The IoT market is changing quickly, affecting how devices and services that can connect with each other and work together in new ways. As we look at the IoT market right now, some important patterns appear. These are pushing change and affecting how people behave as consumers. A big change is the growth of edge computing in IoT environments. Edge computing is about doing calculations near where the data comes from. This cuts down on waiting time and makes real-time analysis better. This move is becoming more popular as companies try to improve the work of IoT devices by spreading out data handling. Edge computing not only makes things better, but also helps with privacy worries.
This is because you can deal with private information at home instead of sending it to big computers far away. Security is a top worry in the world of IoT. As the number of connected devices grows, so does the chances for cyber threats to attack. So, there is an increasing focus on putting strong safety controls all through the whole IoT system. Businesses are putting money into encryption, safe sign-in methods, and regular updates on security to keep secret information secure from possible break ins. Putting a big focus on safety is very important to make people believe in these devices and get many of them used. Another important trend in the Independent IoT market is called interoperability. As more and more IoT devices from different makers keep coming, the need for easy talking between them becomes very important. People are working to make things work well together.
They're creating common ways of talking and doing tasks so that devices from different companies can use them easily. This movement is important for creating a linked and united IoT system that can give better experiences to users. The mixing of AI and ML with IoT devices is driving improvements in guessing what will happen next and automated action. Using AI and ML, IoT devices can study big data to get useful details. Then they make smart choices. This trend is especially seen in smart homes, factory automation and health uses. Here predictive rules can make using energy better, speed up making stuff easier and improve patient care too.
Report Attribute/Metric | Details |
---|---|
Market Size Value In 2023 | USD 125.8257 Billion |
Growth Rate | 25.70% (2023-2032) |
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
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