Internet of Things (IoT) Market

Internet Of Things (IoT) Market Size, Share, Growth Analysis, By Focus Area(Smart Manufacturing, Smart Transportation, Smart Energy, Smart Retail, Connected Healthcare, Others), Component (Hardware, Software, Services), Organization Size, End Use Verticals, and Region - Industry Forecast 2024-2031


Report ID: SQMIG45D2038 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 94 | Figures: 76

Internet Of Things (IoT) Market Insights

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.

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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 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. 

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Internet of Things (IoT) Market

Report ID: SQMIG45D2038

$5,300
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