USD 484.38 Billion
Report ID: SQMIG45D2038 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 128 | Figures: 67
Internet of Things (IoT) Market was valued at USD 484.38 Billion in 2020, and it is expected to reach a value of USD 2412.49 Billion by 2028, at a CAGR of 25.78 % over the forecast period (2022 - 2028).
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.
Global Market Size
USD 484.38 Billion
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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.
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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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Internet of Things (IoT) Market Driver
Internet of Things (IoT) Market Restraint
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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
Internet of Things (IoT) Market Recent Developments
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.
|Market size value in 2020||USD 484.38 Billion|
|Market size value in 2028||USD 2412.49 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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