Press Release

Manufacturing Segment is Expected to Dominate the Global Industrial Internet of Things (IoT) Market

Security and Privacy Concerns and Increased Connectivity are the factors propelling the market growth.


According to TechSci Research report, “Global Industrial Internet of Things (IoT) Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Industrial Internet of Things (IoT) is anticipated to project robust growth in the forecast period with a CAGR of 7.02% through 2028. IoT is the base of digital transformation worldwide, helping to transform many Industrial, industrial, government, and defense applications. Even though IT spending fell in 2022, it is expected to grow in 2023. IoT will drive this IT expenditure with approximately 19% growth in 2023, as mentioned in a report by IoT Analytics. IoT deployment helps overcome labor shortages and could speed up digital transformation initiatives.

Integrating 5G and IoT can promote many sustainability use cases in various industries. 83% of organizations have improved their efficiency by introducing IoT technology. For instance, with IoT applications in Water Industry, the utility company can recognize, monitor, manage, and monetize water distribution effectively in regions impacted by water scarcity. Smart Water solutions.


Browse over xx market data Figures spread through 188 Pages and an in-depth TOC on " Global Industrial Internet of Things (IoT) Market.”


Based on Application, Manufacturing will dominate the market, Amongst the industries, the manufacturing industry holds a major share of investment and market share, with both discrete and process manufacturing intensely investing in IoT adoption. In addition to this, management in the industry is keen on the adoption of IoT; With the advent of Industry 4.0, IIoT is gaining traction in both discrete manufacturing and process manufacturing as IIoT is offering means of optimizing operations, reducing downtime, increasing efficiency, and help make data-driven decisions is increasing the profit margin and reduce cost with short ROIs on the IoT adoption.

In the upcoming years, utilities, discrete manufacturing, process manufacturing, and life sciences sectors will spend the most on IoT solutions. Most use cases are anticipated to continue enhancing asset tracking, asset life, and the ability to enforce physical distance through condition-based equipment tracking and maintenance. The adoption rates from the industry are expected to be higher than any other industry due to the increased propensity of decision-makers to adopt IoT solutions. According to a study by GE, 58% of manufacturers mentioned IoT is required to transform industrial operations digitally.

Based on Region, North America will dominate the market, North America is a pioneer in adopting most technological innovations and advancements, and the adoption of IoT is reshaping various industrial and Industrial sectors throughout the region. The 5G adoption in the region is high, and a total of 108 million 5G connections have been laid by Q3 2022. The autonomous 5G deployments that are underway will drive the market for IoT as a whole.

February 2023 - Canadian-based IoT company, Eleven-x, will help North America municipal parking with the smart parking system that will monitor parking spots and provide real-time data on availability. This will reduce congestion in the area and optimize parking enforcement, further improving urban mobility.

August 2022 - North America’s biggest IOT Pay platform was acquired by GrubMarket. This acquisition will help GrubMarket to use IOT Pay’s technology and payments infrastructure to streamline the food supply chain industry. IOT Pay is also looking forward to rolling out a digital banking solution for small and medium-sized businesses (SMBs).

Key market players in the Global Industrial Internet of Things (IoT) Market are following:

  • AT&T Inc.
  • Microsoft Corporation
  • Sony Corporation
  • Apple Inc.
  • LG Electronics
  • Alphabet Inc.
  • Hewlett Packard Enterprise (HPE)
  • Honeywell International Inc.
  • Cisco Systems Inc.
  • Intel Corporation


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“The Global Industrial Internet of Things (IoT) market is propelled by a myriad of drivers that fuel its growth and adoption. Increased connectivity, with widespread access to high-speed internet and Wi-Fi networks, underpins the expansion of Industrial IoT. Smart home ecosystems are transforming traditional living spaces into tech-savvy environments, offering convenience and energy savings. Moreover, cost reductions in IoT devices have made them more accessible, encouraging a broader range of Industrials to adopt IoT solutions. The ubiquity of smartphones and mobile apps facilitates remote device control, enhancing convenience and accessibility. Security and privacy concerns, while occasionally acting as deterrents, also drive the market as Industrials seek secure and privacy-respecting IoT products. Health and wellness monitoring, energy efficiency, and environmental awareness contribute to the growing adoption of IoT devices. Moreover, voice assistants and AI integration, advancements in technology, and the impact of the COVID-19 pandemic have further accelerated Industrial IoT adoption. These drivers collectively continue to shape the evolving landscape of the Global Industrial IoT market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Industrial Internet of Things (IoT) Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Type (Hardware, Solutions, Services), Application (Manufacturing, Transportation, Oil, and Gas), By Region, By Competition 2018-2028 has evaluated the future growth potential of Global Industrial Internet of Things (IoT) Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Industrial Internet of Things (IoT) Market.



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