Press release
Industrial IoT Market to Exceed USD 847 Billion by 2031 Driven by Automation, AI, and 5G
"IIoT is no longer just about connecting machines; it's about intelligent orchestration of assets, workers, and data," said Nathan Zhou, Head of Industrial Transformation at CVMI. "From predictive maintenance to digital twins, the business case is stronger than ever."
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Key Market Figures:
• 2024 market value: USD 289.0 billion
• 2031 market value: USD 847.0 billion
• Seven-year CAGR: 16.6 %
• Manufacturing segment: 32 % of 2024 revenue
• Asia-Pacific growth rate: 18.2 % CAGR (fastest among regions)
Market Growth Catalysts:
• Smart Manufacturing Expansion - IIoT integrates sensors, MES systems, and robotics for real-time optimization.
• Predictive Maintenance - AI models analyze vibration and temperature data to minimize asset downtime.
• Energy Efficiency and ESG Goals - Smart grids and building automation utilize IIoT for load balancing and compliance.
• Supply Chain Visibility - Asset tracking, cold chain monitoring, and condition-based logistics utilize embedded IoT.
• Workforce Safety - Wearables and environmental sensors safeguard employees in hazardous environments.
Top Industry Players:
Company 2024 Share 2025-27 Focus
Siemens AG 11 % Industrial Edge Marketplace, AI Copilot tools
GE Digital 9 % Utility-focused analytics and AWS deployment
IBM 8 % Smart factory integration via Red Hat hybrid cloud
Cisco 7 % Secure OT networks, Cyber Vision upgrades
Rockwell Automation 6 % Cloud-native MES, Plex + ClearObject IIoT stack
Regional Highlights:
• North America - Private 5G deployments and DOE-funded digital manufacturing initiatives.
• Europe - IIoT drives energy transition and cross-border supply chain transparency.
• Asia-Pacific - Rapid smart factory growth in China, India, South Korea; government incentives play key role.
Milestones (2024-25):
Quarter Event Impact
Q1 2024 Siemens launched Industrial Copilot Gen-AI assistant for plant-floor decision support
Q2 2024 GE Digital + AWS IIoT partnership Enhanced security for energy workloads
Q3 2024 Cisco expands Cyber Vision tools Real-time OT anomaly detection now standard
Q4 2024 Rockwell acquired ClearObject Strengthens analytics for factory automation clients
Q1 2025 Korean port trials private 5G cranes Boosted throughput via real-time fleet tracking
Technology Trends:
• Edge AI - Reduces latency in critical control systems
• Digital Twins - Improve planning, predictive analytics, and compliance
• Blockchain - Secures supply chain traceability
• Interoperability Middleware - Standardizes legacy machine data flows
Roadmap to 2031:
• 2025 - Modular IIoT kits adopted by 25% of medium-sized manufacturers.
• 2026 - AI-powered predictive maintenance achieves 90% accuracy in utilities.
• 2027 - Digital twin adoption becomes standard in the automotive and chemical sectors.
• 2028 - 5G-based asset tracking is deployed across 70% of global ports.
• 2029 - Global IIoT cybersecurity framework has been finalized by ISO
• 2030 - Autonomous plant operations tested on a large scale in Asia and Europe
• 2031 - Over 60% of industrial assets globally are integrated into IIoT platforms.
For more insights, visit https://clearviewmarketinsights.com/
Media contact:
Bhavani K
Marketing and Sales Head
ClearView Market Insights
Mail: sales@clearviewmarketinsights.com
Phone: +1 917-993-7369
About Clearview Market Insights:
Clearview Market Insights is a leading market research and consulting firm providing in-depth industry analysis and strategic recommendations for businesses worldwide.
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