Internet of Things (IoT) Market Report Scope & Overview:

The Internet of Things (IoT) Market Size was valued at USD 595.74 Billion in 2023 and is expected to reach USD 3373.1 Billion by 2031 and grow at a CAGR of 24.2% over the forecast period 2024-2031.

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.

Internet of Things (IoT) Market Revenue Analysis

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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.



  • 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. 


  • 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.


  • 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.


  • 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.


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.


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.


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


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.

Internet-of-Things-IoT-Market By Region

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  • 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


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 & Other Players

Oracle Corporation - Company Financial Analysis

Company Landscape Analysis

IoT (Internet of Things) Market Report Scope:
Report Attributes Details
Market Size in 2023  US$ 595.74 Bn
Market Size by 2031  US$ 3373.1 Bn
CAGR   CAGR of 18.53% From 2024 to 2031
Base Year  2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • 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)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Company Profiles 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 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.
Market 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.


Frequently Asked Questions

The market size of the Internet of Things (IoT) Market was valued at USD 1046 billion in 2022.

The growth rate of the Internet of Things (IoT) Market is 18.53% over the forecast period 2023-2030.

The key players of the Internet of Things (IoT) Market are 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, and SAP SE.

North America region dominated the Internet of Things (IoT) Market.

The Covid-19 pandemic impacted the Internet of Things (IoT) Market significantly. The detailed analysis is included in the final report.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis


6. Porter’s 5 forces model


7.  PEST Analysis

8. IoT Market Segmentation, by Component



9. IoT Market Segmentation, by deployment mode

9.1 On-premise

9.2 Cloud

10. IoT Market Segmentation, By Organization Size

10.1 Large enterprises

10.2 SMEs

11. IoT Market Segmentation, By Platform

11.1 Device Management

11.2 Application Management

11.3 Network Management

12. IoT Market Segmentation, By Technology

12.1 Radiofrequency Identification

12.2 Pressure Sensors

12.3 Network Communications

12.4 Data Processing

12.5 Near-field Communications

13. IoT Market Segmentation, By Industry Vertical

13.1 Retail

13.2 E-commerce & Consumer Electronics

13.3 Energy & Utility

13.4 Healthcare

13.5 Transportation & Logistics

13.6 IT & Telecom

13.7 Manufacturing, and Others

14. Regional Analysis

14.1 Introduction

14.2 North America

14.2.1 USA

14.2.2  Canada

14.2.3  Mexico

14.3 Europe

14.3.1  Germany

14.3.2  UK

14.3.3  France

14.3.4  Italy

14.3.5  Spain

14.3.6  The Netherlands

14.3.7  Rest of Europe

14.4 Asia-Pacific

14.4.1  Japan

14.4.2  South Korea

14.4.3  China

14.4.4  India

14.4.5  Australia

14.4.6  Rest of Asia-Pacific

14.5 The Middle East & Africa

14.5.1  Israel

14.5.2  UAE

14.5.3  South Africa

14.5.4  Rest

14.6 Latin America

14.6.1  Brazil

14.6.2  Argentina

14.6.3  Rest of Latin America

15. Company Profiles


15.1.1 Financial

15.1.2 Products/ Services Offered

15.1.3 SWOT Analysis

15.1.4 The SNS view









15.9 SAP SE

16. Competitive Landscape

16.1 Competitive Benchmarking

16.2 Market Share Analysis

16.3 Recent Developments

17. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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Primary Research

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Data Bank Validation

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