IoT Market size growing with a CAGR of 23.10%: Growth Outlook from 2022 to 2030, projecting market trends analysis by Application, Regional Outlook, and Revenue

The IoT Market is expected to grow from USD 0.20 Billion in 2022 to USD 1.07 Billion by 2030, at a CAGR of 23.10% during the forecast period. | Source:PRIMEIQ RESEARCH (OPC) PRIVATE LIMITED

New York, Dec. 19, 2023 (GLOBE NEWSWIRE) --

Market Overview and Report Coverage

The IoT market research reports analyze the current market conditions and provide insights into key trends and drivers impacting the industry. The reports highlight the growing demand for interconnected devices and the increasing adoption of IoT technology across various sectors. The market size is driven by factors such as the proliferation of smartphones, advancements in wireless communication, and increasing investments in IoT infrastructure. Companies operating in this market can leverage these reports to understand market dynamics and make informed strategic decisions.

The objective of report is to define, segment, and project the market on the basis of product type, application, and region, and to describe the content about the factors influencing market dynamics, policy, economic, technology and market entry etc.

Internet of Things (IoT) refers to the network of interconnected devices that are embedded with sensors, software, and connectivity capabilities to collect and exchange data. The IoT market can be segmented based on type into Perception Technology, Network Technology, and Application Technology. The application segment includes Artificial Intelligence, Connectivity, Networking, Sensing/Sensors, Databases, and Others. Furthermore, the market can be divided by region as North America, Asia Pacific, Middle East, Africa, Australia, and Europe. Key market players in the IoT industry include Amazon Web Services, Autodesk SeeControl, BlackBerry, Bosch Software Innovations, Bright Wolf, C3 IoT, Carriots, Concirrus, Connio, Cumulocity, Davra Networks, Device Insight, EVRYTHNG, Exosite, and GE.

In terms of regulatory and legal factors specific to market conditions, IoT faces challenges in areas such as privacy, security, and data protection. Governments and regulatory bodies are imposing stricter regulations to safeguard consumer data and protect against cyber threats. For example, the European Union implemented the General Data Protection Regulation (GDPR) to ensure the protection of personal data. Additionally, there are specific regulations for IoT devices related to cybersecurity, product safety, and interoperability. Compliance with these regulations is crucial for market players to maintain trust and meet legal requirements. The evolving nature of IoT technology poses challenges for regulatory frameworks, and market players need to stay informed and adapt to changing legal landscapes.

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IoT Market Trends and Market Analysis

The Internet of Things (IoT) refers to the interconnected network of devices, objects, and systems embedded with sensors, software, and connectivity, enabling them to collect and exchange data. IoT facilitates seamless communication between devices, leading to increased automation, efficiency, and data-driven decision-making.

IoT Market Assessment:

The target market for IoT is expansive, spanning industries such as manufacturing, healthcare, agriculture, smart cities, and consumer electronics. Its future outlook is highly promising, with an increasing number of connected devices, advancements in IoT technologies, and the integration of artificial intelligence shaping the landscape.

Companies Operating in the IoT Market:

Amazon Web Services (AWS): Offers cloud-based IoT solutions, providing scalable infrastructure for device management and data analytics.

Autodesk SeeControl: Specializes in IoT platform solutions, enabling businesses to connect, analyze, and manage IoT data for enhanced operational efficiency.

BlackBerry: Focuses on IoT security solutions, ensuring the protection of connected devices and networks from cyber threats.

Bosch Software Innovations: Provides IoT software and services, facilitating the development of IoT applications for various industries.

Bright Wolf: Offers IoT consulting and development services, assisting businesses in designing and implementing robust IoT solutions.

Latest Trends in the IoT Market and Major Challenges:

Recent trends in the IoT market include the proliferation of edge computing, the convergence of IoT with artificial intelligence, and the rise of 5G networks enhancing connectivity. However, challenges include concerns over data privacy and security, interoperability issues among diverse IoT devices, and the need for standardized protocols to ensure seamless communication. Despite challenges, IoT's trajectory is upward, with continuous innovations driving its evolution and expanding its application across industries.

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Top Featured Companies Dominating the Global IoT  Market

The IoT market is highly competitive with various companies competing to provide innovative IoT solutions. Here is a competitive landscape and an overview of some key players in the IoT market:

- Amazon Web Services (AWS): AWS offers a range of IoT services including IoT Analytics, IoT Core, and IoT Device Management. These services enable businesses to securely connect, manage, and analyze IoT devices at scale. AWS has been actively investing in IoT and is leveraging its extensive cloud infrastructure to capture a significant share of the market.

- Autodesk SeeControl: Autodesk offers a cloud-based IoT platform called SeeControl. This platform helps businesses monitor, analyze, and control their connected devices. Autodesk's strong capabilities in computer-aided design (CAD) and software development enable them to provide comprehensive IoT solutions, especially in industrial settings.

- BlackBerry: BlackBerry offers an enterprise-grade IoT platform called BlackBerry IoT Solutions. This platform enables businesses to securely connect and manage their IoT devices, while also providing advanced analytics and automation capabilities. BlackBerry's long-standing expertise in security and enterprise mobility positions them as a trusted player in the IoT market.

