Industrial IoT Market Size

Industrial IoT Market size was over USD 487.7 billion in 2024 and is estimated to reach USD 6260.2 billion by the end of 2037, expanding at a CAGR of 23.5% during the forecast timeline, i.e., 2025-2037. In 2025, the industry size of industrial IoT is evaluated at USD 603.2 billion. Key factors fueling this expansion include advancements in technologies such as 5G, AI, edge computing, and digital twins, which enable real-time data analysis.

For instance, in February 2024, Digi International Inc. launched Digi IX40, a 5G edge computing industrial IoT cellular router solution. Digi IX40 is purpose-built for Industry 4.0 use cases such as advanced robotics, predictive maintenance, and asset monitoring. The growth of autonomous systems and robotics also drives adoption, addressing labor shortages and increasing operational accuracy. Increasing investments in IoT-enabled cybersecurity solutions help mitigate risks, build trust, and accelerate industrial IoT market growth.

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 Size