According to Cognitive Market Research, the global IO Link market size will be USD 14251.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 20.50% from 2024 to 2031.
North America held the major market share for more than 40% of the global revenue with a market size of USD 5700.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 120.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 4275.36 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 3277.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 22.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 712.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 285.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2031.
The dominant category within the IO-Link market for machine tools is Handling and Assembly Automation Systems. This segment has established itself as a leader due to the increasing need for efficient production lines and reduced labor costs in manufacturing
