Internet of Things (IoT) companies develop and deliver IoT solutions that connect physical devices and objects to the internet, allowing them to collect and exchange data. These devices are used in various sectors, such as smart homes, healthcare, and industrial automation. Leading IoT companies include IBM IoT, Bosch, and Cisco IoT.
Competitive Landscape of the Internet of Things (IoT) Market
The Internet of Things (IoT) market is experiencing rapid growth, fueled by advancements in technology, increasing connectivity, and surging demand for connected devices across various industries. This dynamic environment attracts a diverse range of players, making the competitive landscape complex and constantly evolving.
Key Players:
Strategies Adopted:
To compete effectively, companies are adopting various strategies:
Factors for Market Share Analysis:
Several factors influence market share in the dynamic IoT landscape:
New and Emerging Companies:
The influx of new entrants continues to reshape the competitive landscape:
Current Company Investment Trends:
Companies across the IoT ecosystem are making significant investments in various areas:
Latest Company Updates:
October 2023-
FloLive, Kigen has partnered with Protahub for offering local internet of things cellular connectivity in Turkey. Through this partnership customers will reap the perks from a sole SKU which simplifies their supply chain and logistics and provides a unified and streamlined global experience. Both the companies are working hand in hand on an array of projects and initiatives and are looking in replicating this victory in other areas so that the deployments worldwide are achievable through one SKU & a unified experience. Through an eSIM, one will possess a strong foundation for the trusted devices in multiple geographies and complying with local regulations.
A global enabler of intelligent edge, Telit Cinterion revealed that it is now working with WaterSignal for ensuring always-on connectivity to their real-time water monitoring & leak detection systems. Considering the worsening and ongoing power outage, WaterSignal required transferring water data independent of the power source. It was also in need for a dependable and trusted partner for network services and cellular IoT connectivity. Owing to these needs, WaterSignal had turned to the cellular LPWA modules of Telit Cinterion and IoT connectivity solution for their units.
FCC has lately proposed a novel voluntary cybersecurity labelling program that is intended in offering customers easily understandable information concerning the security of their IoT devices. A wide variety of connected devices will be eligible in receiving the label that will also comprise a scannable information & newly made IoT registry of qualifying devices.
The Internet of Things (IoT) market had a valuation of USD 100.1 billion in 2022 and is estimated to rise at a CAGR of 25.7% during the forecast period (2024-2032), reaching USD 784.2 billion by 2032. Increased need for loT security and the use of loT technology in the healthcare sector are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The IoT market is expanding due to faster internet speeds and widespread adoption. IoT technology automates and enhances efficiency in engineering applications. Yet, the dependence on network-controlled IoT devices raises security issues. Blockchain technology is recognized as a reliable solution to address security concerns in IoT. It ensures data integrity, prevents unauthorized access, and provides a trusted environment for secure IoT data exchange. The increasing demand for IoT security is expected to fuel the market CAGR of the IoT market in the forecast period.
Additionally, the Internet of Things (IoT) industry is witnessing a significant trend with the integration of Edge Computing, which enables efficient processing and storage between clients and traditional cloud data centers. Edge Computing devices can communicate with each other without external interference, and blockchain technology can facilitate communications between these devices and blockchain-enabled IoT devices. Smart contracts, implemented through self-executing code on a distributed blockchain network, ensure secure and trackable transactions. This increasing adoption of blockchain-based IoT solutions offers promising growth opportunities in the IoT market. Thus, driving the Internet of Things (IoT) market revenue.
Based on components, the IoT market includes hardware, software, and services. The hardware segment dominates the Internet of Things (IoT) market. This is because hardware components such as sensors, devices, and gateways are essential for enabling connectivity and collecting data in IoT systems. These hardware components form the foundation of IoT infrastructure and are crucial for the successful implementation of IoT solutions.
