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Revolutionizing Global Industries: Industrial IoT (IIoT) Drives Markets to $391.8 Billion by 2028 with an Impressive 21.6% CAGR from 2023 through 2028
[May 01, 2024]

Revolutionizing Global Industries: Industrial IoT (IIoT) Drives Markets to $391.8 Billion by 2028 with an Impressive 21.6% CAGR from 2023 through 2028

"Industrial IoT (IIoT): Global Markets" is a report that looks at how businesses worldwide are using smart technology to improve their operations. It's all about connecting devices, sensors, and software to make industries like manufacturing, energy, transportation, healthcare, and agriculture work better. The report tells us how big this market is, how fast it's growing, who the main players are, which industries are benefiting the most, where it's being used around the world, what challenges and opportunities it brings, and what rules are shaping its use globally.

BOSTON, May 1, 2024 /PRNewswire/ -- "According to the latest BCC Research study, the demand for Industrial IoT (IIoT): Global Markets expected to grow from $147.2 billion in 2023 and will reach $391.8 billion by the end of 2028 at a compound annual growth rate (CAGR) of 21.6% from 2023 through 2028"

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This report investigates the IIoT industry and gives us detailed guesses about how big the global market is and where it's heading. It breaks down different aspects like what kinds of products and services are offered, how things are connected, where they're used, and what industries benefit most. It also talks about rules and government support affecting this market. It mainly focuses on North America, Europe, Asia-Pacific, and other regions. The report gives an overview of the global IIoT market and analyzes trends. It uses data from 2022 to make estimates for the period from 2023 to 2028.

Revenue forecasts for this period are segmented into:

1.  Offerings: This includes selling hardware like sensors, software solutions, and services. Solutions cover things like remote monitoring, data management, and device control.

2.  Connectivity: This looks at how things are connected, either with wires like Ethernet or wirelessly with technologies like Wi-Fi and Bluetooth.

3.  Deployment: It talks about where the technology is used, either on-site (on-premise) or in the cloud.

4.  Organization Size: It considers whether the businesses using this technology are small or large.

5.  Industry Vertical: This refers to the types of businesses that benefit from IIoT, like manufacturing, healthcare, or transportation.

6.  Region: It looks at where in the world this technology is being used, such as North America, Europe, Asia-Pacific, or other parts of the world like the Middle East, Africa, and South America.

The report looks at the perspectives of both the companies making IIoT technology and the people who use it. It discusses technical problems that might come up with using IIoT and suggests solutions. The IIoT market has lots of different parts, including big companies, smaller ones, and some new ones without much data. It also mentions the costs of hardware and subscription fees for IIoT platforms, along with the money made from selling solutions and services when estimating the overall value of the global IIoT market.

To explore more insights and details about the Industrial IoT (IIoT): Global Markets, click here to gain a deeper understanding of its complexities.

Industrial IoT (IIoT): Global Markets is driven by factors such as:

1.  Rising Growth of Internet of Things (IoT) Technology and IoT Devices.: simply means that more and more everyday objects are getting connected to the internet, allowing them to communicate with each other and with us. This trend is making our lives easier and more convenient, and it's happening at a faster rate than ever before.

2.  Adoption of Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) in Manufacturing Sector.: means that factories are using smart technology to make things more efficiently. This includes machines that can learn from data (ML), systems that think and make decisions like humans (AI), and devices that connect and communicate with each other (IoT). These technologies help manufacturers produce better quality products, reduce costs, and operate more smoothly.

3.  Standardization of Internet Protocol Version 6 (IPv6): means that there's a globally agreed-upon set of rules for how devices communicate and identify themselves on the internet. It's like everyone speaking the same language, which allows more devices to connect to the internet and ensures it keeps working smoothly as it grows.

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Report Synopsis        

Report Metrics


Base year considered


Forecast Period considered


Base year market size

$124.7 billion

Market Size Forecast

$391.8 billion

Growth Rate

CAGR of 21.6% for the forecast period of 2023-2028

Segment Covered

By Offerings, By Connectivity, By Deployment, By Organisation Size, By Industry Vertical

Regions covered

North America, Europe, Asia-Pacific, Rest of the World (RoW)

Countries covered           

U.S., Canada, Mexico, Germany, France, U.K., Rest of Europe, Poland, Spain, Italy, Netherlands, Turkey, China, India, Japan, South Korea, Thailand, Singapore, Vietnam, South America, Middle East, and Africa

Key Market Drivers

•  Rising Growth of Internet of Things (IoT) Technology and IoT Devices

•  Adoption of Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) in Manufacturing Sector

•  Standardization of Internet Protocol Version 6 (IPv6)

This report on industrial IoT (IIoT): global markets provide comprehensive insights and analysis, addressing the following key questions:

  • What is the projected market size and growth rate of the IIoT market?
    • Global market for IIoT was valued at $124.7 billion in 2022 and will reach $391.8 billion by 2028, growing at a CAGR of 21.6% from 2023 to 2028.
  • What are the key factors driving the growth of the global IIoT market?
    • The key factors driving the growth of the IIoT market include rising growth of internet of things (IoT) and IoT devices, adoption of AI, ML, IoT in manufacturing sector, and standardization of Internet Protocol Version 6 (IPv6)
  • By industry vertical, which segment will dominate the market by the end of 2028?
    • By the end of 2028, the manufacturing segment will continue to dominate the global IIoT market owing to the rising adoption of IoT devices, demand for predictive maintenance and smart manufacturing, and supply chain optimization. With an important role in the convergence of information technology (IT) and operational technology (OT), the IIoT opens plenty of opportunities in automation, optimization, and intelligent manufacturing. In addition, IIoT enables Industry 4.0 which will drive the growth of manufacturing segment in forecast period.
  • Which region has the highest market share in the global IIoT market?
    • Asia-Pacific holds the highest market share in the global IIoT market. Asian countries, particularly countries like China, Japan, and South Korea, is a global manufacturing hub. The region's strong focus on manufacturing industries has driven the adoption of IIoT to enhance operational efficiency, optimize supply chains, and improve overall productivity. Moreover, the region is experiencing ongoing industrialization and the expansion of various industry sectors which is contributing to the growth of the IIoT market in the Asia-Pacific.
  • Who are the key companies/players in the global IIoT market?
    • The key companies/players in the global IIoT market include GE, Siemens, Huawei, Cisco, Intel, and others.

Some of the Key Market Players Are:

  • ABB
  • PTC
  • SAP

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