USD 318.8 billion
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
Report ID:
SQMIG45D2038 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
94
|Figures:
76
Internet Of Things (IoT) Market Insights
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Software
Growth Rate
19.4% CAGR
Internet of Things (IoT) Market ($ Bn)
Country Share for North America Region (%)
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Internet Of Things (IoT) Market Segmental Analysis
Global Internet of Things (IoT) market is segmented based on component, organization size, focus area, and end use vertical. Based on component, market is segmented into hardware, software (smart surveillance, data management, device management, application management, network management), and services (professional services [consulting, implementation, support & maintenance], managed services). Based on organization size, the market is segmented into large enterprises, and SMEs. Based on focus area, the market is segmented into smart manufacturing (asset tracking & remote management, production optimization, workforce management), smart transportation/mobility (traffic management, cargo monitoring, fleet management, ticketing & toll collection), smart energy & utilities (energy efficiency, energy consumption, energy transmission & distribution), smart retail (geo marketing & advertising, smart payment & customer experience), connected healthcare (telemedicine, clinical operations management, imaging & diagnostics), smart agriculture (field & crop monitoring, weather monitoring), smart buildings (identity & access management, smart water management, automation & control), and other applications. Based on end use vertical, the market is segmented into industrial, commercial and residential. Based on region, market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East & Africa.
Internet Of Things (IoT) Market Analysis by Component
In 2023, the largest IoT market share is attributed to the hardware segment which holds 52% market share within the market. This part comprising Sensors, Actuators, RFID Tags, and Connectivity Equipment like Wi-Fi will be chosen. A surge in implementation of smart devices and sense networks for the connected industries such as manufacturing, transport and healthcare provoke demand for the hardware of IoT. These elements are a part of these industry players' strategies as they keep offering new-age sensors, featuring such huge benefits like remote control, data monitoring in real time and predictive maintenance. Following the growth of this segment, Bharti Airtel added its contribution into the market. Airtel announced that it will power over 20 million smart meters for Adani Energy Solutions Limited (AESL). Airtel’s transformative smart metering solutions that are powered by NB-IoT, 4G and 2G, will help AESL to ensure real-time connectivity and uninterrupted transfer of critical data between smart meters and headend applications.
In 2023, the software segment has emerged as the fastest growing segment within the global IoT market. The software segment includes IoT platforms, analytics solutions, security software, and app development tools that are essential for IoT cost-effective and efficient data collection and analysis. It is highly likely that the industries will use the Internet ff Things (IoT) within a short time. For instance, in 2024, Qualcomm recently launched Wi-Fi solution, AI-based IoT and industrial platforms. The new Wi-Fi solution and Platform will offer enhancements to support on-device AI, high performance, and connectivity for IoT products and applications.
Internet Of Things (IoT) Market Analysis by Focus Area
In 2023, the smart manufacturing is one of the largest segments of the global IoT market. This dominance is fueled by the increased implementation of Industry 4. 0 technologies which are based on smart industry that includes IoT, AI, and automation in manufacturing. The implementation of smart factories is a key factor that is meant to increase the output, effectiveness, and versatility in operations at lower costs. The major factors that have created this momentum include a growing focus on the development of personalized products, requirements for accurate predictive maintenance to reduce possible losses, and the use of digital twins that allow for the modelling of production processes.
On the other hand, our analysis reveals that the connected healthcare is one of the segments where the compound annual growth rate is the highest. The expansion in this sector is driven by the developments in telemedicine, remote patient monitoring as well as in solutions tailored for individual customers. Technologies that entail wearable health devices, IoT diagnostic devices, and smart hospital systems are quickly transforming the healthcare sector. This growth creates greater emphasis on the advancement of connected healthcare sector as one of the most promising directions for further development, thus meeting the growing needs of patients care, reducing healthcare costs, and increasing operational efficiency.
Internet of Things (IoT) Market By Component
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Internet Of Things (IoT) Market Regional Insights
North America has emerged as the largest market region in 2023. Within the global IoT market, North America holds approximately 42% market share. The presence of major technology providers has resulted in North America being a dominant force in the IoT market. The market entry of technological behemoths such as Cisco, Google Inc., and Samsung have resulted in the development of innovative connectivity solutions across a wide range of applications and devices. Government Initiatives and supports further propels the IoT market in the region. For instance, in 2023, US Government launched Internet of Things (IoT) cybersecurity labelling program to help Americans ensure they are buying internet-connected devices that include strong cybersecurity protections against cyberattacks.
