Internet of Things (IoT) Market Size, Share and Segmentation by Component (Solution and Services), by Deployment Mode (On-premise and Cloud), by Organization Size (Large Enterprise and Small & Medium Size Enterprise), by Platform (Device Management, Application Management, and Network Management), by Technology (Radiofrequency Identification, Pressure Sensors, Network Communications, Data Processing, And Near-field Communications), by Industry Vertical (Retail, E-commerce & Consumer Electronics, Energy & Utility, Healthcare, Transportation & Logistics, IT & Telecom, Manufacturing, and Others), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

The Internet of Things (IoT) Market Size was valued at USD 1046 billion in 2022 and is expected to reach USD 4078 billion by 2030, and grow at a CAGR of 18.53% over the forecast period 2023-2030.

The IoT technology consists of web-connected smart devices that obtain, analyze, and process the data collected from their surroundings using embedded systems includes sensors, processors, and communication hardware. Organizations across a wide range of businesses are gradually shifting to IoT technology to enhance organizational performance and better understand consumers to provide better customer services, enhance decision-making, and boost the value of their businesses.

On the basis of organizational size, the large-scale enterprise segment dominated the overall IoT industry in 2020, and is expected to continue this trend throughout the forecast period. This is attributed to increasing adoption of IoT technology by business to gain strategic and a competitive advantage over their competitors. Customers use IoT to discover new insights on large-scale diverse data, including historical and recent data. This technology is suitable for collection of data and running algorithms and analysis across a large set of data to find relevant relationships, entities, and insights. Furthermore, IoT continues to become mainstream, as more large enterprises are considering the extraction capabilities for getting valuable insights from big data, which is opportunistic for the market. However, the small- & medium size enterprise (SMEs) segment is expected to exhibit the highest growth during the forecast period. This is attributed to the fact that SMEs are shifting their businesses to a digital platform, and are using IoT solutions, which is helping them to become more productive, smarter, and efficient.

Depending on the deployment model, the on-premise segment captured the largest share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous advantages offered by on-premise deployment such as a high level of data security and safety. However, the cloud segment is expected to witness the highest growth in the upcoming years, owing to the fact that cloud deployment does not require investment in IT infrastructure, as all data is stored on cloud servers, which increases the demand for IoT software across SMEs.

MARKET DYNAMICS:

KEY DRIVERS:

• IoT is used in engineering applications and the day-to-day daily activities of modern-day living, making them automated.

• It saves lots of time and is accurate make it a convenient option.

• Everyday tasks as simple as automating home lighting can be automated and controlled via Internet of things (IoT) market technology. 

RESTRAINTS:

• One of the primary reasons for the poor adoption rates is a shortage of qualified personnel and a lack of market understanding about the Internet of Things (IoT).

• There is a limited amount of IoT professionals that are fluent in both technologies at the same time, limiting the global IoT market's growth throughout the projection period.

OPPORTUNITIES:

• Edge Computing devices can interact with one another without the requirement for external disruption.

• Interactions between edge computing hubs and blockchain IoT devices may be done via the blockchain.

•  With the surge in demand for blockchain IoT technologies in recent years, certain sectors have developed solutions that offer blockchain IoT solutions for smart contracts and edge computing.

CHALLENGES:

• IoT projects benefit companies and government infrastructure efforts in a variety of domains, including transportation, construction, utilities, and citizen services.

• It has been discovered in numerous sectors that just a small percentage of the workforce is aware of the IoT's functions and advantages.

IMPACT OF COVID-19:

The IoT industry has seen substantial development in recent years; however, because to the COVID-18 epidemic, businesses are fast transferring their operations to digital platforms. This is due to governments in the majority of nations easing restrictions on public mobility and restarting travel and tourism with the necessary prudence throughout the world to promote local economies, which will assist to fuel market growth. COVID-18 has interrupted regular life and caused individuals, organizations, and governments to modify their policies, objectives, and actions. These shifts are acting as a spur for technological advancement and creativity. In 2020, sales from IoT platforms will reach $68 billion, up 20% from last year's number. Increased income will suggest that the adoption of IoT has mitigated the negative effects of COVID-18 lockout on the supply chain. For many firms, remote working has been the norm in recent months, and it will continue to be so whenever practicable. It allows businesses to save money on physical space by allowing staff to work from multiple places, and it saves time on homework visits.

MARKET ESTIMATION:

Component, deployment, organization size, platform, technology, industrial vertical, and geography are all segments of the worldwide IoT market. The market is segmented into solution and service segments based on components. It is divided into on-premise and cloud deployments, depending on the deployment. It is divided into large enterprises and small and medium-sized enterprises based on the size of the organization. Device management, application management, and network management are the three types of platform management. Radiofrequency identification, pressure sensors, network connections, data processing, and near-field communications are all differentiators in terms of technology. Retail, e-commerce, and consumer electronics; energy & utility; healthcare; transportation & logistics; IT & telecom; manufacturing; and others are the industry verticals.

KEY PLAYERS:

The Key Players Include Amazon Web Service, Bosch Software Innovation Gmbh, Cisco Systems, Inc., Google Llc, Hewlett Packard Enterprise, International Business Machine Corporation (Ibm), Intel Corporation, Microsoft Corporation, Oracle Corporation, SAP SE

KEY MARKET SEGMENTS:

By Component type:

• Solution

• Services

By Deployment:

• On-premise

• Cloud

By Organization size:

• Large enterprises

• SMEs

By Platform:

• Device Management

• Application Management

• Network Management

By Technology:

• Radio frequency Identification

• Pressure Sensors

• Network Communications

• Data Processing

• Near-field Communication

By Industry vertical:

• Retail, E-commerce, & Consumer Electronics

• Energy & Utility

• Healthcare

• Transportation & Logistics

• IT & Telecom

• Manufacturing

• Others

REGIONAL ANALYSIS:

North America, Europe, Asia-Pacific, Middle East & Africa, and South America are the five areas in which the Internet of Things (IoT) market is divided. In 2021, North America dominated the Internet of Things (IoT) market. From 2022 to 2028, Asia-Pacific is predicted to be the fastest-growing market. Europe, on the other hand, is predicted to rank second in terms of market share in the Internet of Things (IoT) market throughout the evaluation period. With a market value of USD 96.1 million in 2020, Asia-Pacific held the greatest market share of 38.1 percent; it is predicted to grow at the fastest rate of 16.1 percent during the forecast period. With a market value of USD 82.5 million in 2021, Europe was the second-largest market, with a predicted CAGR of 13.5 percent. North America is the second-largest market, and the Internet of Things (IoT) market in the area is predicted to increase significantly due to the region's strong need for flexible, scalable, and cost-effective computing. In this area, the United States dominates the Internet of Things (IoT) market. In terms of economy, the United States is a developed country with high demand for various industries such as IT and telecommunications, retail, and healthcare. Countries in the area include the United States, Canada, and Mexico. Because the United States has a bigger concentration of businesses than Canada and Mexico, the cloud platform there is more robust.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Frequently Asked Questions (FAQ) :