Industrial IoT Market: Current Analysis and Forecast (2022-2028)


Emphasis on components (Hardware, Solution, and Service); Connectivity (Wired and Non-Wired); End-users (Manufacturing, Energy & Power, Healthcare, Agriculture, and Other); and Region/Country







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Report Description
Table of content
Research Methodology

Report Description

Industrial IoT Market
Industrial IoT Market

The global Industrial IoT Market is expected to grow at a significant rate of around 7% during the forecast period. Industrial IoT is defined as the use of actuators and smart sensors to enhance manufacturing and production along with the improvement in the industrial process. Additionally, industrial IoT is often called as industry 4.0 or industrial internet and uses the power of real-time analytics and smart machine to provide effective and required results. In recent times, IoT in the industrial sector has seen significant growth owing to its ability to find the inefficiency and problems at an early stage and provide several benefits such as cost and time saving as well as provide control over quality and sustainable practices. In an industrial setting, IoT is connected with the devices that collect, monitor, analyze, and exchange of data. The connected devices are able to capture, sense, and store the information and could analyze the effective output from the raw data.

Oracle Corporation, IBM Corporation, Cisco System Inc., Microsoft Corporation, Rockwell Automation Inc., Energyworx BV, HCL Technologies Limited, Honeywell International Inc., ABB Ltd., and Siemens AG are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst component, Solution category to witness higher CAGR during the forecast period”

Based on components, the market is segmented into hardware, solution, and services. The solution segment is expected to witness significant market growth during the forecast period on the account of increasing overall equipment effectiveness, improve efficiency, and cost reduction through better access to the data from real-time solutions are supporting the growth of the solution segment. Also, the production process planning, optimization by the data collection, real-time monitoring, and sensor-generated data analysis are propelling the growth of the solution segment. Furthermore, the applicability of the solution segment in several industry verticals makes it more demanding than the other. For instance, the solution segment could be used in smart factories, asset monitoring, inventory management, machine maintenance, and predictive maintenance among others.

“Amongst connectivity, the 4WD to hold a significant share in the market in 2020”

Based on connectivity, the market is segmented into the wired and non-wired segments. The non-wired segment is expected to witness significant market growth during the forecast period owing to its cost-effectiveness and less complex nature. Additionally, the wireless segment provides the additional advantage of the work done through the remote location along with the increased production and safety of the individual and organization. The integration of the 5G technology and technological advancement supported the growth of the wireless industrial IoT. For instance, Cisco developed the cisco catalyst IW9167 wireless series that provides the connectivity for the state-of-the-art hardware and is able to operate under critical applications.

“Asia-Pacific to hold a significant share in the market”

In 2020, Asia-Pacific held a significant share of the global industrial IoT market. This is mainly due to the growing number of industries and better connectivity networks in the region. Additionally, the increasing population along with increasing research & development expenditure with the increasing number of local and international IT companies in the region are expected to support the industrial IoT market in the region. Also, the growing investment and increasing number of various industry verticals such as healthcare, manufacturing, and grid formation are creating the demand for industrial IoT in the region. Furthermore, the government takes several measures in the region to support industry 4.0. For instance, in India, the government’s industry 4.0 vision rests on four major principles including information transparency, interconnection, decentralized decision making, and technical assistance.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
  • The report presents a quick review of overall industry performance at one glance.
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
  • The study comprehensively covers the market across different segments.
  • Deep dive regional level analysis of the industry.


Customization Options:

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1.1.Market Definitions
1.2.Main Objective


2.1.Research Process of the Industrial IoTMarket
2.2.Research Methodology of the Industrial IoT Market
2.3.Respondent Profile   












9.2.Energy & Power 


 10.1.3.Rest of North America
 10.2.6.Rest of Europe 
 10.3.4Rest of Asia Pacific 


11.1Market Drivers 
11.2Market Challenges
11.3Impact Analysis






14.1Demand Side Analysis
14.2Supply Side Analysis


16.1.Competitive Landscape
 16.1.1Porter’s Five forces analysis
17.1.Oracle Corporation 
17.2.IBM Corporation 
17.3.Cisco System Inc. 
17.4.Microsoft Corporation
17.5.Rockwell Automation Inc. 
17.6.Energyworx BV 
17.7.HCL Technologies Limited
17.8.Honeywell International Inc.
17.9.ABB Ltd.  
17.10.Siemens AG 

Research Methodology

Research Methodology for the Industrial IoT Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global industrial IoT market were the three major steps undertaken to create and analyze the adoption of industrial IoT in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global industrial IoT market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the industrial IoT market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the industrial IoT market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as components, end-users, and connectivity. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Industrial IoT market. Further, we conducted factor analysis using dependent and independent variables such as various components, end-users, and connectivity of industrial IoT. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the industrial IoT market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global industrial IoT market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of revenue (USD) and the adoption rate of the industrial IoT market across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the global industrial IoT market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market


Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Industrial IoT Market
Industrial IoT Market

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global industrial IoT market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of components, end-users, and connectivity in the global industrial IoT market.

The main objective of the Global Industrial IoT Market Study

The current & future market trends of the global industrial IoT market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of the industrial IoT market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of components, end-users, and connectivity.
  • Define and analysis of the regulatory framework for the industrial IoT
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
  • Analyze the current and forecast market size of the industrial IoT market for the major region.
  • Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
  • Company profiles of the industrial IoT market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry


You can also purchase parts of this report. Do you want to check out a section wise
price list?