Internet of things (IoT) market is Projected to Grow at a CAGR of 25.7% During the Forecast Period: MRFR

MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Internet of things (IoT)  Market.

The Global internet of things (IoT) market is estimated to reach USD 741.35 Billion by 2030, registering a CAGR of 25.7% during the forecast period, 2022–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years.

The Internet of things (IoT) refers to a system of interrelated, internet-connected objects that can collect and transfer data over a wireless network without human intervention. IoT device deployments provide the data and insights necessary to streamline workflows, visualize usage patterns, automate processes, meet compliance requirements, and compete more effectively in a changing business environment.

Segmental Analysis

The Global internet of things (IoT) market has been segmented based on component, organization size, end use, and region.

Based on component, the Global internet of things (IoT) market has been segmented into Hardware, Software, Services. IoT hardware includes a wide range of devices such as network devices, sensors, and cameras, among others. These IoT devices manage key tasks and functions such as system activation, security, action specifications, communication, and detection of support-specific goals and actions. Internet of Things software enables the creation of connected application ecosystems within the enterprise. Data from multiple devices can be collected and analyzed to identify areas of improvement. The software segment is further divided into network management, remote monitoring, data management, security solution, and others. Internet of things (IoT) services are a collection of end-to-end services in which organizations hire external companies to design, construct, install, and manage IoT systems and provide advisory services for IoT planning. IoT service providers are a diverse group of the small, medium, and large service organizations developing and deploying IoT solution applications across sectors.

By Organization Size, the Cloud Manufacturing market has been segmented into Large Enterprises, Small & Medium Enterprises. The large enterprise segment dominated the organization segment with the largest market share in 2020. The adoption of the internet of things (IoT) solutions for large enterprises is comparatively more as compared to SMEs. Large enterprises adopt this system as it is a faster, more efficient system. This would help to improve the sales of the business, thus leading to profitability. The small and medium-sized enterprise (SMEs) segment is expected to advance at a fast pace and is anticipated to exhibit the highest CAGR over the forecast period. Despite the size of the balance sheet in the present situation, it is obligatory for many organizations working in the manufacturing, telecom, and retail sectors, among others, to adhere to strict regulations and manage risks associated with the industry. The large enterprise segment accounted for the larger market share of 56.2% in 2020, with a market value of USD 113.9 million; it is expected to register a CAGR of 15.2% during the forecast period. The SME segment was the second-larger market in 2020, valued at USD 88.7 million; it is projected to exhibit a higher CAGR of 16.4%.

Based on end use, the Cloud Manufacturing market has been segmented into industry and consumer. The industrial internet is an internet of things, machines, computers, and people enabling intelligent industrial operations using advanced data analytics for transformational business outcomes, and it is redefining the landscape for business and individuals. It enables industries and enterprises to have better efficiency and reliability in their operations. IoT is used for many use cases that help reduce the exposure of humans in scenarios with high industrial hazards. The industry segment is divided into manufacturing, logistics, automotive, healthcare, retail, it & telecom, others. The IoT is changing consumers' interaction with consumer electronics; enabling greater convenience for a better experience, access to data that enables them to optimize their usage and increasing control over their devices. IoT for consumer electronics delivers performance and usage patterns, conveying information about manufacturers’ networks and other connected devices via a network. Consumer IoT aims to improve life quality and well-being of individual users by automating and simplifying day-to-day tasks. Consumer IoT solutions are focused on individual users or families through the use of wearables, smart home applications, and personal monitoring devices.

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Competitive Analysis

The key players of the cloud manufacturing market include Amazon Web Services (US), AT & T Inc. (US), Cisco System Inc. (US), Google Inc. (US), Oracle Corporation (US), Dell Inc. (US), Microsoft Corporation (US), Hitachi Data Systems (U.S.), Huawei Technologies Co. Ltd. (China), International Business Machines Corporation (IBM) (US), Netobjex Inc. (US), Arctouch (US).

Regional Analysis

Globally, the Internet of things (IoT) market has been categorized into five different regions—North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America was leading the Internet of things (IoT) market in 2020. Asia-Pacific is expected to be the fastest-growing market from 2021 to 2027. On the other hand, Europe is expected to be at the second spot in the Internet of things (IoT) market in terms of market share during the assessment period. The Asia-Pacific segment accounted for the largest market share of 37.2% in 2020, with a market value of USD 106.1 million; it is expected to register the highest CAGR of 17.4% during the forecast period. The Europe segment was the second-largest market in 2020, valued at USD 91.3 million; it is projected to exhibit a CAGR of 14.2%. North America is the second-largest market and is expected to witness significant growth for the Internet of things (IoT) market as the demand for agile, scalable, and cost-effective computing is high in the region. The US is the dominating country for the Internet of things (IoT) market in this region. The US is a developed country in terms of economy and high demand for various industries such as IT & telecommunication, retail, and healthcare. The region constitutes countries such as the US, Canada, and Mexico. The US has a higher concentration of companies than Canada and Mexico, due to which the cloud platform adoption is higher.