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Internet of Things (IoT) Market

Global Market Study on IoT: Call for Reduction in Downtime to drive the market

Internet of Things (IoT) Market Segmented By IoT Platform, IoT Data Transport, IoT Security, IoT Analytics, IoT Sensor Components with Smart Grid, M2M Communication, Home and Building Automation, Wearable Computing Devices, V2V Communication Application

Internet of Things (IoT) Market Size (2024-2031)

The Internet of Things (IoT) market is anticipated to surge from US$ 217.5 billion in 2024 to an estimated US$ 779.3 billion by 2031, driven by a robust compound annual growth rate (CAGR) of 20% between 2024 and 2031.

Attribute Key Insights

Internet of Things (IoT) Market Size (2024)

US$ 217.5 Bn

Projected Market Value (2031)

US$ 779.3 Bn

Global Market Growth Rate (2024-2031)

20% CAGR

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Internet of Things (IoT) Market Demand Analysis (2012-2023) v/s Market Outlook (2024-2031)

Internet of Things, or IoT is a holistic system of various interrelated computing devices, objects, digital and mechanical machines, people or animals provided with UIDs unique identifiers). They are a notch above as they are able to transfer the data over network without bringing in human-to-computer or human-to-human interaction.

IoT platform holds 21.6% of the market share by component. The other components include IoT data transport, IoT security, IoT sensor, and IoT analytics. The flexibility of IoT lays in the fact that it can effectively use AI and ML for helping in simplifying data processes, thereby rendering them more dynamic.

 

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What is the Extension of IoT?

“Making the encapsulation of data big takes the cake”

Big Data, fog computing, and edge computing are there to assist IoT market in edge devices like sensors, gateways, routers, and the cloud and data centers. Microsoft Corp. since 2017, has its IoT Central Service for managing enterprise IoT ecosystem. New products could also be launched as an integrated part of SaaS.

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What is the USP of IoT?

“Call for Single Console to be in Sync with Greater Profitability”

Doling out an embedded and integrated IoT solution encompassing hardware and software platforms, cloud platforms, and security needs under one roof, i.e. within one console is likely to prove to be the USP of IoT. Thus, the consolidated IoT solutions would take system integrators and manufacturers to task alike. Device-to-device communication would, as such, be a win-win phenomenon.

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What are the Factors restraining the Internet of Things (IoT) Market?

IoT is getting widely spread. As such, the organizations/enterprises ask for better security as well as privacy protections for preventing themselves from vulnerability to data breaches and corporate surveillance. Every end-point – be it gateway, smartphone, or sensor – would be on the hit list of the hackers. Organizations are letting go of their privacy, that too, bit by bit, without even an inch of realization, as they could get caught unawares at any time with no knowledge of data being surrendered. Strict norms regarding data minimization and cybersecurity could help.

What does North America say regarding Internet of Things (IoT) Market?

“North America – the top scorer”

North America holds the largest market share, with the US and Canada taking the first and second spot respectively in the IoT market as a whole. This could be attributed to the “DIGIT Act” in place since the year 2016. Every vertical herein has IoT incorporated. For instance – Watkins Glen Central School District has incorporated digital solution from Cisco. Daimler Trucks have deployed IoT solution for enhanced scalability and agility for supporting the manufacturing needs. Canada-based Miovision Technologies has its data network comprising grid of internet-connected traffic signals for linking infrastructure wirelessly.

Internet of Things (IoT) Market to be Propelled by Smart City Projects?

“Smart Cities to be the Talk of the World”

The 21st century brought with it the need to get smarter in all the aspects. Though digitization has been ushered long back, advanced digitization is taking the centre-stage. Everything – right from smart meters, smart traffic, smart utilities, and security fall under the gambit of “smart cities”. These call for IoT devices in the gateways. IoT sensors account for 25.5% of the overall IoT market. Smart TVs, smartphones, wearables, and connected cars – all contain smart technology, especially the IoT sensors. The IoT market is by no means meant to stop, it’s meant to take-off.

Smartness to Creep in Amidst Covid-19?

