Internet of Things (IoT) Market

Global Internet Of Things (IoT) Market Size, Share, Growth Analysis, By Software Solution(Data Management, Security Solution), By Platform(Network Management, Application Management), By Service(Consulting service, Support), By Application(Smart Manufacturing, Smart Energy & Utilities) - Industry Forecast 2023-2030


Report ID: SQMIG45D2038 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 128 | Figures: 76

Global Internet Of Things (IoT) Market Insights

Global Internet Of Things (IoT) Market size was valued at USD 431.41 billion in 2021 and is poised to grow from USD 544.38 billion in 2022 to USD 2474.89 billion by 2030, growing at a CAGR of 26.1% in the forecast period (2023-2030).

The Internet of Things (IoT) is a network of networked devices that execute a single or a group of functions. Networking technology links multiple components incorporated inside a system using software, electronics, sensors, and wireless chips. IoT is critical in the development of smart communication settings such as smart homes, smart transportation, smart healthcare, smart retail, and so on.

IoT technology provides the foundation for numerous enterprises to digitally change, allowing them to enhance old processes by developing and tracking new business models. Enterprises and service providers have identified IoT as a critical enabler for enhancing digital transformation and unlocking operational efficiency. The increasing implementation of IoT technology across end-user sectors such as manufacturing, automotive, and healthcare is positively boosting Internet of Things (IoT) Market development. IoT is fuelling the next industrial revolution of intelligent connection as the conventional manufacturing sector undergoes a digital transition. This is altering the way industry handle increasingly complex systems and machine processes in order to boost efficiency and decrease downtime.

US Internet Of Things (IoT) Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 431.41 billion

Largest Segment

Application Management

Fastest Growth

Network Management

Growth Rate

26.1% CAGR

Global Internet Of Things (IoT) Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Internet Of Things (IoT) Market Size By Platform , 2021-2028 ($ Bn)
Global Internet Of Things (IoT) Market Size By Platform, 2021-2028 (%)

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Global Internet Of Things (IoT) Market Segmental Analysis

Internet of Things (IoT) Market is segmented in software solution as data management, security solution, network bandwidth management, remote monitoring system, and real-time streaming analytics. By platform the Internet of Things (IoT) Market is segmented into network management, application management, and device management. By service the Internet of Things (IoT) Market is segmented into consulting service, support and maintenance, deployment and integration, managed service, and professional service. By application the Internet of Things (IoT) Market is segmented into smart manufacturing, smart energy & utilities, smart mobility & transportation, building & home automation, smart retail, connected logistics, and others. By region, the Internet of Things (IoT) Market is analyzed across North, Europe, Asia-Pacific and LAMEA.

Internet of Things (IoT) Market Analysis by Platform

The device management segment to witness the highest CAGR during the forecast period. This platform allows enterprises to operate IoT devices, apply security patches, and provide device-centric reports using administrative tools. The main driver for the IoT device management platform is the increasing requirement for access and control over IoT devices.

Global Internet Of Things (IoT) Market By Platform , 2021(%), 2021 (%)

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Global Internet Of Things (IoT) Market Regional Insights

North America will have the lion's share of the market, with the United States and Canada leading the way in the region's IoT industry. The early acceptance of developing technologies, substantial R&D spending, increased usage of smart connected devices, and the start-up culture in North America have all contributed to the region's IoT growth.

Global Internet Of Things (IoT) Market By Geography, 2021 - 2028, 2023-2030
  • Largest
  • Fastest

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Global Internet Of Things (IoT) Market Dynamics

Internet of Things (IoT) Market Driver

  • With rising population and urbanisation, several nations across the world are launching smart city initiatives and using smart city technologies to better manage resources. Connected devices, such as sensors, smart lighting, and smart metres, among others, aid in the enhancement of the functionality and efficiency of infrastructure and related services. The growing number of smart homes and buildings, smart infrastructures, smart manufacturing, and Industry 4.0 projects is predicted to cause a massive shift in business domains, increasing Internet of Things (IoT) Market growth.

Internet of Things (IoT) Market Restraint

  • The Internet of Things has a wide range of uses, from obtaining biometric data through wearable devices to managing linked equipment through communication networks and cloud platforms. These devices have distinct IP addresses that enable them to communicate and share data with other devices. However, as the number of connected devices, smart devices, mobile devices, and platforms increases, so does the demand for data security and privacy. These devices and networks potentially include sensitive and personal information that attackers could exploit. Data exploitation may occur as a result of the increasing reliance on connected devices, reflecting design processes and connected device vulnerabilities.

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Global Internet Of Things (IoT) Market Competitive Landscape

The Internet of Things (IoT) Market is highly competitive owing to the presence of many large and small players in the Internet of Things (IoT) Market operating in the domestic and international markets. The market appears to be fragmented due to the presence of many technological giants in the market. Key strategies adopted by the major players in the Internet of Things (IoT) Market are product innovation and mergers and acquisitions. Some of the major players in the Internet of Things (IoT) Market are Cisco Systems, Oracle Corporation, Inc., Google, Inc., IBM Corporation, and Microsoft Corporation.