On the other hand, the Asia Pacific region accounted for more than 29% of global revenue and is expected to grow at a substantial CAGR at 16.2% during the forecast period 2024-2031. Increased penetration of high-speed internet services in the region, as well as a declining average selling price for sensors and modules, are expected to drive industry growth over the forecast period. Smart City initiatives by Governments further drive the IoT market in the region. China, India, and Japan are the countries continuously promoting the development of smart cities and urban digital transformation to make urban management smarter.
Internet of Things (IoT) Market By Geography
- Largest
- Fastest
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Internet Of Things (IoT) Market Dynamics
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.
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Internet Of Things (IoT) Market Competitive Landscape
The global internet of things (IoT) market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay Infront within the market.
Product launches, innovations, mergers, and acquisitions, collaborations and partnerships are some of the growth strategies that are adopted by these key players to thrive in the competitive market. Additionally, these key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective.
Internet of Things (IoT) Market Top Players Company Profiles
- Cisco (US)
- Amazon.com, Inc. (US)
- Bosch (Germany)
- PTC (US)
- Microsoft (US)
- Qualcomm (US)
- SAP (Germany)
- General Electric (US)
- Huawei (China)
- Intel (US)
- Google (US)
- ABB (Switzerland)
- Samsung (South Korea)
- ASUS (Taiwan)
- Xiaomi (China)
- Siemens (Germany)
- Honeywell (US)
- Rockwell Automation (US)
- Hitachi (Japan)
- 3M Company (US)
Internet of Things (IoT) Market Recent Developments
- In January 2024, Bharti Airtel announced that it will power over 20 million smart meters for Adani Energy Solutions Limited (AESL). Airtel’s transformative smart metering solutions that are powered by NB-IoT, 4G and 2G, will help AESL to ensure real-time connectivity and uninterrupted transfer of critical data between smart meters and headend applications.
- In October 2023, Vodafone Idea's enterprise arm, Vi Business launched an IoT lab-as-a-service in collaboration with C-DOT. The lab is equipped to test various scenarios and has already tested over 50 devices across industries. It is being used to test 5G and NBIOT devices as well. The lab aims to establish a testing and certification framework for IoT devices and applications, and it can test more than 30 use cases across industries.
- In January 2023, Eseye launched AnyNet SMARTconnect on-device connectivity software solution. The new solution embeds intelligent, global IoT connectivity directly into any device, increases resiliency, keeping devices connected and optimised both now and in the future. This allows IoT initiatives to scale without hiring costly, hard-to-find connectivity or firmware engineers.
- In June 2023, Qualcomm launched new satellite IoT solutions to provide uninterrupted remote monitoring and asset tracking. It launched two modem chipsets with satellite capability: the Qualcomm 212S Modem and the Qualcomm 9205S Modem. The new Qualcomm modem chipsets power off-grid industrial use cases that require standalone non-terrestrial network (NTN) connectivity or hybrid connectivity alongside terrestrial networks, and allow IoT enterprises, developers, ODMs, and OEMs to harness real-time information and insights to manage business projects.
Internet Of Things (IoT) Key Market Trends
- Integration of the new technologies is a key trend of the IoT Market: In recent years, we have seen that the market of IoT devices has experienced rapid growth due to high adoption of these devices in various industries. Technological advancements and Integration seem to be one of the emerging trends for IoT market. Integration of Artificial Intelligence, Machine Learning, Natural Learning Processing, Deep Learning, Generative AI and blockchain technologies will be propelling the market in the coming years. By connecting these technologies with IoT devices, key players are offering pioneering solutions that directly hit the market growth upward.
Internet Of Things (IoT) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global internet of things (IOT) market poised to grow with a significant CAGR in coming years. The market is heavily driven by the technological advancements, government initiatives, and increasing consumer demands. These things are enabled with hardware as its largest market segment through the increasing demand for connections and sensors, and the software which is the fastest emerging segment driven by expanding needs to advanced analytics and decision-making tools, the ecosystem of the Internet of Things (IoT) is well-prepared for greater growth. In addition, the integration of IoT with newer technologies such as artificial intelligence and edge computing is opening new domains that previously were unavailable. It is presenting an opportunity for the businesses to enhance the market position, efficiency and uniqueness. Nevertheless, side by side with the possible growth there are the security questions that must be addressed as well as the interoperability problems that remain unresolved, which points to the future actions towards collaboration and standards.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 318.8 billion |
| Market size value in 2031 | USD 1572.37 billion |
| Growth Rate | 19.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Internet Of Things (IoT) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Internet Of Things (IoT) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Internet Of Things (IoT) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Internet Of Things (IoT) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Internet Of Things (IoT) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Internet Of Things (IoT) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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