IoT Market worth $650.5 billion by 2026, growing at a CAGR of 16.7%: Report by MarketsandMarkets™

Chicago, July 17, 2023 (GLOBE NEWSWIRE) -- The global IoT Market size is expected to grow from USD 300.3 billion in 2021 to USD 650.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.7% from 2021 to 2026, according to a new report by MarketsandMarkets™. The Internet of Things (IoT) describes the network of physical objects as things that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.

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380 - Tables
45 - Figures
275 - Pages

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Scope of the Report

Over the past few years, IoT has become one of the most important technologies of the 21st century. Now that we can connect everyday objects—kitchen appliances, cars, thermostats, baby monitors—to the internet via embedded devices, seamless communication is possible between people, processes, and things.

By means of low-cost computing, cloud, big data, analytics, and mobile technologies, physical things can share and collect data with minimal human intervention. In this hyperconnected world, digital systems can record, monitor, and adjust each interaction between connected things. The physical world meets the digital world and they cooperate.

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The scope of this report covers the analysis of the IoT Market since 2016, based on contemporary market trends and developments, and its potential growth from 2021 to 2026. It provides detailed market trends, vendors’ market shares, market size, forecasts, and analysis of key players in the managed security services overall market. By region, the IoT Market in the Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. Countries in the region have been witnessing a significant rise in the adoption of IoT solutions and services. This growth can be attributed to the increase in technological innovations, rapid digitalization, etc. in the region. The IoT Market is witnessing high growth opportunities in this region.

The increase in the adoption of IoT solutions in Large Enterprises is expected to boost the growth of the IoT Market. Additionally, IoT Market is expected to witness rapid growth worldwide due to various factors such as, Access to low-cost, low-power sensor technology, Availability of high-speed connectivity and Increase in cloud adoption.

Top Companies in IoT Market:

Major vendors in the global Internet of Things market include Siemens (Germany), Microsoft (US), AWS (US), Oracle (US), Cisco (US), Qualcomm (UK), SAP (Germany), IBM (US), Google (US), Intel (US), Hitachi (Japan), GE Digital (US), PTC (US), ARM (UK), Software AG (Germany), Particle (US), HQ Software (Estonia), Telit (UK), ClearBlade (US), Ayla Networks (US), Hologram (US), Losant (US), Samsara (US), Litmus Automation (US), Confidex (Finland).

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Top Trends in Global IoT Market:

• Instead of depending only on cloud-based solutions, edge computing involves processing and analysing data closer to the IoT devices themselves, at the network's edge. Faster data processing, lower latency, better security, and increased operational effectiveness are all made possible by this trend.
• Instead of depending only on cloud-based solutions, edge computing involves processing and analysing data at the network's edge, nearer to the IoT devices themselves. This trend makes it possible to handle data more quickly, reduce latency, improve security, and increase operational effectiveness.
• IoT devices are progressively integrating AI and machine learning technology to provide predictive analytics and intelligent decision-making. With this combination, it is possible to extract useful insights from massive amounts of IoT-generated data, enhancing automation, efficiency, and providing more individualised experiences.
• Strong security measures for IoT ecosystems are increasingly important as the number of connected devices grows. To safeguard sensitive information and fend off cyber attacks, this entails putting in place robust authentication processes, encryption tools, and secure communication channels.
• The Industrial Internet of Things (IIoT) focuses on the use of IoT technology in industrial fields such manufacturing, energy, transportation, and agriculture. Process optimisation, predictive maintenance, asset tracking, and remote monitoring are made possible by IIoT solutions, which boost output, save costs, and promote safety.
• To enhance patient care, remote monitoring, and health management, the healthcare sector is utilising IoT technologies. IoT gadgets, wearables, and medical sensors can gather real-time patient data, allowing healthcare professionals to better plan their interventions and improve patient outcomes.
• IoT networks could benefit from increased data integrity, security, and trust thanks to the use of blockchain technology. Blockchain can offer decentralised, tamper-proof ledgers that allow for secure, open, and transparent IoT device transactions, minimising the need for centralised control.
• The consumer IoT Market is expanding as a result of the spread of smart home appliances, wearable technology, and linked consumer goods. For home automation, entertainment, health monitoring, and individualised experiences, consumers are embracing IoT-enabled products.

Key Industry Development

• A important development for the Internet of Things sector is the implementation of 5G networks. Higher data transfer rates, lower latency, and more device density provided by 5G enable the seamless connectivity necessary for broad IoT deployment. IoT devices may now take advantage of faster and more dependable wireless networks thanks to 5G, opening up fresh opportunities for applications in a variety of sectors.
• As an essential part of IoT installations, edge computing has gained popularity. Edge computing minimises latency, boosts reaction times, and increases data privacy by processing data closer to the network's edge. Improvements in edge computing infrastructure, including edge devices, gateways, and edge analytics platforms, have been seen in the market and have made it possible to analyse IoT data more effectively and instantly.
• The growth and interoperability of IoT solutions depend heavily on standardisation. To create common frameworks and standards for IoT devices and networks, numerous industry consortia and standardisation organisations are actively working. The Industrial Internet Consortium (IIC), the Open Connectivity Foundation (OCF), and OneM2M are pushing initiatives in the development of standards that enable smooth integration and communication between various IoT devices.
• As businesses look to increase their capabilities, improve their product portfolios, and enter new markets, the IoT sector has seen a sizable number of mergers and acquisitions. Large technology firms have purchased startups with an IoT focus to gain access to specialised knowledge and cutting-edge technologies. These acquisitions promote cooperation between various businesses and aid in the consolidation of the IoT sector.
• To protect against potential dangers, it is essential to implement strong security measures with the growing number of connected devices. IoT security has received more attention from the industry, which has sparked the improvement of authentication procedures, encryption techniques, and security frameworks. IoT deployments are increasingly dependent on solutions like secure booting, device authentication, and secure firmware updates.
• It is a key industry development that data analytics and artificial intelligence (AI) technologies are being integrated with IoT systems. Organisations may gain useful insights, make data-driven choices, and enable predictive maintenance by applying advanced analytics and AI algorithms to IoT-generated data. The transition from reactive to proactive and predictive techniques in managing IoT deployments is being made possible by this combination.
• IoT is increasingly being used to support environmental and energy-saving measures. Devices and systems with IoT capabilities are being utilised to track and optimise resource usage, cut waste, and enable more intelligent energy management. This development supports global initiatives to combat climate change and advance environmentally friendly business practises in all sectors of society.
• Healthcare providers now have access to telemedicine services, remote patient monitoring, and improved operational efficiency thanks to the widespread adoption of IoT technology. IoT devices are being utilised to gather real-time health data, boost the precision of diagnoses, and enhance patient outcomes. Examples include wearables, sensors for remote monitoring, and intelligent medical gear.

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