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 was valued at USD 318.8 billion in 2022 and is poised to grow from USD 380.6 billion in 2023 to USD 1572.37 billion by 2031, growing at a CAGR of 19.4% during the forecast period (2024-2031). 

The IoT market for the entire world is displaying an unprecedented surge with technology as among its core driver and wide acceptance across industries. For example, the sub-segments of hardware to software and services are witnessing upward trend is a result of the increased demand of connected devices, analytics platforms, and IoT solutions. Industrial sectors such as smart manufacturing, healthcare, retail, transportation and energy are the main facilitators of the IoT technology as they use it for fine tuning, decision making and breakthroughs.

In terms of regional markets, North America, Europe, and Asia Pacific are a likely group of strong growth considering that building infrastructure and setting up the right policies is ongoing and the IoT systems are being well funded. With IoT growing into various aspects of the economy and daily life, stakeholders are provided with multitudes of chances to succeed and break new grounds with regards to innovations and market differentiation. Though the challenges of security concerns, interoperability problems and the regulatory complexities, which still prevail, are key issues, which require the stakeholders and policymakers to work together to address the issues and come up with an effective solution.

The status for the global IoT market seems growingly sustainable, as the expected growth is projected to extend in the forthcoming years.

US Internet Of Things (IoT) Market is poised to grow at a sustainable CAGR for the next forecast year.