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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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Internet of Things (IoT) Market

Product ID: SQMIG45D2038