Internet Of Things (IoT) Market Size, Share, Growth Analysis, By Component(Hardware, Software (Smart Surveillance, Data Management, Device Management), By Focus Area(Smart Manufacturing (Asset Tracking & Remote Management, Production Optimization, Workforce Management), Smart Transportation/Mobility (Traffic Management), By End Use Verticals(Industrial, Commercial, Residential), By Organization Size(Large Enterprises, SMEs), By Region - Industry Forecast 2024-2031

Internet of Things (IoT) Market Drivers 

Innovations in Sensor Technology to Boost Market Growth 

• Sensors are the most critical components of IoT devices. They aid in the generation of data about a physical event or state. Sensors can measure everything from orientation, motion, light, sound, humidity, and temperature to biometrics like blood pressure and heart rate. These sensors will drive the practicality of IoT across industries and application areas. Furthermore, continued sensor technology innovation is expected to expand IoT capabilities

Government initiatives open door for investing in IoT market 

• Government initiatives and guidelines is the key driver of the IoT market. Sustainability of IoT projects such as smart transportations, smart manufacturing infrastructures, smart healthcare and smart city initiatives are giving a significant growth to the IoT market. Sustainable projects such as India’s 100 smart city mission-initiated lot of opportunities to invest within the IoT sectors which probably increase the growth of the market. 

Internet of Things (IoT) Market Restraint  

Increasing number of cyber-attacks may hinder the market growth 

• There is a main concern of cyber-attacks may hinder the growth of the market. As the connected IoT devices are connected with internet and may be tracked and hacked easily, so there is an increasing concern of the cyber-attack. To stop these types of concerns key players, need to address the safety of the sensitive data, intellectual property (IP) or payment details. 

Sluggish advancement of infrastructure to support development will hinder market growth 

• In developing economies, there is a lack of advancement in communication technology as well as poor operational efficiency. Various countries in Asia Pacific, the Middle East and Africa, and Latin America face a lack of basic technologies, such as telecom and networking infrastructure, and are unable to quickly implement smart projects due to a variety of factors, including a low budget and a low literacy rate. Several countries have yet to mature or even introduce 4G technology, whereas countries such as China have completed trials on 5G technology. These factors will hinder internet of things market growth.