What is the global market size of Internet Of Things (IoT) Market?

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).

Internet Of Things (IoT) Market Updates

Internet Of Things (IoT) Market News

In January 2024, Bharti Airtel announced that it will power over 20 million smart meters for Adani Energy Solutions Limited (AESL). Airtel’s transformative smart metering solutions that are powered by NB-IoT, 4G and 2G, will help AESL to ensure real-time connectivity and uninterrupted transfer of critical data between smart meters and headend applications.
In October 2023, Vodafone Idea's enterprise arm, Vi Business launched an IoT lab-as-a-service in collaboration with C-DOT. The lab is equipped to test various scenarios and has already tested over 50 devices across industries. It is being used to test 5G and NBIOT devices as well. The lab aims to establish a testing and certification framework for IoT devices and applications, and it can test more than 30 use cases across industries.
In January 2023, Eseye launched AnyNet SMARTconnect on-device connectivity software solution. The new solution embeds intelligent, global IoT connectivity directly into any device, increases resiliency, keeping devices connected and optimised both now and in the future. This allows IoT initiatives to scale without hiring costly, hard-to-find connectivity or firmware engineers.
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.

FAQs

Internet Of Things (IoT) Market size was valued at USD 380.6 Billion in 2023 and is poised to grow from USD 454.44 Billion in 2024 to USD 1877.41 Billion by 2032, growing at a CAGR of 19.4% during the forecast period (2025-2032).

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 Infront within the market. 'Cisco (US) ', 'Amazon.com, Inc. (US) ', 'Bosch (Germany) ', 'PTC (US) ', 'Microsoft (US) ', 'Qualcomm (US) ', 'SAP (Germany) ', 'General Electric (US) ', 'Huawei (China) ', 'Intel (US) ', 'Google (US) ', 'ABB (Switzerland) ', 'Samsung (South Korea) ', 'ASUS (Taiwan) ', 'Xiaomi (China) ', 'Siemens (Germany) ', 'Honeywell (US) ', 'Rockwell Automation (US) ', 'Hitachi (Japan) ', '3M Company (US)'

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

Integration of the new technologies is a key trend of the IoT Market: In recent years, we have seen that the market of IoT devices has experienced rapid growth due to high adoption of these devices in various industries. Technological advancements and Integration seem to be one of the emerging trends for IoT market. Integration of Artificial Intelligence, Machine Learning, Natural Learning Processing, Deep Learning, Generative AI and blockchain technologies will be propelling the market in the coming years. By connecting these technologies with IoT devices, key players are offering pioneering solutions that directly hit the market growth upward.

North America has emerged as the largest market region in 2023. Within the global IoT market, North America holds approximately 42% market share. 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. Government Initiatives and supports further propels the IoT market in the region. For instance, in 2023, US Government launched Internet of Things (IoT) cybersecurity labelling program to help Americans ensure they are buying internet-connected devices that include strong cybersecurity protections against cyberattacks.