Dublin, May 27, 2024 (GLOBE NEWSWIRE) -- The "Global IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The IoT technology market is projected to grow from USD 945.6 billion in 2024 to USD 1,377.8 billion by 2029, registering a CAGR of 7.8% during the forecast period.
Some of the major factors driving the growth of the IoT technology market include increasing necessity of data centers due to rising adoption of cloud platforms, growing use of wireless smart sensors and networks, and higher adoption of IPv6. However, interoperability challenges and lack of common standards act as a challenge for the market in the future. The major growth opportunities for the market players are increased potential for the incorporation of IoT in electric and hybrid vehicles and accelerated IoT adoption in the healthcare sector. 
Market for consumer segment expected to account for the largest share during the forecast period
The consumer segment of the IoT technology market is expected to witness the largest share during the forecast period. The consumer end-use application includes wearable devices and consumer electronics. With the evolution of a number of consumer appliances that can connect to the Internet and smartphones, the growth of IoT technology in the consumer electronics segment is expected to receive a boost.
Data management segment expected to account for the largest share during the forecast period
The IoT technology market's data management segment is expected to witness the largest share during the forecast period. With the increasing number of connected devices, the volume of data being generated is increasing. These data can be used to gain valuable insights and improve efficiencies through analysis. Data are crucial in every sector, and managing data is of utmost importance to understand the pattern and develop logical information out of it. IBM (US), SAP (Germany), and Oracle (US) are developing data management solutions to provide ease of information to various sectors for future decisions.
Therefore, to manage these data, organizations require software solutions featured with analytics to easily handle these data and derive various useful patterns. Data management solution is the most important software solution in the IoT segment as IoT devices produce an enormous amount of data that is challenging for providers to deal with. Organizations require data management solutions to manage structured and unstructured data to generate insights from the huge amount of data. Data mining, data management, and data analytics techniques are used to make data useful and relevant.
North America accounted for the largest market share among other regions in 2023
In 2023, North America accounted for the largest share of the IoT technology market. The North American market for loT technology is expanding as a result of rising internet penetration in technologically advanced economies and expanding use of wireless sensors and networks in key end-use industries like healthcare, retail, consumer electronics, industrial, automotive, and transportation. The primary drivers of the market's expansion in this region are an established IT infrastructure and the early acceptance of different IoT-enabled products across a range of end-use applications.
In determining and verifying the market size for several segments and subsegments gathered through extensive secondary research, primary interviews have been conducted with key industry experts in the IoT technology market.
The report provides insights on the following:
- Analysis of key drivers (emergence of 5G communications technology, Increasing necessity of data centers due to rising adoption of cloud platforms, growing use of wireless smart sensors and networks, and higher adoption of IPv6), restraints (data security and privacy concerns), opportunities (cross-domain collaborations, government incentives and aids for development of IoT technologies, accelerated IoT adoption in the healthcare sector, increased potential for the incorporation of IoT in electric and hybrid vehicles, and rise in the development of smart cities), and challenges (interoperability challenges and lack of common standards, high power consumption by wireless sensor terminals/connected devices, lack of IoT-related skills and technical expertise) influencing the growth of the IoT technology market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the IoT technology market
- Market Development: Comprehensive information about lucrative markets - the report analyses the IoT technology market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the IoT technology market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and product/service offerings of leading players like Intel, Qualcomm, Texas Instruments Incorporated, Cisco Systems, Hewlett Packard Enterprise, IBM, STMicroelectronics, Microsoft, PTC and Amazon Web Services, among others in the IoT technology market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 293 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $945.6 Billion |
| Forecasted Market Value (USD) by 2029 | $1377.8 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Processors Segment to Hold Largest Market Share in 2024
- Remote Monitoring Segment to Record Highest CAGR During Forecast Period
- Consumer Segment to Hold Largest Market Share from 2024 to 2029
- IoT Technology Market, by Region, 2023
Premium Insights
- Attractive Opportunities for Players in IoT Technology Market - Increasing Demand from Automotive & Transportation Sector to Fuel Market Growth
- IoT Technology Market, by Service - Managed Services Segment to Dominate Market During Forecast Period
- IoT Technology Market, by End-use Application - Aerospace & Defense Segment to Record Highest CAGR During Forecast Period
- IoT Technology Market in North America, by End-use Application and Country - Automotive & Transportation and US Held Largest Shares of North America IoT Market in 2023
- IoT Technology Market, by Country - China to Dominate Global IoT Technology Market from 2024 to 2029
Market Dynamics
Drivers
- Global Rise in Internet Penetration
- Growing Adoption of Cloud Platforms
- Proliferation of Wireless Sensor Networks
- Increasing Adoption of Ipv6
Restraints
- Data Security and Privacy Concerns
Opportunities
- Increasing Cross-Domain Collaborations
- Government-Led Funding to Develop IoT Research Projects
- Emergence of Connected Care in Healthcare Sector
- Increasing Demand for HEVs and EVs
- Growing Safety Concerns with Rising Urbanization
Challenges
- Interoperability Challenges and Lack of Common Standards
- High Power Consumption by Wireless Sensor Terminals/Connected Devices
- Lack of Skilled Professionals
Case Study Analysis
- Solulab Inc. Assisted Enmatrix to Develop IoT Mobile Application for Smart Buildings and Yacht Management
- Solulab Inc. Helped Gearnetics to Develop Advanced IoT Fleet Management Solutions
- Sanxing and Telenor Connexion Facilitated Leading Swedish Energy Supplier to Implement IoT-based Metering Solution for Connecting Smart Meters
- ISA Minimized Equipment Breakdown with IoT-Enabled Predictive Maintenance Solution
- Telenor Assisted Swegon in Implementing IoT-based Climate Control Systems
Companies Featured
- Intel
- Qualcomm Technologies
- Texas Instruments
- Stmicroelectronics
- IBM
- Hewlett Packard Enterprise Development
- Cisco Systems, Inc.
- Microsoft
- PTC
- Amazon Web Services, Inc.
- General Electric Company
- Softeq Development Corp.
- Sciencesoft USA
- Oracle
- Siemens
- SAP SE
- Robert Bosch
- Huawei Technologies
- Schneider Electric
- Arm Limited
- NXP Semiconductors
- TE Connectivity
- Software
- Microchip Technology
- Vates
- Cellhire
- Clearblade
- Solulab
- Konstant Infosolutions
- Binariks
For more information about this report visit https://www.researchandmarkets.com/r/dav0et
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