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 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 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.   '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)'

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

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.

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.