,  USD 750 million was earmarked for Canada's Global Innovation Clusters, for over five years. So far, the local government has invested USD 2 billion in the Global Innovation Clusters to strengthen their ecosystems and position Canada for global markets.

APAC Market Statistics

APAC industrial IoT market is anticipated to grow at the fastest rate during the forecast period. The market is majorly driven by rapid industrialization, urbanization, and digital transformation. Governments in the region actively promote initiatives such as smart factories and digital economies, further accelerating IIoT adoption. In March 2024, Rockwell Automation announced the launch of the Customer Experience Centre (CEC) in Singapore, intending to help the region’s manufacturing, mining, and heavy industry sectors embrace digital transformation. 

China is a leader in the industrial IoT market supported by the Made in China 2025 initiative which emphasizes smart manufacturing and technological self-reliance. The country’s manufacturing dominance and robust investments in AI, robotics, and 5G connectivity drive the adoption of IIoT across industries. As a global hub for innovation and manufacturing, the country’s market continues to expand rapidly, shaping the region’s technological landscape.

India industrial IoT market is gaining momentum, fueled by the government’s Digital India, and Make in India initiatives. Rising investments in smart factories and automation, coupled with the deployment of 5G, are key growth drivers. Additionally, the push for sustainability and energy efficiency is prompting industries to adopt industrial IoT technologies, making India a rapidly emerging player in the global market.