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Industrial Internet of Things (IIoT) Market Set for 7.2% CAGR Surge, Reaching USD 191.6 Billion by 2031 | SkyQuest Technology

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Industrial Internet of Things (IIoT) Market Set for 7.2% CAGR Surge, Reaching USD 191.6 Billion by 2031 | SkyQuest Technology

June 12
09:30 2024
Industrial Internet of Things (IIoT) Market Set for 7.2% CAGR Surge, Reaching USD 191.6 Billion by 2031 | SkyQuest Technology
SkyQuest Technology
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)

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). 

IIoT leverages sensors, machine-to-machine (M2M) communication, big data analytics, and cloud computing to create smart networks of industrial machines and systems. The Internet of Industry (IIoT) represents the combination of physical and technical assets with advanced information technology and analytics. 

Increasing technological investments in developing sectors along with emergence of big data analytics has led to significant growth of the global industrial internet of things market followed by increasing demand from the health sector and the introduction of specific projects in developed sectors.  


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Financial Fortress: Banking on Security in Fintech Arenas   

These technologies enable predictive maintenance, supply chain optimization, and improve overall efficiency in operations, critical for transforming traditional sectors including energy, transportation and healthcare. IIoT uses sensors, machine-to-machine (M2M) communications, big data analytics, and cloud computing to create smart grids of industrial machines and systems. The market spans multiple business verticals, each with distinct competitive dynamics:  

Manufacturing: This segment is the one that largely adopts IIoT solutions, focusing on smart workstations, automation and predictive maintenance. Key players include Siemens, GE Digital and Rockwell Automation.  

Energy and Consumption: IIoT applications in this vertical focus on smart grids, energy consumption, and equipment maintenance prediction.  

Transportation and logistics: This is where IIoT is used for fleet management, real-time monitoring and optimizing logistics operations. Key players include IBM, Cisco and Intel.  


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Vigilant Defenders: Competing to Secure Tomorrow    

The competitive landscape of the market is characterized by a mix of established technology giants and innovative startups. Companies compete based on their ability to provide comprehensive IIoT solutions that integrate hardware, software, and analytics.  

Siemens: Siemens is a leader in the IIoT space with its MindSphere platform, which provides a cloud-based, open IoT operating system. Siemens focuses on intelligent manufacturing and industrial automation.  

Rockwell Automation: Known for its FactoryTalk platform, Rockwell Automation provides end-to-end IIoT solutions that enhance productivity through automation and data analytics.   

IBM: IBM’s Watson IoT platform is flagship, delivering AI-powered insights for industrial applications. IBM is focused on combining AI and IoT to create smart work.  

Cisco: Cisco’s IoT solutions emphasize connectivity and security, providing essential services for IIoT networks. Cisco partners with companies to deliver secure and scalable IIoT services.  Intel: Intel provides the hardware backbone for many IIoT applications, including processors and connectivity solutions.  


Powering Industrial Transformation: Leveraging IIoT Platforms for Efficiency and Innovation 

GE Digital and BP: BP adopted GE Digital’s Predix platform to improve the efficiency of its oil and gas operations.  

Siemens and Volkswagen: Siemens’ Mindsphere was critical to Volkswagen’s transition to smart technology. The platform helped streamline processes and enabled predictive maintenance, reducing downtime and costs.

Rockwell Automation and PTC: Rockwell’s partnership with PTC combines Rockwell’s FactoryTalk with PTC’s ThingWorx, delivering a comprehensive IIoT solution that enhances industrial automation and analytics capabilities.  

IBM and Schaeffler: Schaeffler, a global automotive and technology company, uses IBM’s Watson IoT platform to analyze data from its devices.  



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Convergence of Physical and Digital Realms has Unlocked Unprecedented Opportunities  

The market is a dynamic and rapidly growing industry with tremendous potential to transform technology applications into a variety of high-profile industries. As technology advances and businesses digitize, adoption of IIoT solutions is expected to accelerate. Key players in the market focus on developing comprehensive strategies that integrate communication, data analytics and advanced automation to deliver end-to-end solutions. 


Related Report: 

Internet Of Things (IoT) Market


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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology. 

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.


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