- Bosch Software Innovations: Bosch offers a comprehensive IoT suite, including a middleware platform called Bosch IoT Suite and various industry-specific solutions. Their software and hardware expertise, combined with strong partnerships, enable them to deliver end-to-end IoT solutions across various sectors, such as manufacturing, automotive, and energy.

- C3 IoT: C3 IoT provides a platform that enables businesses to develop and deploy AI-powered IoT applications. Their platform leverages advanced analytics and machine learning to drive real-time insights and predictive capabilities. C3 IoT's focus on AI and machine learning differentiates them in the market, allowing businesses to harness the full potential of their IoT data. C3 IoT raised $100 million in its Series E funding round in 2018, indicating strong market demand for their AI-powered IoT solutions.

- GE reported $5.3 billion in digital revenues for its Industrial Internet of Things (IIoT) segment in 2018, highlighting the success of their IoT initiatives.

- AWS, a subsidiary of Amazon, reported $9.95 billion in net sales for its "Other" category in Q4 2019, which largely includes its IoT services.

In terms of Product Type, the IoT market is segmented into:

  • Perception Technology
  • Network Technology
  • Application Technology

1. Perception Technology: This type of IoT technology involves the use of various sensors and devices that collect and perceive data from the physical environment. These sensors can be embedded in objects, such as vehicles, buildings, or even human bodies. They gather information like temperature, humidity, pressure, motion, and more. Perception technology plays a crucial role in capturing real-time data and providing insights into the physical world.

2. Network Technology: Network technology enables the seamless communication and connectivity between different IoT devices. It includes protocols and technologies like Wi-Fi, Bluetooth, Zigbee, LTE, and more. These technologies establish a network of interconnected devices, allowing them to exchange data and collaborate with each other. Network technology ensures that the IoT ecosystem remains connected and data can be transmitted efficiently.

3. Application Technology: Application technology involves the software and applications that enable the processing, analysis, and utilization of the data collected from IoT devices. This technology allows for intelligent decision-making, automation, and control in various domains such as healthcare, manufacturing, transportation, and agriculture. Application technology enables the development of applications that leverage the data generated by IoT devices to enhance productivity, efficiency, and user experience.

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In terms of Product Application, the IoT market is segmented into:

  • Artificial Intelligence
  • Connectivity
  • Networking
  • Sensing/Sensors
  • Databases
  • Others

The application of IoT is vast and encompasses various technologies including artificial intelligence (AI), connectivity, networking, sensing/sensors, databases, and others. IoT leverages AI to analyze and make sense of the enormous amount of data collected from connected devices. Connectivity enables these devices to communicate with each other and with the central system, while networking allows multiple devices to interact and share data. Sensing and sensors play a crucial role in IoT by collecting data from the physical world. Databases store and manage the vast amount of information generated by IoT devices, ensuring its availability and accessibility. Other technologies such as cloud computing and edge computing are also significant components of IoT ecosystems.

IoT is utilized in various applications, such as smart homes that automate and control devices, smart cities that optimize resource allocation and improve citizens' quality of life, industrial automation that enhances production efficiency and safety, and healthcare systems that enable remote patient monitoring and personalized treatments. It is also utilized in agriculture, logistics, energy management, and transportation, among others, to improve processes, optimize resources, and enhance decision-making.

IoT Market Regional Synopsis

The IoT market is expected to witness significant growth globally, but certain regions are expected to dominate the market in terms of market share. According to various reports and studies, the following regions are anticipated to play a significant role in the IoT market:

1. North America:

North America is expected to be one of the leading regions in terms of IoT market dominance. The United States, in particular, has a technologically advanced ecosystem and is a hub for IoT innovation. The growth is driven by the increased adoption of connected devices, advancements in cloud computing, and government initiatives supporting digital transformation. The market share of North America in the IoT market is estimated to be around 40%.

2. Europe:

Europe is another region that is expected to have a significant market share in the IoT market. Countries like Germany, France, and the United Kingdom are driving the growth in this region. Factors such as favorable government regulations, increased investments in IoT technologies, and the presence of prominent IoT solution providers contribute to the market dominance. The market share of Europe in the IoT market is estimated to be around 30%.

3. Asia Pacific:

The Asia Pacific region is witnessing rapid growth in the IoT market and is expected to have a substantial market share. Countries like China, Japan, and South Korea are leading in terms of IoT adoption and implementation. The increasing population, rising urbanization, and technological advancements in sectors such as manufacturing, healthcare, and transportation contribute to the growth in this region. The market share of Asia Pacific in the IoT market is estimated to be around 20%.

4. Rest of the World:

The rest of the world, including regions like Latin America, Middle East, and Africa, is also expected to contribute to the IoT market growth. These regions may have a relatively smaller market share compared to North America, Europe, and Asia Pacific.

Reasons to Purchase theIoT  Market Research Report:

  • Comprehensive Market Analysis: Understand the IoT market's trends, challenges, and opportunities.
  • Accurate Market Size and Projections: Access precise data for strategic decision-making and resource allocation.
  • Competitive Landscape Insight: Identify key players, market share, and strategic positioning.
  • Technology Trends Exploration: Stay abreast of the latest advancements in IoT technologies.
  • Industry-Specific Insights: Explore diverse applications across industries for strategic planning.
  • Regulatory Landscape Awareness: Stay informed about regulations impacting the IoT market.
  • Investment Opportunity Identification: Discover potential areas for investment and growth.

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