Posted October 2, 2023 by roshanikale

Industrial IoT Market by Component (Hardware, Platform, Services, and Connectivity), Industry Verticals (Agriculture, Manufacturing, Energy & Utility, Oil & Gas, Aerospace, Retail, and Others) and Geography—Global Forecasts to 2029

The Industrial Internet of Things (IIoT) Market is poised to attain a valuation of $276.79 billion by 2029, demonstrating a robust Compound Annual Growth Rate (CAGR) of 16% throughout the forecast period spanning from 2022 to 2029. IIoT has experienced rapid adoption across diverse industry verticals, including manufacturing, logistics, oil & gas, transportation, energy/utilities, mining and metals, aviation, and various other industrial sectors. This transformative technology offers extensive prospects for integrating automation, optimization, intelligent manufacturing, smart industry practices, asset performance management, maintenance, and industrial control applications within organizational frameworks. Additionally, it is propelling organizations towards the adoption of on-demand service models, fostering innovative customer service approaches, and establishing novel revenue models to accomplish the ultimate objective of achieving a mature state of industrial digital transformation. The growth of the IIoT market is primarily fueled by the increasing utilization of cloud computing platforms, consistent advancements in semiconductor and electronic devices, and broad government support for IIoT-related research and development initiatives. Furthermore, the growing adoption of IIoT for predictive maintenance and the proliferation of data centers are anticipated to present significant growth opportunities for industrial IoT providers in the foreseeable future.

Here are the top 10 companies operating in the Industrial IoT Market

IBM Corporation

IBM operates through five primary segments: cognitive solutions, technology services & cloud platforms, global business services, systems, and global financing. The company engages in the manufacturing and distribution of hardware and software, while also offering a wide array of hosting and consulting services spanning from mainframe processors to cutting-edge nanotechnology domains. IBM boasts a comprehensive and expansive portfolio of products and services, encompassing fields such as artificial intelligence, IoT, cloud computing, security, and more.

Recognized as the world's foremost leader in enterprise AI and the largest cybersecurity enterprise, IBM extends its services to enterprises of all scales and holds a prominent presence across diverse industries, including financial services, manufacturing, and retail. Among its notable subsidiaries are Red Hat Software, Aspera, Trusteer, FileNet, and Kenexa. IBM plays a pivotal role in assisting its clients in the transformation of their businesses, fostering novel approaches to engage both clients and employees in innovative ways.

Microsoft Corporation

Microsoft Corporation, a multinational technology firm co-founded by Paul Allen and Bill Gates, held the 30th position in the 2018 Fortune 500 companies list. Microsoft is renowned for its extensive range of software products, including Internet Explorer, Microsoft Windows OS, Microsoft Office Suite, and Edge web browsers. The company's prominent hardware offerings encompass the Microsoft Surface series of touchscreen computers and Xbox video game consoles.

Microsoft specializes in a diverse array of technological domains, including cloud computing, quantum computing, business software, IT professional solutions and services, developer tools, educational software, search engines, advertising, the Windows operating system, Windows applications and platforms, smartphones, the future of work, productivity tools, artificial intelligence, machine learning, laptops, and virtual reality.

With a network of subsidiaries and a robust distribution infrastructure, Microsoft maintains a global presence spanning North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Notable subsidiaries of Microsoft include Double Fine Productions, GitHub, Semantic Machines, Mojang, Skype, and LinkedIn Corporation.

Intel Corporation

Intel Corporation is a company dedicated to the design and manufacture of products and technologies, including cloud-related solutions. It operates within the market through six distinct segments: the Client Computing Group (CCG), Data Center Group (DCG), Internet of Things Group (IOTG), Non-Volatile Memory Solutions Group (NSG), Intel Security Group (ECG), Programmable Solutions Group (PSG), and All Other and New Technology Group (NTG).

With an extensive network of subsidiaries and a robust distribution infrastructure, Intel Corporation has established its presence in various regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Some of the prominent subsidiaries of Intel Corporation include Altera, Mobileye, Nervana Systems, Wind River, eASIC Corporation, and many others.

Cisco Systems Inc.

The company operates across diverse sectors including Energy, Education, Financial Services, Government, Healthcare, Manufacturing, Retail, Sports and Entertainment, Cities and Communities, and Transportation. It offers a comprehensive range of products and services organized into various segments, including Networking, Internet of Things (IoT), Mobility & Wireless, Security, Collaboration, Data Center, and Cloud. Within the IoT segment, the company provides a variety of products and services categorized into areas such as IoT Networking, IoT Gateways, Extended Enterprise, IoT Operations Management, IoT Data Management, and IoT Security.

Leveraging its subsidiaries and a robust distribution network, the company has established its presence across multiple regions, encompassing North America, Europe, Asia-Pacific, and the Middle East & Africa. Among the notable subsidiaries of Cisco Systems, Inc. are Cisco WebEx (U.S.), OpenDNS (U.S.), and BroadSoft (U.S.).

PTC Inc.

