Global Internet Of Things (IoT) Market by Component Type and Application – Global Forecast 2031
Growing smart city initiatives and rising demand for smart devices to build smart infrastructure are forecasted to drive the Internet of Things (IoT) market growth over the coming years. The development of advanced connectivity technologies such as 5G is also slated to promote Internet of Things (IoT) device uptake going forward. The market value stood at USD 318 Billion in 2022, and is expected to grow from USD 380.6 Billion in 2023 to reach USD 1572.37 Billion by the end of 2031.
Smart Manufacturing Sub-segment to Hold Dominant Share in Application Segment
Smart manufacturing refers to the adoption and deployment of smart devices to streamline the manufacturing process. The growing popularity of the Industry 4.0 trend and high adoption of automation in different industry verticals are slated to help this segment hold a high market share. The surge in demand for industrial IoT solutions (IIoT) is also a key prospect that is helping the smart manufacturing application to lead the global Internet of Things (IoT) demand outlook through 2031.
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North America Slated to Dominate Global Market Spearheaded by Demand in the U.S.
The growing incorporation of IoT devices in different industry verticals such as healthcare, manufacturing, automotive, and building & infrastructure is what allows North America to dominate the market. The presence of key tech companies and collaborations between these tech giants and IoT start-ups are also widening the scope of Internet of Things (IoT) application going forward. The United States secures the top spot in terms of revenue in this region followed by Canada. The rising use of cloud-based technologies is also a key prospect pushing the demand for IoT devices in this region. The growing availability of novel connectivity technologies such as 5G is also helping market expansion.
The global Internet of Things (IoT) market has leading companies such as Microsoft, Cisco Systems, Intel, Siemens, AWS, Oracle, Qualcomm, SAP, IBM, Google, Hitachi, and GE Digital among others.
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Smart Home Automation Provides Lucrative Growth Opportunities
The rising popularity of smart technologies and their increasing availability has led to a robust hike in the popularity of smart home automation trends. Increasing number of smart cities around the world has been the major driving force behind high adoption of smart home automation. Growing disposable income of people, high availability of smart home devices, improving standard of living, and rising demand for convenience and security among people are driving the smart home industry. Integration of advanced connectivity technologies with home devices and high adoption of IoT in smart homes are also creating new opportunities for market players in the future.
To know more about the global Internet of Things (IoT) market refer to this latest market research report offered by Skyquest.
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