“The ‘new normal’ to create ripples”

With the world turned upside down amidst the outbreak of Covid-19 and it later getting declared as the pandemic, digitization has turned out to be the key. Smart solutions are being asked for in almost every industry vertical. With “Work from Home” being the “New Normal”, IoT is being adopted to save on time as well as efforts. IoT is being extensively adopted, and the scenario is expected to persist even going forward as people will prefer the hybrid model of operation throughout.

Competitive Landscape

The key players are going for noteworthy investments in various advanced technologies like cloud computing, AI, and likewise. Also, the present as well as future scenario is/would be such that well-known market players would significantly invest in mid-sized companies and start-ups for offering efficient solutions. Like –

  • Haltian, in April 2020, did receive funding worth US$ 9.8 Mn from Ilmarinen, a FVC (Finnish Venture Capital) and Nordic Option Haltian. This funding is used by Haltian for extending the portfolio and pave the way for smart factories, smart washrooms, and smart facilities.
  • Modular Capital, in March 2020, invested US$ 200K in DesignX, an IIoT (Industrial Internet of Things) firm based out of India. DesignX did invest the funds for building various comprehensive IoT solutions emphasizing on asset performance management through edge solutions.

Internet of Things (IoT) Industry Report Scope

Attribute Details

Forecast Period

2024-2031

Historical Data Available for

2012-2023

Market Analysis

US$ Mn/Bn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia-Pacific
  • LATAM
  • The Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Benelux
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Singapore
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Turkey
  • Egypt
  • North Africa
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Component
  • Application
  • Industry
  • Region

Key Companies Profiled

  • IBM Corporation
  • Microsoft Corporation
  • AT&T, Inc.
  • Apple, Inc.
  • Google
  • General Electric
  • Samsung Electronics Co. Ltd.
  • Comcast Corporation
  • Intel Corporation
  • Cisco Systems, Inc.
  • Oracle Corporation
  • Hewlett Packard Enterprise
  • Fujitsu Limited
  • Qualcomm Technologies, Inc.
  • Honeywell International, Inc.
  • Accenture PLC
  • ARM Limited
  • Amazon Web Services, Inc.
  • SAP SE
  • Zebra Technologies
  • Texas Instruments, Inc.

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Internet of Things (IoT) Market Segmentation

By Component

  • IoT Platform
  • IoT Data Transport
  • IoT Security
  • IoT Analytics
  • IoT Sensor

By Application

  • Smart Grid
  • M2M Communication
  • Home and Building Automation
  • Wearable Computing Devices
  • V2V Communication
  • Others

By Industry

  • Manufacturing
  • Healthcare
  • Energy & Utilities
  • Retail
  • Transportation & Logistics
  • Government
  • Others

By Region

  • North America
  • Latin America 
  • Europe 
  • Asia-Pacific 
  • Middle East & Africa (MEA)

- Companies Covered in This Report -

  • AMAZON WEB SERVICE.
  • BOSCH SOFTWARE INNOVATION GMBH
  • CISCO SYSTEMS, INC.
  • GOOGLE LLC
  • HEWLETT PACKARD ENTERPRISE
  • INTERNATIONAL BUSINESS MACHINE CORPORATION (IBM)
  • INTEL CORPORATION
  • MICROSOFT CORPORATION
  • ORACLE CORPORATION
  • SAP SE

- Frequently Asked Questions -

The Internet of Things (IoT) Market is expected to be worth US$ 151.1 Bn in the year 2022 and grow 1.73 times by the year 2025.

The market for Internet of Things (IoT) is expected to reach US$ 261.35 Bn by 2025, expanding at a CAGR of 20%.

IoT sensor holds the largest market share (25.5%).

IBM Corporation, Microsoft Corporation, AT&T, Inc., Apple, Inc., Google, General Electric, Samsung Electronics Co. Ltd., Comcast Corporation, Intel Corporation, Cisco Systems, Inc., Oracle Corporation, Hewlett Packard Enterprise, Fujitsu Limited, Qualcomm Technologies, Inc., Honeywell International, Inc., Accenture PLC, ARM Limited, Amazon Web Services, Inc., SAP SE, Zebra Technologies, Texas Instruments, Inc.

North America holds more than 60% of the market share.

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