Internet of Things Market Size, Share & Growth Report | 2031

Report Description

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.

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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.

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.

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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.  

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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.

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