Pune, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Internet of Things (IoT) Market Size Analysis:
“The Internet of Things (IoT) Market was valued at USD 1.1 billion in 2023 and is projected to reach USD 2.9 billion by 2032, growing at a robust CAGR of 11.8% from 2024 to 2032.”
Overview of the Market
The Internet of Things (IoT) market has experienced substantial growth, driven by the rising integration of IoT devices into daily life and business operations. In 2023, the market was valued at USD 1.1 billion, with significant growth fueled by the increased deployment of smart devices and sensors in consumer electronics, healthcare, and industrial automation sectors.
The demand for real-time data analysis and automation solutions has accelerated the need for IoT technology. Technological advancements in hardware components and connectivity solutions, such as Wi-Fi and cellular networks, have supported the development and deployment of IoT systems. The increasing focus on smart homes, smart cities, and industrial IoT applications is set to drive further market growth, establishing IoT as a critical component of future technological advancements.
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Major Players Analysis Listed in this Report are:
- IBM - (IBM Watson IoTIBM Maximo)
- Cisco -(Cisco IoT Solutions, Cisco Meraki)
- Microsoft ( Microsoft Azure IoT, Microsoft Power BI)
- Amazon Web Services (AWS) -(AWS IoT Core, AWS Greengrass)
- Intel - (Intel IoT Platform, Intel NUC (Next Unit of Computing)
- Siemens - (Siemens MindSphere, iemens SIMATIC)
- GE Digital - (Predix Platform, GE Digital Wind Farm Solutions)
- Honeywell - (Honeywell Connected Plant, Honeywell Building Management Solutions)
- Samsung Electronics - (Samsung SmartThings, Samsung ARTIK IoT Modules)
- Bosch - (Bosch IoT Suite, Bosch Connected Devices and Solutions)
- SAP - ( SAP Leonardo IoT, SAP Cloud Platform)
- Oracle - (Oracle IoT Cloud, Oracle Autonomous Database)
- Huawei - ( Huawei IoT Solution, Huawei Cloud IoT Platform)
- Qualcomm - ( Qualcomm Snapdragon IoT Platforms, Qualcomm IoT Connectivity Solutions)
- PTC - ( PTC ThingWorx, PTC Vuforia )
- ABB - (ABB Ability, ABB Industrial IoT Solutions)
- Zebra Technologies- ( Zebra IoT Solutions, Zebra Data Capture Devices)
- Arm Holdings - ( Arm Mbed IoT Device Platform, Arm Cortex-M Processors)
- Dell Technologies- (Dell Edge Gateway, Dell IoT Solutions)
- Schneider Electric- ( Eco Struxure IoT Platform, Schneider Electric Smart Building Solutions)
Internet of Things (IoT) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.16 Bn |
| Market Size by 2032 | USD 2.9 Bn |
| CAGR | CAGR of 11.80% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional 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) |
| Key Growth Drivers | • Faster and more reliable connectivity enhances IoT device performance. • IoT devices generate large data sets, enhancing decision-making through AI-driven insights. |
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Segment Analysis
By Component:
The hardware segment dominated the IoT market in 2023, accounting for over 57.8% of the revenue share. This dominance is due to the widespread use of IoT devices and sensors essential for data collection and transmission. As smart devices, wearables, and connected appliances gain popularity, the demand for IoT hardware continues to rise. However, the services segment is expected to grow at the fastest CAGR of 13.9% during the forecast period. Organizations are increasingly seeking professional services to design, implement, and manage IoT systems, recognizing the technology's potential to enhance efficiency and open new revenue streams.
By Deployment:
In 2023, on-premise solutions held the largest market share of 52%, driven by the need for real-time data processing and low-latency responses in sectors like manufacturing and critical infrastructure. On-premise deployments allow for local data processing, enhancing application performance and reliability. Conversely, the cloud segment is anticipated to experience the fastest CAGR over the forecast period, thanks to its flexibility and scalability. Cloud platforms provide on-demand access to extensive computing resources, enabling organizations to scale IoT solutions dynamically without the limitations of physical hardware.
By Connectivity:
Wi-Fi led the IoT market in 2023, being essential for smart home technologies such as thermostats, lighting systems, and security cameras. Its convenience and cost-effectiveness drive its widespread adoption. Z-Wave technology, however, is expected to see significant growth due to its support for a broad range of smart home products. Z-Wave's integration with numerous devices from brands like Aeotec and Schlage offers consumers extensive smart home options.
By End-Use:
The consumer electronics segment captured the largest share of market revenue in 2023, driven by the demand for smart home devices that offer convenience, energy efficiency, and enhanced security. Meanwhile, the agriculture sector is poised for the fastest growth, fueled by the need for advanced field-based equipment and sensors. IoT applications in agriculture, such as smart greenhouses and precision farming, promise to improve yield and reduce costs through accurate data analysis.
Internet of Things (IoT) Market Segmentation:
By Component
- Hardware
- Software
- Services
By Deployment
- On-premise
- Cloud
By Connectivity
- Zigbee
- Wi-Fi
- Bluetooth
- Z-Wave
- Others
By End-Use
- Consumer Electronics
- Wearable Devices
- Automotive & Transportation
- BFSI
- Healthcare
- Retail
- Building Automation
- Oil & Gas
- Agriculture
- Aerospace & Defense
- Others
Regional Analysis
North America:
North America dominated the IoT market in 2023, owing to its technological advancements and high adoption rates. The region is home to major tech companies like Microsoft and Amazon, which leverage IoT technologies to enhance their data processing and cloud services. The U.S. and Canada lead in deploying IoT solutions across various sectors, including manufacturing and smart cities. The region's strong focus on innovation and R&D investments continues to drive market growth.
Asia-Pacific:
The Asia-Pacific region is expected to witness the fastest growth in the IoT market. The increasing adoption of smart devices and rapid urbanization in countries like China and India are major factors contributing to this growth. China, in particular, is a significant player in the IoT market, with numerous companies focusing on smart manufacturing and smart city projects. The region's growing technology infrastructure and investments in IoT innovations are set to drive future market expansion.
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Recent Developments
- IBM Launches New IoT Platform (January 2024): IBM introduced an enhanced IoT platform designed to improve data management and real-time analytics for industrial applications.
- Cisco Unveils Advanced IoT Solutions (March 2024): Cisco launched a range of IoT solutions aimed at optimizing connectivity and security for smart cities and industrial IoT applications.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Internet of Things Market Segmentation, by Deployment
8. Internet of Things Market Segmentation, by Connectivity
9. Internet of Things Market Segmentation, by Component
10. Internet of Things Market Segmentation, by End-Use
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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