Pune, India, Sept. 16, 2021 (GLOBE NEWSWIRE) -- The global internet of things (IoT) market size was USD 308.97 billion in 2020. The market is projected to grow from USD 381.30 billion in 2021 to USD 1,854.76 billion in 2028 at a CAGR of 25.4% in the 2021-2028 period.This information is provided by Fortune Business Insights™ in its report titled, “Internet of Things (IoT) Market, 2021-2028.”
According to our expert analysts, the ability of IoT devices to interactwith each otherself-reliantly without human interferenceis expected to open fresh revenue sources, fuel business proficiencies, empowernovel business models, and augment the method of howprevailing services are offered across numerousdiverseindustries and sectors.
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List of Key Players Covered in the Internet of Things (IoT) Market Report
- Amazon Web Services, Inc. (Washington, U.S.)
- AT&T, Inc. (Texas, U.S.)
- Robert Bosch LLC (Gerlingen, Germany)
- Cisco Systems, Inc. (California, U.S.)
- IBM Corporation (New York, U.S.)
- Oracle Corporation (California, U.S.)
- SAP SE (Walldorf, Germany)
- Siemens AG (Munich, Germany)
- Broadcom, Inc. (California, U.S.)
- Texas Instruments, Inc. (Texas, U.S.)
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 25.4 % |
| 2028 Value Projection | USD 1,854.76 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 308.97 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 130 |
| Segments covered | Component ; End-Use Industry; Regional |
| Growth Drivers | Rising Smart City Initiatives to Bolster Growth of Market. Connected Solutions to Offer Competitive Edge and Ability to Sustain in Market. |
| Pitfalls & Challenges | Limitations Associated with Security, Integrity, and Privacy of Data in IoT Ecosystem to Inhibit Growth |
COVID-19 Impact
Internet of Things (IoT) Technology to be utilized to Tackle Coronavirus Situation
Healthcare professionals and producers are working incessantly to offerappropriate services in order to safeguardresidents from being infected by novel coronavirus disease. Moreover, hospitals have initiated theusage oflinked thermometers to observe patients and work for personnel. For example,
- In January 2021, Nuance Communication, Inc. unveiled an AI-empowered virtual associatemedium for patient communication in order to altervocal and digital experiences throughout the patient’s stay at the hospital.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/internet-of-things-iot-market-100307
Report Coverage
We provide reports which are conducted with an all-inclusive examination approach that majorly emphasizes delivering precise material. Our scholars have applied a data triangulation method which further assists us in offering trustworthy estimations and testing the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Segmentation
Based on the component, themarket is divided into platforms and solutions & services. The platform is further sub-segmented into device management, cloud platform, and network management. Network management holds a significant market share due to the rising need for remote monitoring systems and internet-enabled devices in organizations.
On the basis of end-use industry, the market has been segregated into BFSI, retail, government, healthcare, manufacturing, agriculture, sustainable energy, transportation, IT & telecom, and others.
The market has been branched across five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
Increasing Smart City Programs Set to Spur Market Growth
As the world shifts towards urbanization, the increasing number of smart city ventures and rising government spending towards the digital bionetworkis estimated toupsurge the demand for IoT devices.
Moreover, the IoT platforms and gadgets are utilized for observingmovement, infrastructures, and air and water superiority to refine infrastructure, public services, as well asservices. For example,
- According to IoT Analytics, the European Innovation Partnership for Smart Cities and Communities (EIP-SCC) has expendedabout USD 1.12 billion to build around 300 smart cities based in Europe in 2019.
This is expected to bolster the internet of things market growth.
Regional Insights
Asia Pacific to Lead Backed by Surging Government Expenditure
Asia Pacific was responsible for the maximumIoT market share owing to the rising smart city programs by the government and cloud expenditure in the region. Communication service suppliers and producers in the Asia Pacific industry are extending their product collection.
North America has made substantialdevelopment in the embracement of IoT, particularly in the industrial and automotive sectors. Nevertheless, the upsurge in the number of data openings has made a significant contribution towardstherequirement for security solutions.
The European internet of things market is projected to display the highest CAGR during the forecast period.
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Competitive Landscape
Reputable Players Financing in Fundamental Technologies to Remain Competitive in Market
Companies are making considerable investments in progressive technologies such as Artificial Intelligence AI, cloud computing, and others. Investments in innovative technologies have empoweredchief players to extend their business into several end-user industries and attain a competitive edge.
Recognized market players are making significantfinancing in startups and mid-scale corporations to provideproficient solutions to the end-use sectors such as healthcare, industrial production, retail, and others.
Industry Development
October 2020: DENSO Corporation presented Factory-IoT Platform that allows the notion of ‘as if under one roof.’ This platform aidsin associatingabout 130 production facilities across the globepermitted with Information Technology (IT) and IoT technologies.
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Table Of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints,Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Internet of Things Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled(Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Internet of Things (IoT) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component(USD)
- Platform
- Device Management
- Cloud Platform
- Network Management
- Solution & Services
- Solution
- Real-Time Streaming Analytics
- Security
- Data Management
- Remote Monitoring
- Network Band Management
- Solution
- Services
- Platform
- By End-Use Industry (USD)
- Banking, Financial Services and Insurance (BFSI)
- Retail
- Government
- Healthcare
- Manufacturing
- Agriculture
- Sustainable Energy
- Transportation
- IT & Telecom
- Others
- By Component(USD)
- Global Internet of Things (IoT) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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