USD 318.8 billion
Global Internet Of Things (IoT) Market Size, Share, Growth Analysis, By Component Type(Hardware, Software), By Application(Smart Manufacturing, Smart Energy & Utilities) - Industry Forecast 2023-2030
Report ID:
SQMIG45D2038 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
69 |
Figures:
75
Global Internet Of Things (IoT) Market Insights
Global Internet of Things (IoT) market was valued at USD 318.8 billion in 2022 and is poised to grow from USD 380.6 billion in 2023 to USD 1572.37 billion by 2031, growing at a CAGR of 19.4% during the forecast period (2024-2031).
The IoT market for the entire world is displaying an unprecedented surge with technology as among its core driver and wide acceptance across industries. For example, the sub-segments of hardware to software and services are witnessing upward trend is a result of the increased demand of connected devices, analytics platforms, and IoT solutions. Industrial sectors such as smart manufacturing, healthcare, retail, transportation and energy are the main facilitators of the IoT technology as they use it for fine tuning, decision making and breakthroughs. In terms of regional markets, North America, Europe, and Asia Pacific are a likely group of strong growth considering that building infrastructure and setting up the right policies is ongoing and the IoT systems are being well funded. With IoT growing into various aspects of the economy and daily life, stakeholders are provided with multitudes of chances to succeed and break new grounds with regards to innovations and market differentiation. Though the challenges of security concerns, interoperability problems and the regulatory complexities, which still prevail, are key issues, which require the stakeholders and policymakers to work together to address the issues and come up with an effective solution. The status for the global IoT market seems growingly sustainable, as the expected growth is projected to extend in the forthcoming years.
US Internet Of Things (IoT) Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Software
Growth Rate
19.4% CAGR
Global Internet of Things (IoT) Market ($ Bn)
Country Share for North America Region (%)
Global Internet of Things (IoT) Market Size By Component ($ Bn)
Global Internet of Things (IoT) Market Size By Component (%)
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Global Internet Of Things (IoT) Market Segmental Analysis
Global Internet of Things (IoT) market is segmented based on component, and application. Based on component, market is segmented into hardware, software and services. Based on application, market is segmented smart manufacturing, smart transportation/mobility smart energy and utilities, smart retail, connected healthcare, smart agriculture, smart buildings, and other applications. Based on region, market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Internet of Things (IoT) Market Analysis by Component
The largest IoT market share is attributed to the hardware segment which is the critical market participants. This part comprising Sensors, Actuators, RFID Tags, and Connectivity equipments like Wi-Fi will be choosen. A surge in implementation of smart devices and sense networks for the connected industries such as manufacturing, transport and healthcare provoke demand for the hardware of IoT. These elements are a part of these industry players' strategies as they keep offering new-age sensors, featuring such huge benefits like remote control, data monitoring in real time and predictive maintenance. Further, the cooperative partnerships between manufacturers and the underlying digital solution developers is considered another key factor for the market progress that allows the creation of comprehensive end-to-end solutions customized for niche market needs.
The software segment has emerged as the fastest growing segment of the Global IoT market. This part includes IoT platforms, analytics solutions, security software, and app development tools that are essential for IoT cost-effective and efficient data collection and analysis. It is highly likely that the industries will use the Internet Of Things (IoT) within a short time. Therefore, systems software solutions are vital in the extraction of useful insights for the process optimization and quality of decision making. Specialized analytics systems, like CRM platforms, for example, must be harnessed by organizations desiring to get a head start in areas such as predictive maintenance, supply chain optimization, and great customer experience. While the implementation of digital transformation initiatives across the organizations is recognized as an important point, the development of data processing processes that are scalable, interoperable and secure will be one of the primary driving forces in the positive growth trend of the software products segment in the coming years.
Global Internet of Things (IoT) Market Size By Component (%), 2022 (%)
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Global Internet Of Things (IoT) Market Regional Insights
The presence of major technology providers has resulted in North America being a dominant force in the IoT market. The market entry of technological behemoths such as Cisco, Google Inc., and Samsung have resulted in the development of innovative connectivity solutions across a wide range of applications and devices. The major issues being addressed by regulators in the United States is to create a connected environment for optimal security are privacy and data security on the Internet of Things scenario.
The Asia Pacific region accounted for more than 25% of global revenue and is expected to grow at a substantial CAGR during the forecast period. Increased penetration of high-speed internet services in the region, as well as a declining average selling price for sensors and modules, are expected to drive industry growth over the forecast period.
Global Internet of Things (IoT) Market By Geography, 2024-2031
- Largest
- Fastest
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Global Internet Of Things (IoT) Market Dynamics
Internet of Things (IoT) Market Driver
Innovations in Sensor Technology to Boost Market Growth
- Sensors are the most critical components of IoT devices. They aid in the generation of data about a physical event or state. Sensors can measure everything from orientation, motion, light, sound, humidity, and temperature to biometrics like blood pressure and heart rate.
