Industrial Internet Of Things (IIoT) Market Size, Share, Growth Analysis, By Component(Hardware, Platform, Solution, and Services), By Technology(Sensor, Radio Frequency Identification (RFID), Industrial Robotics, Distributed Control System and Other), By Connectivity Technology(Wired Technology and Wireless Technology), By Software(Visualization Software, SCADA, Distribution Management System, Farm Management Systems and Other), By Vertical(Manufacturing, Energy, Oil & Gas, HealthCare), By Region - Industry Forecast 2024-2031

Global Industrial Internet of Things (IIoT) Market was valued at USD 102.48 Billion in 2022 and is expected to rise from USD 109.86 Billion in 2023 to reach a value of USD 191.6 Billion by 2031, at a CAGR of 7.2% during the forecast period (2024-2031).

The Industrial Internet of Things (IIoT) industry's leading players tries to develop in this area so they can offer a similar or higher level of competence in the service sector and increase their market share. To expand their product portfolios and market reach, players in the Industrial Internet of Things (IIoT) market are concentrating on inorganic growth tactics including strategic alliances and merger & acquisition activities with tech partners. For instance, Ivanti purchased an IIoT platform from WIIO Group in August 2021. Supply chain companies will benefit from this acquisition as they develop no-code or low-code apps. With a unique IIoT platform that boosts operational effectiveness and provides application enablement, Ivanti is concentrating on adding value. The corporation is also concentrating on enhancing parcel transportation tracking, which will aid in certifying operational decision-making effectiveness. 'General Electric Company', 'Intel Corporation', 'Cisco Systems, Inc.', 'IBM Corporation', 'Siemens AG', 'Microsoft Corporation', 'Honeywell International Inc.', 'Schneider Electric SE', 'ABB Ltd.', 'Rockwell Automation, Inc.', 'Bosch Rexroth AG', 'Mitsubishi Electric Corporation', 'Accenture PLC', 'Huawei Technologies Co. Ltd.', 'AT&T Inc.', 'SAP SE', 'Amazon Web Services, Inc.', 'Oracle Corporation', 'Fujitsu Ltd.', 'Hitachi, Ltd.'

With the advent of Internet Protocol version 6 (IPv6), the industrial internet of things (IIoT) business has grown because of the exponential global growth of internet-connected devices. The IP version 4 (IPv4) protocol was unable to handle the exponential increase in the number of linked items. IPv6 provides 128-bit addresses, compared to the 32-bit addresses of IPv4. This allows for the unique identification of a significantly larger number of IoT devices. Furthermore, it is predicted that the implementation of IPv6 would result in a sharp rise in global demand for the industrial internet of things technology. This protocol allows for an open architecture and is the most efficient for the internet of things (IoT). 

Manufacturing is one of the sectors with a significant market share and investment, with both discrete and process manufacturing investing heavily in IoT adoption. The decision-makers in the manufacturing sector supported adoption, with the main use cases being industrial automation, quality & compliance, production planning & scheduling, supply chain and logistics, and plant safety & security. With the introduction of Industry 4.0, IIoT is becoming more popular in discrete manufacturing as well as process manufacturing because it provides ways to optimize operations, decrease downtime, increase efficiency, and assist in making data-driven decisions, which increases profit margins and lowers costs with quick returns on IoT adoption. Due to the growing tendency of decision-makers to use IoT solutions, the industry adoption rates are expected to be on the higher side when compared to any other industries.

North America dominated the global IIoT market in 2023 with a revenue share of over 33%. North America is home to several seasoned market players. The area also embraced the IIoT early and has developed into a hub for innovation. As a consequence of federal initiatives to encourage the adoption of IIoT solutions throughout the nation, Canada has also experienced great growth.