Industrial IoT (IIoT) Market Size, Share, Growth Analysis, By Component, Technology(Sensor, RFID, Industrial Robotics, DCS and Other), Connectivity(Wired, Wireless), Software(Visualization Software, SCADA, DMS, Farm Management, Other), Vertical, and 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) includes all the interconnected devices, sensors, machines, and systems operating within the organization. Unlike the consumer-oriented internet of things (IoT), which enhances the daily life activities of an individual, IIoT has industrial applications, aiming to improve operational efficiency, productivity, and safety within the industry. All these devices have the capability to collect, exchange, and analyse data. Hence it helps in seamless communication between various components within the industry, facilitating real-time monitoring, predictive maintenance, and it also helps in data-driven decision-making. By using IIoT for connectivity and data analytics, organizations can optimize processes, reduce downtime, and increase their revenue. 

Industries across the globe are adopting IoT to improve their efficiency. Also, the COVID-19 pandemic has accelerated the adoption of IIoT solutions as industries worldwide are prioritizing remote monitoring and operational resilience. The Industrial IoT market is also experiencing exponential growth due to the increasing adoption of automation, digitalization, and Industry 4.0 initiatives across various sectors such as manufacturing, energy, transportation, and healthcare. This has increased the use of IoT devices in various industries. With the use of smart sensors, cloud computing, and edge computing technologies organizations can capture and analyse vast amounts of data generated by industrial assets, enabling proactive maintenance and predictive insights. However, there are some challenges associated with this, including cybersecurity risks, interoperability issues, and concerns over data privacy. But still the Global IIoT market is growing due to the continuous investment in technology advancement, regulatory compliances and infrastructure.

US Industrial IoT Market is poised to grow at a sustainable CAGR for the next forecast year.