- These sensors will drive the practicality of IoT across industries and application areas. Furthermore, continued sensor technology innovation is expected to expand IoT capabilities.
- Initially, the cost of sensors used in IoT devices was relatively high, resulting in limited industry adoption of the technology. However, the rapid decrease in the cost of these sensors has resulted in a significant increase in the rate of IoT adoption across organizations.
Internet of Things (IoT) Market Restraint
Sluggish Advancement of Infrastructure to Support Development will Hinder Market Growth
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In developing economies, there is a lack of advancement in communication technology as well as poor operational efficiency. The key factors responsible for the successful operation of IoT are technological advancements and operational efficiency.
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Various countries in Asia Pacific, the Middle East and Africa, and Latin America face a lack of basic technologies, such as telecom and networking infrastructure, and are unable to quickly implement smart projects due to a variety of factors, including a low budget and a low literacy rate.
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Several countries have yet to mature or even introduce 4G technology, whereas countries such as China have completed trials on 5G technology. These factors will hinder internet of things market growth
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Global Internet Of Things (IoT) Market Competitive Landscape
The global Internet of Things (IoT)market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market.
Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market.
The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective.
Internet of Things (IoT) Market Top Players Company Profiles
- Microsoft
- Cisco Systems
- Intel
- Siemens (Germany)
- AWS (US)
- Oracle (US)
- Qualcomm (UK)
- SAP (Germany)
- IBM (US)
- Google (US)
- Hitachi (Japan)
- GE Digital (US)
- PTC (US)
- ARM (UK)
- Software AG (Germany)
- Particle (US)
- Losant (US)
- Samsara (US)
- Litmus Automation (US)
- Confidex (Finland)
Internet of Things (IoT) Market Recent Developments
- In June 2023, Qualcomm Launched New Satellite IoT Solutions to Provide Uninterrupted Remote Monitoring and Asset Tracking. It launched two modem chipsets with satellite capability: the Qualcomm 212S Modem and the Qualcomm 9205S Modem. The new Qualcomm modem chipsets power off-grid industrial use cases that require standalone non-terrestrial network (NTN) connectivity or hybrid connectivity alongside terrestrial networks, and allow IoT enterprises, developers, ODMs, and OEMs to harness real-time information and insights to manage business projects.
- in February 2022, Ericsson launched IoT Accelerator Connect to make IoT connectivity easier than ever for enterprises. Ericsson IoT Accelerator Connect offers enterprises plug-and-play access to cellular IoT connectivity. IoT Accelerator Connect transforms digital sales within the IoT ecosystem with one-click connectivity options.
Global Internet Of Things (IoT) Key Market Trends
Increase usage of connected devices will propel IoT growth in the forecast period:
- Organizations have tremendous opportunities in the global IoT market to extract relevant data, such as consumer behaviour in retail outlets, for real-time marketing analysis, sensor-driven decision analytics, and instantaneous control response in complex autonomous systems. These will shape internet of things market trends.
- IoT connects businesses and governments to all smart prospects, such as smart cities, smart transportation, and smart utilities, and allows them to obtain real-time location-based data.
- Furthermore, high-speed network connectivity has opened up opportunities for various sectors, including energy, healthcare, transportation, and other utility sectors, to better monitor and manage the entire infrastructure.
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.
According to our global Internet of Things (IoT)market report analysis, the global Internet of Things (IOT) market echoes the vibrant scenery of a changing landscape, marked by the hyper-rapid technological advancements, the already massive turn-around ratio of the overall adoptions, and the overall business transformation across diverse industries. Enabled with hardware as its largest market segment through the increasing demand for connections and sensors, and the software which is the fastest emerging segment motivated by expanding needs to advanced analytics and decision-making tools, the ecosystem of the Internet of Things (IoT) is well-prepared for greater growth. In addition, the integration of IoT with newer technologies such as artificial intelligence and edge computing is opening new domains that previously were unavailable. It is presenting an occasion for the businesses to touch the new heights of efficiency and uniqueness. Nevertheless, side by side with the possible growth there are the security questions that must be addressed as well as the interoperability problems that remain unresolved, which points to the future actions towards collaboration and standards. These intricacies demand strategic investment in technology, talent and partnerships to overcome them and deliver the outer space we need to achieve sustainable development in the digital realm.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 318.8 billion |
| Market size value in 2031 | USD 1572.37 billion |
| Growth Rate | 19.4% |
| Base year | 2022 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
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.
Global Internet Of Things (IoT) Market Report Snapshots
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