PTC Inc. is a prominent software company that has played a pioneering role in the realm of digital transformation. The company offers a comprehensive suite of digital solutions, including IoT and AR technologies, among others. PTC Inc. specializes in providing Industrial Internet of Things (IIoT) solutions tailored to various industry verticals, including aerospace & defense, automotive, electronics, life sciences, and oil & gas. The preferred platform for hosting IIoT modules, widely embraced by numerous industries, is the renowned ThingWorx platform.

With the support of its subsidiaries, PTC Inc. has established its presence in key regions worldwide, spanning North America, Europe, Asia-Pacific, the Middle East & Africa, and Australia. Noteworthy among its subsidiaries are Kepware, Factora Solutions Corp, and Parametric Korea Co. Ltd. As of 2019, the company boasted a global workforce of 6,055 employees and has been actively expanding its footprint in recent years.

GE Digital

GE Digital operates as a subsidiary of the renowned global conglomerate, General Electric Company. It stands as a premier global provider of Industrial Internet of Things (IIoT) solutions and advisory services specializing in operational technology and infrastructure. The company serves diverse industry verticals, including aviation, healthcare, manufacturing, mining, oil & gas, power generation, and transportation. As a promising subsidiary of General Electric (U.S.), GE Digital offers an extensive product portfolio spanning asset performance management, operations performance management, digital energy solutions, and manufacturing systems management. Notably, GE Digital is a key player in the IIoT market, recognized for its leading IIoT platform, Predix.

Benefiting from its subsidiaries and a robust distribution network, GE Digital has established its presence on a global scale, encompassing North America, South America, Europe, and regions across the world. Among the significant subsidiaries of GE Digital are Bit Stew Systems Inc.,, Inc., and Nurego Inc.

ABB Ltd.

ABB Ltd. is extensively engaged in providing digital transformation solutions and services to various industry verticals. It operates majorly through four business segments, namely Electrification Products, Industrial Automation, Motion Technology, and Robotics and Discrete Automation. IIoT solutions are offered under the Industrial Automation segment of the company, which is also the second-largest revenue-generating segment.
With its subsidiaries and a strong distribution network, the company has its geographic presence across the Americas, Europe, Asia, and the Middle East & Africa. Some of the major subsidiaries of ABB Ltd. are ABB Australia, Power-one, Inc. Tropos Network, among others.

Rockwell Automation, Inc.

Rockwell Automation, Inc. is an industrial automation and information provider that focuses on technology innovation, domain expertise, integrity, and corporate responsibility. The company offers its automation solutions to the automotive, chemical, entertainment, fiber & textiles, food & beverage, household infrastructure, life sciences, mining & metal, and oil & gas, among other industries. The company offers its IIoT platform—ThingWorx, under its Software Components segment. ThingWorx industrial connectivity provides a single solution to collect, aggregate, and securely access industrial operations data. It also provides data access for applications such as Manufacturing Execution Systems (MES), SCADA, IoT, and big data analytics software.

With its subsidiaries and a strong distribution network, the company operates in North America, South America, Europe, Africa, and Asia-Pacific. Some of the major subsidiaries of Rockwell Automation Inc. include Allen-Bradley, Maverick Technologies, MESTECH Services Pvt Ltd, and Automation Control Products.


KUKA AG is a global supplier of intelligent automation solutions that range from individual components to fully automated systems. The company offers its automation solutions to various industry verticals such as automotive, electronics, healthcare, metal, consumer goods, e-commerce, retail, and energy. The company’s IIoT offering is based on its consulting approach for ‘Industry 4.0’. It offers tailor-made, end-to-end solutions featuring a modular framework comprised of proven standard components. The company provides its IIoT solutions with expertise in web, cloud, and mobile platforms as well.

With its subsidiaries and a strong distribution network, the company operates in North America, South America, Europe, Africa, and Asia-Pacific. Some of the major subsidiaries of KUKA AG are KUKA systems, Swisslog Holding, Reis Robotics, KUKA Roboter Schweiz AG, and KUKA Finance B.V.

Schneider Electric SE

Schneider Electric SE stands as a preeminent global company specializing in digital transformation and energy management. The company is actively involved in various sectors, including home automation, building solutions, data center management, infrastructure development, and industrial automation. Schneider Electric SE boasts a global presence, spanning across more than 100 countries, and is recognized as a top-tier global leader in power management solutions. They offer an array of solutions, including medium-voltage, low-voltage, and secure power management, along with advanced automation systems.

Leveraging its network of subsidiaries and a robust distribution infrastructure, Schneider Electric SE operates in diverse regions, including North America, South America, Europe, Africa, and Asia-Pacific. Notable subsidiaries within the Schneider Electric SE family include Merten, Aveva, Square D by Schneider Electric, and APC by Schneider Electric.

Notable Mentions: Other prominent names in the industry include Huawei Technologies, Dassault Systems, and Robert Bosch GmbH.

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Issued By Roshani
Country United States
Categories Technology
Tags industrial iot market
Last Updated October 2, 2023