Industrial IoT Market Size (IIoT)

Industrial IoT Market Size

About Industrial Internet of Things

The Industrial IoT Market (IIoT or Industrial Internet of Things) incorporates the use of smart sensors to enhance manufacturing and industrial processes. While the term is is more recent, sensors have been used in manufacturing, utilities, and other industrial applications for decades. Also known as Industry 4.0, Industrial IoT leverages the power of smart machines and real-time analytics to take advantage of the data that machines produce in industrial settings. IIoT encompasses industrial applications, including manufacturing, supply chain, robotics, medical devices, and software-defined production processes. The market consists of large traditional players that are increasingly creating IoT enabled equipment and a long tail of niche and emerging companies across software and hardware IIoT products.

The Global Industrial IoT Market Size, 2017-2023

Industrial IoT Market Size

The Industrial IoT Market Size was $87B in 2019 and is forecast to grow at an average of 37% until 2023. In 2023, the Industrial IoT Market Size is estimated to reach $310B.

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Top Industrial IoT Market Platform Vendors
Industrial IoT Market

The Gartner Magic Quadrant for IIoT Platform shows the key Industrial IoT Market platform vendors. PTC, Software AG, and Hitachi are ranked as ‘visionaries’ in this vendor assessment due to their perceived completeness of Industrial IoT strategies, however their ability to execute will be tested as their platforms and the market mature. The rest of the vendors are expected to be more ‘niche’ players targeting specific Industrial segment or application categories. To read more about this and other Industrial IoT Market trends, Industrial IoT Market Share, and IIoT Market Size, please visit T4's Market Research Platform here.

Industrial IoT Market Size and Growth Drivers

The Industrial IoT market size accelerated in 2019 as more and more industrial manufacturers prioritize digital transformations into IoT data-driven companies. The largest component of IIoT is manufacturing and the evolving application of IoT for predictive maintenance and asset management in the industrial and commercial markets will continue to be growth catalysts for the market through. Increasing adoption of cloud computing in the industrial sector, growth in IoT and heavy automation and industrialization are also driving the demand for Industrial IoT platforms and services.

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Do Research Firms Agree on Industrial IoT Market Share, Industrial IoT Market Size, and Growth?

The Industrial IoT market is not well defined with each research firm providing a different scope of what constitutes the market for this technology. There is intense disagreement about Industrial IoT Market Share and Industrial IoT Market Size, although research firms generally agree there is an explosion in IIoT growth. Some firms estimate the market for IIoT platforms alone and some include the hardware and services revenues as well. It can be difficult to distinguish traditional Industrial equipment from its IoT-enabled components. The Industrial IoT market consists of many traditional players whose traditional products have IoT components, as well as a long tail of niche and emerging players for whom there is little to no market data. For more in-depth, research T4 recommends exploring all available sources. T4 has aggregated and organized the data from these sources on the T4 Industry Research Platform. See each source’s view of the Industrial IoT market size and Industrial IoT market share on the T4 Platform.

What Additional Industrial IoT Market Data Does T4 Have?

T4 comprehensively aggregated hundreds of reports from more than dozens of publishers covering statistics and trends in the Industrial IoT Market. This includes Industrial IoT Market Share, Industrial IoT Market Size by device, technology, application area, and region, as well as many more additional statistics. The Industrial Internet of Things Industry falls under T4's Internet of Things (IoT) industry coverage. Industries related to IIoT in the T4 taxonomy include Internet of Medical Things (IoMT), IoT Industrial and Commercial Electronics, Smart City, and Smart Home, Smart Utilities, IoT Infrastructure, and IoT Services. You can find reports covering these industries on T4’s Platform.

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