Internet of Things Market Outlook
The global Internet of Things market size was valued at USD 544.38 Billion in 2022 and is likely reach to USD 4.38 Trillion by 2031, expanding at a CAGR of 26.1% during the forecast period, 2023-2031. The growth of the market is attributed to the growing technological proliferation and high rate of investment in this technology.
Internet of Things (IoT) is the network of physical objects or things that are embedded with software, sensors, and other technologies for the purpose of exchanging and connecting data with other systems and devices over the internet.
These devices range from sophisticated industrial tools to ordinary household objects. The ecosystem uses sensors, software, and communication hardware to collect, analyze, and send data.
Data collected by these devices is sent to IoT gateway or other edge devices to analysis and storage. IoT offers smart devices in automated homes as well as it offers various benefits to business, in terms of reduced labor cost, improved service delivery, compliance, security, and flexibility to the business process.
The COVID-19 pandemic outbreak had positive impact on the market. During pandemic, key market players collaborated with several organizations to develop IoT technology-based solutions, such as drones, robots, and connected thermometers to the healthcare organizations to help them overcome the crisis effectively.
Additionally, emergency lockdown imposed by government bodies across the globe, resulted in implementation of work from home policy by many organizations this resulted in high adoption of IoT to manage employs who are working remotely.
Market Trends, Drivers, Restraints, and Opportunities
- Rising penetration of internet and broadband services is one of the key factors driving the market growth.
- Emerging wireless network technologies, such as Wi-Fi is projected to boost the market during the forecast period.
- Growing concern regarding data privacy and security, including illegal access to connected devices acts as a major challenge that can restrict the market growth in the coming years.
- Lack of common standards and the presence of multiple strategic alliances is expected to hamper the market growth during the projected timeline.
- Increasing need of data analysis and analytics from organization is anticipated to create significant growth opportunities for the market.
Scope of Internet of Things Market Report
The report on the global Internet of Things market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Internet of Things Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Components (IT Services, Devices, Platforms, and Connectivity) and Applications (Healthcare, Manufacturing, Consumer Electronics, Transportation, Retail, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Alcatel-Lucent Enterprise; Atmel Corp.; Google Inc.; Huawei Technologies Co.,Ltd.; Oracle Corp.; Accenture PLC; Amazon.com Inc.; Cisco Systems, Inc.; Hewlett-Packard Development Co. L.P.; and IBM Corp.
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Internet of Things Market Segment Insights
Increased need drives the platform segment
Based on components, the global Internet of Things market is divided into IT services, devices, platforms, and connectivity. The platform segment is expected to grow at a rapid pace during the forecast period due to the surge in need of improved platform for enterprise application connectivity and downstream data servers.
Furthermore, growing requirement for the access and control over IoT devices by platforms is driving the segment growth further. However, the devices segment is anticipated to expand at a substantial CAGR in the coming years owing to the cost of devices, such as sensors is expected to decrease significantly on account of technologically advanced manufacturing of such sensors and devices.
Platform segment to register high CACR
On the basis of applications, the market is segmented into healthcare, manufacturing, consumer electronics, transportation, retail, and others. The consumer electronics segment is anticipated to register a high CAGR in the projected timeline owing to IoT connects different devices and appliances through the internet and enables real-time wireless communication with the consumers.
On the other hand, the manufacturing segment is anticipated to grow at robust growth rate in the near future attributed to the increasing installations of industrial robots.
Additionally, the segment growth is further accelerated as IoT offers various benefits in manufacturing sector, such as smart packaging, quality assurance, predictive maintenance, and safety in operations.
Internet of Things Market Regional Oulook
North America is to constitute a key market share
In terms of region, the global Internet of Things market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to the high proliferation of internet service and presence of key global players in the region.
However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the decreasing prices of modules and sensor along with increasing penetration of high speed internet services in the region.
Segments
Components
- IT Services
- Devices
- Platforms
- Connectivity
Applications
- Healthcare
- Manufacturing
- Consumer Electronics
- Transportation
- Retail
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Alcatel-Lucent Enterprise
- Atmel Corp.
- Google Inc.
- Huawei Technologies Co., Ltd.
- Oracle Corp.
- Accenture PLC
- Amazon.com Inc.
- Cisco Systems, Inc.
- Hewlett-Packard Development Co. L.P.
- IBM Corp.
Competitive Landscape
Key players competing in the global Internet of Things market are Alcatel-Lucent Enterprise; Atmel Corp.; Google Inc.; Huawei Technologies Co., Ltd.; Oracle Corp.; Accenture PLC; Amazon.com Inc.; Cisco Systems, Inc.; Hewlett-Packard Development Co. L.P.; and IBM Corp.
Companies are focusing on investments in R&D sector to gain an early mover advantage. Furthermore, companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in June 2020, CyberX, an industrial cybersecurity platform provider was acquired by Microsoft to accelerate and secure customers IoT deployments and manage the security in existing devices. In September 2021, The University of Birmingham announced the partnership with Siemens to combine analytics technologies, Artificial Intelligence, and digital sensor.
This partnership was aimed to transform their university into the smartest global campus globally. Under this partnership the University of Birmingham will deploy technology at a large scale in the university.
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