Based on organization size, the Internet of Things (IoT) market segmentation includes large enterprises and SMEs. The large enterprise segment dominates the Internet of Things (IoT) market. Large enterprises have greater resources and capabilities to invest in IoT infrastructure, implement complex IoT solutions, and scale them across their operations. They also have larger budgets to allocate toward IoT projects.
Based on End Use, the Internet of Things (IoT) market segmentation includes industry and consumer. The industry segment dominated the Internet of Things (IoT) market. Industries across various sectors, such as manufacturing, healthcare, transportation, and energy, are adopting IoT technologies to enhance operational efficiency, automate processes, and gain valuable insights from data. IoT industry applications include asset tracking, predictive maintenance, remote monitoring, and supply chain optimization.
Figure 1: Internet of Things (IoT) Market, by End Use, 2022&2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Internet of Things (IoT) market will dominate this market, owing to an increase in the significant growth in the healthcare, industrial, and automotive sectors owing to a growing customer base for cloud-based platforms. This will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: INTERNET OF THINGS (IOT) MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Internet of Things (IoT) market accounts for the second-largest market share due to the industry becoming increasingly linked to big databases. Further, Germany leads the Internet of Things (IoT) market in market share, while the UK exhibits the highest growth rate among the European countries.
The Asia-Pacific Internet of Things (IoT) The market is estimated to experience the highest compound annual growth rate (CAGR) between 2023 and 2032. This is due to increasing smart city projects and rising initiatives, such as Smart Wellington (New Zealand), Intelligent Disease Prediction Project (China), and cloud spending in the Region. Moreover, China’s Internet of Things (IoT) market held the largest market share, and the Indian Internet of Things (IoT) market was the fastest-growing market in the Asia-Pacific region.
Internet of Things (IoT) Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines; the Internet of Things (IoT) market is poised for further growth, supported by strategic initiatives from market participants. These include new product launches, partnerships, mergers and acquisitions, increased investments, and collaborations with other organizations. These activities aim to expand reach and drive innovation in the IoT market, fostering continuous development and advancement. To thrive in an increasingly competitive and growing market, the Internet of Things (IoT) industry must prioritize cost-effective solutions. One key strategy manufacturers adopt is local production, aimed at reducing operational expenses and benefiting clients. This approach has mutually benefited manufacturers and customers, leading to notable industry advancements in recent years. Major players in the Internet of Things (IoT) market, including 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). Some companies are focusing on research and development investments to boost market demand.
The industrial manufacturing giant Siemens Smart Infrastructure acquired the French startup Wattsense. Wattsense specializes in providing plug-and-play IoT management systems for small and mid-size buildings. This acquisition will enhance Siemens' building products portfolio, enabling them to offer innovative solutions for smart building management.
Microsoft Corporation, the renowned technology company based in Redmond, Washington, acquired ReFirm Labs. This strategic acquisition aims to enhance Microsoft's firmware analysis and security capabilities for devices forming the Intelligent Edge. It enables Microsoft to strengthen security across various devices, from servers to IoT, ensuring a more robust and protected ecosystem.
Amazon Web Services (US)
AT & T Inc (US)
Google Inc. (US)
Microsoft Corporation (US
Oracle Corporation (US)
Cisco System (US)
Dell Inc. (US)
June 2021:Dell Technologies and Microsoft have partnered to create an integrated IoT solution, simplifying IoT management and strengthening security between the Edge and the cloud. Their collaboration aims to deliver a comprehensive and secure IoT solution tailored to customers' evolving needs across industries.
February 2021: Google Cloud and Sigfox have announced a strategic partnership to enhance their Internet of Things (IoT) capabilities. By leveraging Google Cloud's robust infrastructure and expertise, Sigfox aims to scale its IoT services and efficiently process massive data from connected objects. This collaboration will enable Sigfox to accelerate its "Massive IoT" agenda, empowering businesses to leverage IoT's power and cloud-based data storage and processing for their IoT initiatives.
Hardware
Software
Services
Large Enterprises
TIME
Industry
Consumer
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
Internet of Things Market Highlights:
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