Internet of Things (IoT) Market Top Players Company Profiles

  • Microsoft

  • IBM

  • Cisco Systems

  • Intel

  • SAP

  • Oracle

  • PTC

  • Google

  • Bosch Software Innovations

  • GE Digital

  • Siemens

  • Huawei Technologies

  • Hewlett Packard Enterprise

  • Accenture

  • Nokia Networks

  • Dell Technologies

  • Zebra Technologies

  • AT&T

  • Fujitsu

Internet of Things (IoT) Market Recent Developments

  • In January 2022, PTC established a partnership with Schaeffler Group, a German company, to install a whole IT landscape. The new partnership will boost Schaeffler's digital twin and 3D model visualisation ambitions.
  • In May 2022, IBM and MBZUAI collaborated o Advance AI Research with New Center of Excellence.
  • In May 2022, Amazon Web services and Salesforce partnered on open-source technology to help non-profits accelerate impact.
  • In May 2021, SAP SE and Honeywell have announced Honeywell Forge Real Estate Operations, a connected building solution capable of offering operators with enhanced insights through making smart real-estate choices. For its analytics applications, the system connects SAP's IT data with Honeywell's OT data.

Global Internet Of Things (IoT) Key Market Trends

  • Over the previous two years, the retail business has seen enormous development, particularly with the massive expansion of the e-commerce industry throughout the world. As a result, retailers are using IoT solutions not just to increase operational efficiency, but also to improve the consumer experience in order to gain a competitive edge. As a result, the decreasing cost of IoT-based sensors and connectivity, customer need for a better shopping experience, and growing use of smart payment solutions are some of the primary reasons driving IoT solution adoption in the investigated segment.
  • North America is predicted to be a key Internet of Things (IoT) Market due to the expanding significance of IoT among the region's significant revenue-generating end-user sectors, as a result of the deployment of connected automobiles, smart energy projects, home automation, and a focus on smart manufacturing. Furthermore, significant digitization across industrial verticals, as well as technology breakthroughs, have propelled the rise of IoT in this area.

Global Internet Of Things (IoT) Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

As per SQ analysis, among the upcoming technologies projected to develop from the existing technologies that are altering manufacturing in the United States is the convergence of AI and IoT, with businesses such as SAS Software pushing IoT as the next wave for IoT-based on AI. The utility business in the United States is now under intense strain. As worldwide energy consumption rises, the US Energy Information Administration estimates that it will climb by 48 percent by 2040, while energy output from renewable resources has expanded dramatically in the US.

Report Metric Details
Market size value in 2021 USD 431.41 billion
Market size value in 2030 USD 2474.89 billion
Growth Rate 26.1%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Software Solution
    • Data Management, Security Solution, Network B, width Management, Remote Monitoring System, Real-Time Streaming Analytics
  • Platform
    • Network Management, Application Management, Device Management
  • Service
    • Consulting service, Support, maintenance, Deployment, integration, Managed service, Professional service
  • Application
    • Smart Manufacturing, Smart Energy & Utilities, Smart Mobility & Transportation, Building & Home Automation, Smart retail, Connected Logistics, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Microsoft

  • IBM

  • Cisco Systems

  • Intel

  • SAP

  • Oracle

  • PTC

  • Google

  • Bosch Software Innovations

  • GE Digital

  • Siemens

  • Huawei Technologies

  • Hewlett Packard Enterprise

  • Accenture

  • Nokia Networks

  • Dell Technologies

  • Zebra Technologies

  • AT&T

  • Fujitsu

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Internet Of Things (IoT) Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Internet Of Things (IoT) Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Internet Of Things (IoT) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Internet Of Things (IoT) Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Internet Of Things (IoT) Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Internet Of Things (IoT) Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Internet Of Things (IoT) Market size was valued at USD 431.41 billion in 2021 and is poised to grow from USD 544.38 billion in 2022 to USD 2474.89 billion by 2030, growing at a CAGR of 26.1% in the forecast period (2023-2030).

The Internet of Things (IoT) Market is highly competitive owing to the presence of many large and small players in the Internet of Things (IoT) Market operating in the domestic and international markets. The market appears to be fragmented due to the presence of many technological giants in the market. Key strategies adopted by the major players in the Internet of Things (IoT) Market are product innovation and mergers and acquisitions. Some of the major players in the Internet of Things (IoT) Market are Cisco Systems, Oracle Corporation, Inc., Google, Inc., IBM Corporation, and Microsoft Corporation. ' Microsoft ', ' IBM ', ' Cisco Systems ', ' Intel ', ' SAP ', ' Oracle ', ' PTC ', ' Google ', ' Bosch Software Innovations ', ' GE Digital ', ' Siemens ', ' Huawei Technologies ', ' Hewlett Packard Enterprise ', ' Accenture ', ' Nokia Networks ', ' Dell Technologies ', ' Zebra Technologies ', ' AT&T ', ' Fujitsu '

With rising population and urbanisation, several nations across the world are launching smart city initiatives and using smart city technologies to better manage resources. Connected devices, such as sensors, smart lighting, and smart metres, among others, aid in the enhancement of the functionality and efficiency of infrastructure and related services. The growing number of smart homes and buildings, smart infrastructures, smart manufacturing, and Industry 4.0 projects is predicted to cause a massive shift in business domains, increasing Internet of Things (IoT) Market growth.

Over the previous two years, the retail business has seen enormous development, particularly with the massive expansion of the e-commerce industry throughout the world. As a result, retailers are using IoT solutions not just to increase operational efficiency, but also to improve the consumer experience in order to gain a competitive edge. As a result, the decreasing cost of IoT-based sensors and connectivity, customer need for a better shopping experience, and growing use of smart payment solutions are some of the primary reasons driving IoT solution adoption in the investigated segment.

North America will have the lion's share of the market, with the United States and Canada leading the way in the region's IoT industry. The early acceptance of developing technologies, substantial R&D spending, increased usage of smart connected devices, and the start-up culture in North America have all contributed to the region's IoT growth.

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